Top Real Estate Agents in New York

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2022 Market Summary

New York started 2022 with a total of 14,574 single-family homes on the market, with a median home price of $525,000 and an average price per square foot of $348. By the end of the year, inventory had increased to 16,172 homes on the market (+10%), with a median home price of $549,900 (+4%) and an average price per square foot of $349 (+0%).

At the start of 2022, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 84 days.

New York started the year with 21% 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 30% of New York homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that New York started 2022 as a seller’s market, with an MAI score of 42; by the end of the year, the MAI had dropped to 34 – a balanced buyer and seller’s market.

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

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