Is New York a seller's market right now?

Right now, conditions in New York show more inventory and less buyer activity compared to the past year, making it less favorable for sellers than before. The median listing price has also seen a small decrease. Overall, it's not as strong a market for sellers as it once was. The median listing price in the area is $742,000. This price has gone down by 0.9% from the previous month and by 2.3% compared to a year ago. This suggests that prices are cooling off, which can make it a bit tougher for sellers to get their asking price. There are more homes for sale now than there were a year ago. Active listings increased by 6.3% over the past year, reaching 38,158 homes. More choices for buyers usually means sellers face more competition. Homes are staying on the market for an average of 56 days. While this is slightly less time than last year, there are fewer buyers putting homes under contract. The pending ratio, which shows buyer demand, dropped by 20.5% compared to a year ago, indicating a slowdown in sales. For those looking to sell, it’s important to price your home realistically, given the slight drop in prices and increased competition. Buyers might find more options and potentially less pressure to make quick offers.