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Sarah Mitchell
Compass Real Estate · New York
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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New York housing market
New York housing market summary
The typical home in New York is worth $526,714, up 5.6% over the past year. Homes that actually closed went for a median of $620,500 after 42 days on market. On supply, pricing discipline, and speed of sale, New York currently reads as a balanced market at 4.6 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $2,812 a month in principal and interest with 20.0% down.
Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026
New York housing market at a glance
Every tile carries the provider and the month it was published
Typical home value
$526,714
+5.6% YoY · Zillow, August 2026
Median sale price
$620,500
Redfin, through May 2026
Typical asking rent
$2,915/mo
Median of 88 cities · Zillow, August 2026
30-yr fixed rate
7.03%
Freddie Mac via FRED, September 2026
Monthly P&I
$2,812
20.0% down, 30-yr fixed
Days on market
42
+5 days YoY
Active listings
38,137
-4.7% YoY
Median household income
$84,578
U.S. Census ACS, 2023
Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
Where New York home prices are heading
New York's typical home value is $526,714, up 5.6% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.
Against the national picture, New York runs 42.9% above the U.S. typical home value of $368,697, and its 12-month move of +5.6% is outpacing the national pace of +1.2%.
What would have to change for New York prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. New York is carrying 4.6 months of supply — inside the four-to-six-month band where neither side dictates terms. Active listings are -4.7% year over year and new listings -2.4%, which is close to flat. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.
Market trends
Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
What it costs to buy in New York at today's rate
Down payment
$105,343
20.0% of value
Loan amount
$421,371
30-yr fixed
Monthly P&I
$2,812
at 7.03%
Income needed
$120,514
28.0% front-end ratio
A buyer purchasing the typical New York home at $526,714 puts $105,343 down, finances $421,371, and pays $2,812 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.
Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $120,514. New York's median household earns $84,578 (Census ACS 2023) — a gap of $35,936 above what the median household brings in. Put differently, the median household would spend 39.9% of gross income on principal and interest alone — above the ratio most lenders underwrite to, which is why buyers here typically need a larger down payment, a co-borrower, or a cheaper city than the statewide typical home.
The value-to-income ratio in New York is 6.2x. Anything above 5x means prices have run well ahead of local earnings; buyers are relying on dual incomes, prior equity, or outside capital rather than local wages. Model your own numbers in the affordability calculator or the mortgage calculator.
Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023
Buying in New York in the next 12 months?
Tell us your timeline. We send the New York market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.
Rent or buy in New York?
Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 88 largest New York cities that carry it: $2,915 a month. Set against a typical home value of $526,714, that is a price-to-rent ratio of 15.1x.
Between 15x and 20x the two options are close enough that the tiebreaker is how long you stay, not the ratio itself. Principal and interest on the typical home runs $103 less per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.
For a second read on the same question, the Census ACS puts median gross rent across all New York households — every unit type, not just what is currently listed — at $1,576 a month (2023), with 54.3% of New York households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.
Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.
Supply: what is on the market in New York
| Measure | Latest | Year earlier | Change |
|---|---|---|---|
| Active listings | 38,137 | 40,037 | -4.7% |
| New listings | 17,886 | 18,321 | -2.4% |
| Homes sold | 8,348 | 10,079 | -17.2% |
| Months of supply | 4.6 | 4.0 | +0.6 |
| Sale-to-list ratio | 101.8% | 102.0% | Above asking |
What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.
Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.
Where New York home values are moving fastest
12-month change in typical home value · Zillow, August 2026
Rising fastest
- 1.Dix Hills+14.5%
- 2.East Islip+10.0%
- 3.Garden City+9.5%
- 4.Woodmere+8.8%
- 5.Greenlawn+8.2%
- 6.Kings Park+8.1%
- 7.Mount Vernon+7.9%
- 8.Port Washington+7.8%
Falling
No city among the largest 150 New York markets we track posted a 12-month decline in typical home value.
Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 150 largest New York cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.
The most and least expensive cities in New York
Typical home value across the 150 largest cities · Zillow, August 2026
Most expensive
- 1.Garden City$1.41M
- 2.Woodmere$1.40M
- 3.Port Washington$1.30M
- 4.Jericho$1.29M
- 5.Dix Hills$1.27M
- 6.Monsey$1.26M
- 7.Syosset$1.13M
- 8.Plainview$992,968
- 9.Rockville Centre$992,022
- 10.Melville$989,665
Most affordable
- 1.Jamestown$128,881
- 2.Elmira$132,197
- 3.Johnson City$169,018
- 4.Niagara Falls$173,844
- 5.Gloversville$184,930
- 6.Binghamton$192,215
- 7.Watertown$205,731
- 8.Batavia$206,599
- 9.Endicott$207,126
- 10.Cortland$210,616
The spread between Garden City and Jamestown is 11.0x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: Rotterdam was the quickest of these markets to clear at 5 days on market (Redfin, through May 2026).
How New York compares
| Market | Typical value | 12-mo change | Median income | Value / income |
|---|---|---|---|---|
| New York | $526,714 | +5.6% | $84,578 | 6.2x |
| United States | $368,697 | +1.2% | — | — |
| New Jersey | $580,353 | +3.9% | $101,050 | 5.7x |
| Pennsylvania | $290,401 | +2.4% | $76,081 | 3.8x |
| Connecticut | $450,873 | +5.0% | $93,760 | 4.8x |
The three states above are New York's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. Pennsylvania and Connecticut carry lower typical home value than New York, which is what makes them the usual destination for equity-funded moves out of New York.
Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.
New York housing markets by city
1,599 cities tracked — the 60 largest by population shown
New York
$822,517
Buffalo
$248,828
Rochester
$247,040
Yonkers
$706,055
Syracuse
$224,508
Albany
$332,657
New Rochelle
$948,709
Cheektowaga
Pop. 76K
Mount Vernon
$601,432
Schenectady
$333,482
Utica
$212,423
White Plains
$808,180
Hempstead
$646,638
Tonawanda Town
Pop. 57K
Levittown
$737,380
Troy
$300,987
Irondequoit
Pop. 50K
Niagara Falls
$173,844
Binghamton
$192,215
West Seneca
Pop. 45K
Freeport
$672,925
Hicksville
$792,370
West Babylon
$665,939
Coram
$577,175
Valley Stream
$769,547
Central Islip
$592,710
Brighton
Pop. 37K
Kiryas Joel
Pop. 37K
Elmont
$739,893
Commack
$825,242
East Meadow
$820,882
Long Beach
$814,611
New City
$817,150
Uniondale
$693,020
Baldwin
$734,010
Huntington Station
$674,503
Spring Valley
$894,916
Oceanside
$796,615
Rome
$214,475
Ithaca
Pop. 32K
Poughkeepsie
Pop. 32K
Centereach
$660,214
Bay Shore
$676,749
Port Chester
$745,370
Franklin Square
$818,860
North Tonawanda
$287,597
Middletown
$417,808
Harrison
Pop. 29K
Newburgh
$404,516
Saratoga Springs
$660,782
Jamestown
$128,881
Glen Cove
$828,873
Shirley
$552,588
Monsey
$1.26M
Deer Park
$687,222
Lindenhurst
$658,920
Ossining
Pop. 27K
West Islip
$774,423
Auburn
$226,275
Elmira
$132,197
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What to do next in New York
If you are buying
- Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical New York home is $2,812/mo in P&I today.
- Pick the city, not the state. Values across New York run from $128,881 in Jamestown to $1.41M in Garden City.
- Put two finalists head to head in the city comparison tool before you tour anything.
- Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.
If you are selling
- Price against your city, not the statewide figure — the spread between New York markets is wider than the year-over-year move in any of them.
- Read the supply table above. At 4.6 months of supply, neither side has leverage, so presentation and pricing accuracy decide the outcome.
- Watch days on market in your city, not the state. The statewide median was 42 days (Redfin, through May 2026); your city page carries its own.
- Time the listing against new-listing volume. New listings are -2.4% year over year — less competition than a year ago.
New York housing market questions
What is the typical home value in New York?
The typical home value in New York is $526,714 (Zillow, August 2026). That is a +5.6% change over the past 12 months. The median price of homes that actually sold was $620,500 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.
Are New York home prices going up or down?
New York home values are up 5.6% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.
How much income do you need to buy a home in New York?
At the current 30-year fixed rate of 7.03%, a $526,714 home with 20.0% down carries roughly $2,812 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $120,514 before taxes, insurance, HOA dues, or mortgage insurance are added. New York's median household income is $84,578 (Census ACS, 2023), a gap of $35,936 above the median household. These figures are illustrative, not a quote or a pre-approval.
Is it cheaper to rent or buy in New York?
Typical asking rent across the largest New York cities Zillow publishes rent data for is $2,915 a month (median of 88 cities, Zillow, August 2026). Against a typical home value of $526,714, that is a price-to-rent ratio of 15.1x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $103 less than that typical rent each month, before taxes, insurance, and maintenance.
Which New York cities are the most affordable?
Among the largest cities we track in New York, the lowest typical home values are in Jamestown ($128,881), Elmira ($132,197), Johnson City ($169,018), Niagara Falls ($173,844), Gloversville ($184,930). Values are Zillow's typical-home-value index for August 2026.
Which New York cities are the most expensive?
The highest typical home values among the largest New York cities are in Garden City ($1.41M), Woodmere ($1.40M), Port Washington ($1.30M), Jericho ($1.29M), Dix Hills ($1.27M). Price per square foot, inventory, and days on market for each are on the individual city pages.
Which New York cities are appreciating the fastest?
Over the past 12 months the largest home-value gains among New York cities we track were in Dix Hills (+14.5%), East Islip (+10.0%), Garden City (+9.5%), Woodmere (+8.8%), Greenlawn (+8.2%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.
How long do homes take to sell in New York?
Homes in New York spent a median of 42 days on market in the last month Redfin published (Redfin, through May 2026). That is 5 days slower than the same month a year earlier. The quickest market among the state's largest cities was Rotterdam at 5 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
How does New York compare to neighboring states?
New York's typical home value of $526,714 compares with New Jersey at $580,353, Pennsylvania at $290,401, Connecticut at $450,873. The U.S. typical home value is $368,697, putting New York 42.9% above the national figure. Pennsylvania and Connecticut are cheaper on a typical-value basis.
Is now a good time to buy in New York?
That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 4.6 months of supply statewide (Redfin, through May 2026), active listings -4.7% year over year, and home values +5.6% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.
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City-vs-city in New York
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Neighboring state markets
- New Jersey housing market — $580,353 typical value
- Pennsylvania housing market — $290,401 typical value
- Connecticut housing market — $450,873 typical value
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