The New York housing market is a competitive and changing landscape. Looking at home prices from 2000 to 2021, it’s clear that the average price has been steadily increasing every year. This trend will likely continue as the population grows and the demand for homes increases with it.
In this post, we’ll take you through what you should know about NY housing in 2021 so that you can make an informed decision before buying or selling your home!
Overview of New York
What’s not to love about New York? Though the city is often thought to be expensive, there are plenty of affordable neighborhoods. On top of affordability, apartments come with the high-quality amenities you deserve–including modern kitchens and large windows that let in ample natural light.
It’s also truly an international metropolis with opportunities for tourists and business owners alike! Businesses in NY generate more than $140 billion in wages each year, which means there are endless opportunities for work. NYC has much to offer everyone, whether you’re looking for a new home or just passing through.
So if you’re considering moving to New York City, one of the most popular cities in the world you’ll want to understand the real estate market.
As you search for neighborhoods and homes, it can quickly become overwhelming with all of the options available. And it’s important to make a decision that’s best for your finances–both now and long-term.
To help you out, we’ve compiled this list of the five best places to live in NY as well as an overview of the average home prices by area so you can be confident that you’re making the right choice!
What is the Average Home Price in NY?
As of 2021, the average cost to buy a house in New York is $795K. However, prices vary depending on where exactly you live–so it’s important that you do your research before making any decisions about buying.
Average home prices in New York State
- Homes for sale in New York have a median listing price of $859K.
- The average sale price per square foot in New York is $644, up 32.4% since last year.
- On average, homes sell for about 1.5 percent below their asking price.
Average home prices in Manhattan, NY
- The average sale price of a home in Manhattan was $1.3 (October 2021), up 4.7% since last year.
- The average sale price per square foot in Manhattan is $1.5K, up 7.7% since last year.
- The median sale price was $1.2M.
Average home prices in New York, NY
- In November 2021, the median list price of homes in New York, NY was $840K, trending down -2.9% year-over-year.
- The median listing price per square foot was $853.
- The median sale price was $780K.
Average home prices in Buffalo, NY
- In October 2021, the median listing price of homes in Buffalo, NY, was $169,900, trending 13.3% year-over-year.
- The median listing price per square foot was $125
- The median sold home price was $174,500
Average home prices in Long Island, NY
- In October 2021, the median listing home price in Long Island was $1.1M, trending 21.2% year-over-year.
- The median listing home price per sqft was $1.2K.
- The median home sale price was $1.1.M.
>> Find out The 5 Most Expensive Homes for Sale on Long Island
Average home prices in Queens, NY
- In October 2021, the median listing home price in Queens was $602.5K trending down -2.7% year-over-year.
- The median listing home price per sqft was $538.
- The median home sold price was $625K
Average home prices in Brooklyn, NY
- In October 2021, the median listing home price in Brooklyn, NY, was $875K, flat year-over-year.
- The median listing home price per square foot was $835.
- The median home sold price was $767.5K
High and Low Home Prices in New York
There is a wide range in home prices in New York. You can find a home for as little as $130,000 or as much as $169 million. The average home price, however, is $750,000. This means that there is something for everyone in the New York City housing market.
>>What can $750,000 buy you in New York City?
If you’re looking for a more affordable option, consider Buffalo. The average home price in Buffalo is just over $169,900. However, if you’re looking for affordability in NYC, Riverdale, located in the Bronx, has a median listing price of $365K, making it the least expensive.
And if you’re looking for a more luxurious option, consider lower Manhattan. Tribeca is the most expensive neighborhood in NY, with a median listing price of $4.4M.
Whatever your budget and lifestyle may be, there’s a perfect home waiting for you in the Big Apple!
Best Areas to Live in New York
If you’re trying to find the best areas to live in New York, check out this list of the top five areas:
- Bay Ridge, Brooklyn
The community of Bay Ridge is frequently regarded as one of the greatest in Brooklyn, New York, and Brooklyn is becoming the capital of the New York seller’s market.
Homes cost a little under $1M, but the going rate depends on the area, with the median price for properties listed in the neighborhood sitting at $499k, according to Realtor.com.
There are some great schools in Bay Ridge to select from, ranging from elementary through high school. Crime and safety both rank favorable in this community, and the peaceful and tranquil atmosphere of the area makes it ideal for families.
The residents of Bay Ridge, which has a population of 60,500, are well served by public transportation, making it even easier to access the nearby amenities.
- Harlem, Manhattan
Many people would be shocked to learn that Harlem is among the top 5 best places to live in NY, but it shouldn’t be a surprise. Yes, Harlem has long been associated with crime, economic decline, and crumbling infrastructure.
But that is the old Harlem.
Crime began to fall in the ’90s, and efforts at urban renewal began resulting in the area experiencing a turnaround. And as crime decreased, new economic opportunities emerged as a result of these initiatives. As a result, the neighborhood has a population of roughly 200,000 people and is now considered one of New York’s trendier places to live.
The turnaround can also be seen in the skyrocketing real estate prices, where an average house costs $1,015,300 today, up from $774,824 in 2011!
Harlem may not be superior to many other locations in terms of housing and economics, but it does have good public schools and a favorable climate for families. In addition, the nightlife is unique, with hip restaurants, trendy bars, and fashionable clubs around every corner.
- Massapequa Park, Long Island
Another neighborhood in New York that is ideal for families seeking to settle down is Massapequa Park, which is situated on Long Island.
For one, homes are reasonably priced in this community of 17,000 people in Nassau County’s Oyster Bay municipality. The median house value on Zillow is $463,800, which is relatively low by New York standards.
It is well regarded by parents and students. In addition, its schools have a good rating on the GreatSchools ranking site (typically obtaining an excellent 9 out of 10).
With a commute by Long Island Railroad to Midtown Manhattan taking less than an hour, this convenient location also enables residents to benefit from the city’s most exciting economic and cultural opportunities.
- Kenmore, Buffalo
Kenmore is among the finest places to live in New York for two primary reasons: the cost of living is one of the most affordable, and public schools are some of the greatest.
Median home prices average $111,200 (who said New York has to be expensive, right?), and rent prices come in way below the national average at $681 (versus $928). This is definitely welcome news for anyone looking to settle here.
Like Massapequa Park, Kenmore is a village with a population of 15,271. However, the advantage of the affordability and outstanding schools continues to be available to Kenmore’s inhabitants.
It may sound like some remote location away from NYC, but Kenmore actually does offer some great employment opportunities, especially in the region’s thriving science and technology fields. In addition, there are plenty of recreational opportunities nearby.
- Jackson Heights, Queens
With its good public schools and one of New York’s most ethnically diverse populations, Jackson Heights makes a case for itself as one of the city’s best places to live for families.
Jackson Heights, located in the northwest section of Queens, averages $444,196 on real estate prices. Pricey for most states, yes, but the 112,800 residents of this neighborhood deem that reasonable, as they do the median rent of $1,387, which is way below the $3,016 average for an apartment in Queens.
When you throw in additional perks such as friendly residents, schools and jobs that are just around the corner, and top-notch medical facilities, you really couldn’t wish for more.
Sale-to-list Price Ratio in New York
As you start your home search or consider listing your NY property, researching the sale-to-list price ratio would be helpful. This will give you some insight into the real estate market.
To clarify what the sale-to-list price ratio is, the sale-to-list price is what homes sell for compared to their asking price. For example, if a home lists at $300,000 and sells for $310,000, then that would be a sale-to-list ratio of 103%.
By studying the sale-to-list price ratio, you’ll be able to find out if the market in a specific area is competitive or not.
The following details how each area in New York City fared on this front in October of 2021.
- New York, NY – Sale-to-List Price Ratio: 100%
Homes in New York, NY, sold for approximately the asking price on average in October 2021.
- Manhattan, NY- Sale-to-List Price Ratio: 100%
Homes in Manhattan, NY sold for approximately the asking price on average in October 2021
- Buffalo, NY- Sale-to-List Price Ratio: 104.04%
Homes in Buffalo, NY, sold for 4.04% above the asking price on average in October 2021.
- Long Island, NY- Sale-to-List Price Ratio: 100%
Homes in Long Island City, NY, sold for approximately the asking price on average in October 2021.
- Queens, NY – Sale-to-List Price Ratio: 98.86%
Homes in Queens, NY, sold for 1.14% below the asking price on average in October 2021
- Brooklyn, NY -Sale-to-List Price Ratio: 100%
Homes in Brooklyn, NY, sold for approximately the asking price on average in October 2021
Average Days on Housing Market
Another indication of how well a housing market is doing is average days on the market. Properties sitting on the market longer means homes are having a harder time selling. The opposite is true for properties moving quickly, which indicates fewer days on the real estate market,
The following details how each area in New York City fared on this front in October 2021.
New York- Average Days on Housing Market: 150 days
On average, homes in New York, NY, sell after 150 days on the market. The trend for median days on the market in New York, NY, has gone up since last month and slightly up since last year.
Manhattan- Average Days on Housing Market: 168 days
On average, homes in Manhattan, NY, sell after 168 days on the market. The trend for median days on the market in Manhattan, NY, has gone up since last month and slightly down since last year.
Buffalo- Average Days on Housing Market: 88 days
On average, homes in Buffalo, NY, sell after 88 days on the market. The trend for median days on the market in Buffalo, NY, has gone up since last month, and flat since last year.
Long Island- Average Days on Housing Market: 174 days
On average, homes in Long Island City, NY, sell after 174 days on the market. The trend for median days on the market in Long Island City, NY, has gone up since last month and slightly down since last year.
Queens- Average Days on Housing Market: 147 days
On average, homes in Queens, NY, sell after 147 days on the market. The trend for median days on the market in Queens, NY, has gone up since last month and slightly up since last year.
Brooklyn – Average Days on Housing Market: 152 days
On average, homes in Brooklyn, NY, sell after 152 days on the market. The trend for median days on the market in Brooklyn, NY, has gone up since last month and slightly up since last year.
Although homes are typically selling for listing price, the average days on the market are high in New York.
This can become a challenge if you’re a homeowner that needs to sell your home quickly to relocate or for financial reasons. So if you’re saying, “sell my house fast, New York,” you can sell your property to one of the local cash home buyers in the area like Leave The Key Homebuyers.
When selling to Leave The Key Homebuyers, there are no hidden fees, closing costs, appraisals, inspections, or mortgage contingencies, so you are able to close exactly when you choose.
Working with a “We buy houses Long Island” or NYC is a great way to avoid expensive realtor commissions and costly home repairs because you can sell your house as-is.
Selling to a cash home buyer is also a great way to avoid lengthy and frustrating waiting periods. So if you’re looking for an easy, no-hassle solution to selling your property, consult with one of the many “sell my house fast” companies in your area.
Final Takeaways
Overall, the New York housing market is doing well. Now is a great time to buy real estate in NY. And since homes are selling for the asking price, it’s also a great time to consider selling real estate. Of course, the only downside is the long days on the market.
If you’re looking at selling in New York State, there’s no better company than Leave The Key Homebuyers if you’d like to sell to one of the local cash home buyers in Brooklyn.
Contact Leave The Key Homebuyers to learn more about how it works, or simply fill out our online form to get an offer or give us a call at (631) 430-0783. We look forward to hearing from you!