Is New York a seller's market right now?

This May, New York is not a seller's market. The number of homes for sale is up, and homes are generally taking longer to sell compared to last year. While prices held steady this month, overall they are also lower than last year. This means buyers have more options and a bit more breathing room. Changes in prices and inventory do vary based on location and property type, but overall, it's not tipped in favor of sellers this May. You can see the full breakdown below. The median price of homes listed for sale was $775,000 this May, which is about the same as last month, but 2.5% lower than last year. The average listing price also dropped more significantly, by 5.1% compared to last year, to $1,538,237. There are more homes available now. The number of active listings jumped by 4.2% over last year, putting the total at 37,154 homes. The number of brand-new listings also went up by 5.3% since last year, with 17,468 newly listed homes. Homes are taking a bit more time to find a buyer, with the median days on market at 42 days. That's 6.7% longer than last year. This gives buyers more time to consider their options; last year, homes sold more quickly. The share of homes that had a price drop also increased slightly. About 9.3% of homes had a price reduction, which is up 0.6% from last year. This suggests sellers are adjusting their expectations to meet what buyers are willing to pay. For sellers, it's important to price your home competitively and make sure it stands out. Buyers, on the other hand, have more choices and a stronger position to negotiate on price and terms.