The latest New York Real Estate Market Report is given below. You will also find the details of the current real estate trends for NYC or New York City. Low inventory and increasing buyer activity are keeping the prices stable in the New York housing market. It’s a relatively good time to buy a property in New York as housing inventory is on the rise and competition is less.
Let us first look at the statewide real estate market report for New York. With the phased opening of the economy, buyers have been quicker to return to the housing market. It seems they want to cash in on the opportunity to purchase their favorite properties amid a historically low-interest rate of 3.3 percent on a 30-year fixed-rate mortgage. The median sold price remained flat at $270,000 in May as compared to last year. The month’s supply of inventory dropped by 11.5 percent in May, from 6.1 months to 5.4.
On the other hand, sellers in New York are still holding back on listing new properties on the market. New listings are still on the decline as compared to last year. According to NYSAR, as COVID-19 restrictions continue to soften, the New York real estate activity is expected to continue to improve in the coming weeks.