Is now a good time to sell my home in New York?

Selling your home in the New York area right now might be challenging because prices have dipped over the past year. However, there are fewer new homes coming onto the market, which could help your property stand out. The median listing price in your area is currently $742,000. This is 0.9% lower than the previous month and 2.3% less than what homes were listed for a year ago. The average listing price also dropped by 7.0% over the last year, suggesting prices are generally lower. Even though prices are down, there are also fewer new homes being put up for sale. New listings have decreased by 4.6% compared to a year ago, with 15,952 new homes hitting the market recently. This means less competition from other sellers. However, the total number of homes available for sale, known as active listings, has grown. There are now 38,158 active listings, which is 6.3% more than a year ago. Also, the median time a home stays on the market before going pending is 56 days, which is slightly faster than last year. It's also worth noting that the share of homes with price reductions is 10.3%, which is a bit higher than a year ago. The pending ratio, which shows how many homes are going under contract compared to those for sale, has dropped significantly by 20.5% over the past year. If you're thinking about selling, be prepared that prices have softened. However, fewer new listings might give your home more visibility, but you should also be aware of the increased overall supply of homes available.