Home values rise – surprise, surprise. In the aftermath of the crash in 2008, the market continues to post increases across most states.
The current median list price is $310,000 for all home types across the nation, up 7% since last year, according to Realtor.com.
Given that jump, you’ll want to know the worth of an average-sized condo, townhouse, or single family home in your neighborhood. See what's happening with housing values and home sales in your community, to help you decide whether it's the right time to buy — or sell.
Find out what's happening in New York Cityfor free with the latest updates from Patch.
Home prices in New York City
What's the worth of an average-sized condo, townhouse, or single family home in your neighborhood?
The median home value—condos, single-family, etc.—in New York City fell by 7.0% over the past year, according to Realtor.com data from March 2019. The recent median price was $1,348,500, compared to $310,000 nationwide.
If you’re hunting homes and looking to buy, make sure your savings account overfloweth with your down payment. You never know when the perfect listing will appear in the wild. As of March, there were 180 active listings in New York City.
Find out what's happening in New York Cityfor free with the latest updates from Patch.
How much for a condo or townhouse in New York City?
You can expect a condo or townhouse in New York City to go for $1,343,176.
Realtor.com says condos and townhouses listed in New York City presently take 69 days to sell, which is lower than the U.S. median — which is 84 days.
How much for a single-family home in New York City?
The national median listing price for single-family homes is $325,040.
A single family home in New York City goes for $2,537,320.
Compare that to the national median listing for homes in that category, $325,040, and you're paying more than what other Americans are paying.
Realtor.com says single-family homes listed in New York City presently take 102 days to sell, which is higher than the U.S. median — which is 73 days.
Is it a good time to buy?
If you're house shopping in New York City you'll find 10.9% more new listings than a month ago and 7.1% fewer new listings than a year ago.
Mortgage giant Freddie Mac has forecast that this will be a year of lower mortgage rates. The firm says 30-year home loans will average 4.3% throughout 2019, down from an average 4.6% in 2018.
With mortgage rates hitting their lowest levels in months, and with the Federal Reserve unlikely to raise rates anytime soon, it’s likely to be a strong summer for home sales.
Take a look at our mortgage calculator, if you’re thinking of buying this year, to see what your rate would be.
Compare your rate to listings in your area. If a mortgage rate looks hot, and the list price is still within your budget—it’s best to lock it in!