New York Housing Market Report December 2024•Kings County, New York

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Housing Prices in New York, NY

How much do homes in New York, NY cost?

Housing Market Conditions

Is New York, NY a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

New York is a Buyer's Market

Difference Since December 2023

Since last year, New York has remained a Buyer's Market.

Insight

New York is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$853,573$679/SqFt
+$25,734
+3.1%

Based on all homes sold in the last 12 months

Insight

Homes in New York have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in New York was $853,573 in December 2024, up 3.1% from last year, and the median price per square foot was $679.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Queens
+7.1%
Brooklyn
+3.7%
New York
+3.1%
Manhattan
-0.1%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$563.9K$572.3K
+1.5%
2$799.4K$827.8K
+3.6%
3$834.2K$857.4K
+2.8%
4$962.7K$990K
+2.8%
5$1.1M$1.2M
+2.5%

Summary: New York housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +1.5%. The home price for 2 bedroom homes increased by +3.6%. The home price for 3 bedroom homes increased by +2.8%. The home price for 4 bedroom homes increased by +2.8%. The home price for 5 bedroom homes increased by +2.5%.

Housing supply in New York, NY

How many homes are available in New York, NY?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
17,236Last MonthDec 2024
18,8622 months agoNov 2024
-8.6 %
Change MoMNov – Dec

Summary: The New York real estate market had 17,236 homes for sale in Dec 2024, a 8.6 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
1,821Last MonthDec 2024
1,8482 months agoNov 2024
-1.5 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
14,7644,277
-10.2%
24,9364,433
-10.2%
33,8323,443
-10.2%
41,9991,866
-6.7%
53,3313,217
-3.4%

Summary: New York housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -10.2%. The inventory for 2 bedroom homes decreased by -10.2%. The inventory for 3 bedroom homes decreased by -10.2%. The inventory for 4 bedroom homes decreased by -6.7%. The inventory for 5 bedroom homes decreased by -3.4%.

Asking Price vs. Sold Price

How much do homes in New York, NY cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price215 Homes

At Asking Price870 Homes

Under Asking Price736 Homes

Insight

If you're buying a home in New York, expect to pay close to the asking price. 47.8% of homes here sold near the asking price last month.

Summary: A total of 1,821 homes were sold or pending in New York in December 2024, down by 1.5% month-over-month. Of the 1821 sold homes, 40% were sold under asking, 48% were sold at asking, and and 12% were sold over asking.

Days on Market for New York, NY

How long does it take to sell a home in New York, NY?

Breakdown of Home Sale Times

Under 30 Days289 Homes

30 – 90 Days399 Homes

Over 90 Days275 Homes

Insight

Avg time on Rocket Homes in New York has remained consistent over time.

Summary: During December 2024, 1821 homes were sold in New York; 16% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
72 DaysThis YearDec 2024
87 Days1 year agoDec 2023
-17.6 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in New York had an average listing age of 72 days in Dec 2024, down by 17.6% compared to the previous year.

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Newest Listings in New York, NY

What homes are available in New York, NY?

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Nearby markets

Popular Cities with Homes for Sale in New York

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Last updated on: 1/16/2025, 2:31:10 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Last updated on: 1/17/2025, 10:11:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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The accuracy of all information, regardless of source, including but not limited to open house information, square footage and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by Brooklyn Multiple Listing Service and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited.

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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.

This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
Last updated on: 1/17/2025, 10:20:49 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Last updated on: 1/17/2025, 10:21:10 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Last updated on: 1/17/2025, 10:20:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.