New York Housing Market
In September, home prices in New York saw a increased of 4.8% compared to the previous year. Meanwhile, home sales increased by 12.1% , and the number of homes for sale fell by 4.4%.
New York Housing Market Overview
In September 2024, home prices in New York increased by 4.8% compared to the previous year, with a median sale price of $535,300. The number of homes sold increased by 12.1% year-over-year, with 13,233 homes sold in 2024, compared to 11,803 in 2023. Additionally, the median time a home stayed on the market decreased by 6%, reaching 31 days.
Median Price
$535,300 | YOY growth 4.8%
# Of Homes Sold
13,233 | YOY growth 12.1%
Days on Market
31 | YOY decline 6%
Median Price
Historical Median Price for past 24 months
Top 10 New York Cities with Investment Property Opportunities
1. Yonkers, NY
230 investment Property
101 investment Property
98 investment Property
4. Utica, NY
97 investment Property
5. Westbury, NY
88 investment Property
84 investment Property
84 investment Property
83 investment Property
9. Newburgh, NY
82 investment Property
10. Corning, NY
80 investment Property
11. Baldwin, NY
71 investment Property
New York Housing Supply
In September 2024, California had 48,051 homes for sale, representing a 4.4% decreased compared to the previous year. The number of newly listed homes was 13,886 and down 5.5% year over year. The average months of supply is 2.5 months, down 21.8% year over year.
# of Homes for Sale
48,051 | YOY decline 4.4%
# of Newly Listed Homes
13,886 | YOY decline 5.5%
Month of Supply
2.5 | YOY decline 21.8%
# of Homes for Sale
Historical # of Homes for Sale for past 24 months
Top Markets in New York
Market | Mashmeter Score | Optimal Strategy | Median Price |
|---|---|---|---|
Kingsley, Buffalo, NY | A+ | Short-term | 159,900 |
Plymouth - Exchange, Rochester, NY | A+ | Short-term | 134,900 |
Genesee - Jefferson, Rochester, NY | A+ | Short-term | 134,900 |
Beechwood, Rochester, NY | A+ | Short-term | 134,900 |
Medical Park, Buffalo, NY | A+ | Short-term | 159,900 |
Top Neighborhoods in New York
New York short term regulations
New York, NY
Rating:
Legal for non-occupied:
No
Rule Summary:
Not legal to rent a place for less than 30 days unless owner-occupied. Illegal to advertise a rental. Can't rent out whole appartment. Up to 2 paying guests per unit.
Rented days limit:
More than 30 days if not owner occupied
Buffalo, NY
Rating:
Legal for non-occupied:
Yes
Rule Summary:
Friendly overall
Rented days limit:
No limit
Rochester, NY
Rating:
Legal for non-occupied:
Yes
Rule Summary:
Caps the number of Non-Owner-Occupied units allowed to receive a permit to 2% of all residential properties, the limit is set on September 30 annually.
Rented days limit:
No limit
Yonkers, NY
Rating:
Legal for non-occupied:
Yes
Rule Summary:
STR is defined as "rooming house" and the registration is required, with requirements setting occupation and health standards.
Rented days limit:
No limit
Syracuse, NY
Rating:
Legal for non-occupied:
Yes
Rule Summary:
A rental registry application is required and is valid for 3 years once approved. Check for a deadline - it's different depending on the property's location
Rented days limit:
No limit
New York Top Investment Properties Under Median Price
Read More About New York Market
8 Best Markets for Investing in Single Family Homes for Sale in 2022
10 Best Places for Buying a Vacation Home in New York
Selling A House In New York State In 10 Easy Steps
Experts: The New York City Real Estate Market is Set for a Strong Comeback
