Should I wait to buy a home in New York?

The decision depends on your personal situation, but the current data shows some important trends for the New York-Newark-Jersey City area. Prices are up a little, and more homes are coming onto the market, which could mean more choices for you. The median listing price right now is $792,000. This is 2.2% higher than the previous month and 0.7% higher than last year. The average listing price is even higher at $1,579,270, though this is slightly down by 0.2% compared to last year. There are more homes available now, with 38,910 active listings, which is 4.8% more than last year. New listings have also jumped significantly by 28.2% since last year, with 22,704 new homes hitting the market. Homes are selling a bit faster, too. The median time a home stays on the market is 47 days, which is about four fewer days than last year. However, fewer homes are going under contract compared to the total available, with a pending ratio of 0.52, down significantly by 17.6% from last year. Overall, while prices are holding steady or increasing slightly, the increase in new listings and active listings could give you more options and potentially a bit more negotiating room as a buyer.