New York started 2024 with a total of 13,856 single-family homes on the market, with a median home price of $579,000 and an average price per square foot of $366.72. By the end of the year, inventory had increased to 15,264 homes on the market (+10%), with a median home price of $589,000 (+2%), and an average price per square foot of $380 (+4%).
At the start of 2024, the median days on market (DOM) was 77 days – by the end of the year, median DOM had increased to 84 days.
New York started the year with 25.79% 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 28.63% of homes for sale had taken a price cut.
