Should I buy new construction or resale in New York?

Really, this choice depends on what you value most in a home, as the market right now offers both options with specific characteristics. The data shows some softening in prices and slightly more homes available. Your decision will likely come down to your personal preferences and priorities for a home. The median listing price in the New York area is $749,000 right now. This price has dipped a bit, down 3.0% from the prior month and 1.5% compared to the past year. This could suggest a slightly more favorable environment for buyers. There are 36,676 active homes for sale, which is 3.2% more than last year. However, new homes coming onto the market have slowed down slightly, with 1.7% fewer new listings than a year ago. Homes are also selling a little faster, spending 56 days on the market, which is 3.5% less time than in the past year. About 10.2% of homes for sale have had their prices reduced. This is a 2.3% increase from last year, indicating that some sellers are adjusting their expectations. The average price per square foot is $490, which is nearly the same as it was a year ago. Consider if you prefer a move-in ready home or one you can customize. With prices slightly down and more active listings, it's a good time to explore all your options and see what fits your needs best.