New York, NY Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

What is the most asked question to real estate agent? ›

$756,721. The average New York, NY home value is $756,721, up 0.4% over the past year and goes to pending in around 51 days.

In New York, it takes an average of 83 days to sell a house. That's 5.1% slower than than the national average of 79 days. On average, homes in New York sit on the market for 48 days, and it typically takes 35 days to close once an offer has been accepted.

Real estate agent commissions in New York are a steep 5% to 6% of the home sale price. To maximize savings, consider negotiating with your agent. You can also opt for Flat Fee MLS Listing services like Houzeo.

Recent Trends in NYC's Home Purchase Market

Based on data from StreetEasy, the median sales price for homes that sold in 2023 was $764K, down about 2% from a record high of $782K in 2022 but back up to $785K in early 2024.

To cover the cost of just necessities as a single person in New York City, you would need to make an estimated $70,000, according to SmartAsset. A family of two adults with two children would need to make a combined $318,406 a year in order to live comfortably in New York City, according to the study.

Average Manhattan, New York Apartment Prices (Condo)

The average sale price for a condo ranges from $785,333 for a studio apartment to $10,899,279 for 4+ bedroom apartments. Meanwhile, the average price per square foot ranges from $1,380 for a studio to $2,933 for 4+ bedroom apartments.

Sellers can expect to pay an average of 8% to 10% of the total sales price after combining all of the main costs that sellers must cover when selling a home in New York. Transfer taxes: For every $500 of the sale price, the seller will have to pay $2 in real estate transfer tax.

What month is best to sell a house? ›

Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.

The final concession throughout the majority of the United States is that the winter months are typically the worst months to sell a house due to less than ideal conditions and the buyer mentality that sellers must be desperate if they are trying to sell their home during the busy holiday season.

Usually, the buyers are responsible for paying most of the settlement costs in New York. Buyers closing costs in New York can amount to 2%-5% of the final sale price of the home or the mortgage amount.

What percent commission do most real estate agents charge? The typical commission under the current model has been somewhere between 5 and 6 percent of a home's purchase price, which is then split evenly between the agent representing the buyer and the agent representing the seller.

Buyer Agent/Seller Agent Split

Say there is a property listed at $1,000,000. The seller has agreed to pay a 6% commission, which works out to $60,000. That $60k is generally split between the seller's agent (sometimes called the listing agent) and the buyer's agent. This is called co-broking.

So when it comes to how to deal with estate agents when buying, while you'll want to make sure you're polite and pleasant, treat it as a game of poker and play your cards close to your chest. Never let the estate agent know your bottom line (if you're selling) or your maximum budget (if you're buying).

“Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.” - Marshall Field, entrepreneur. “The best investment on Earth is earth.” - Louis Glickman, real estate investor. “I have always liked real estate; farm land, pasture land, timber land, and city property.

One of the hardest things about being a real estate agent is smoothing your income so that it is consistent throughout the year. This requires discipline and rigorous budgeting. Some agents take second jobs.