Top Real Estate Agents in New York

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2023 New York Housing Market Summary

New York started 2023 with a total of 15,033 single-family homes on the market, with a median home price of $549,000 and an average price per square foot of $348. By the end of the year, inventory had decreased to 14,758 homes on the market (-1%), with a median home price of $575,000 (+4%) and an average price per square foot of $365 (+4%).

At the start of 2023, the median days on market (DOM) was 77 days – by the end of the year, median DOM had remained the same at 77 days.

New York started the year with 29% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 26% of New York homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that New York started 2023 as a seller’s market, with an MAI score of 44; by the end of the year, the MAI had dropped to 37 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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