New York Real Estate Summary

The New York real estate industry is a very diverse market.  New York homes in the northern part of the state are relatively affordable, whereas living near New York City is very expensive.  The economy of New York is very strong, especially in the city and there are many new jobs statewide, making New York relocation smart and practical for most people.

New York City real estate is very expensive and in high demand.  The people who choose to live in New York City or one of its boroughs pay a high price.  The average sale price is over one million dollars, even though houses are cheaper in Stanton Island and the Bronx.  Houses usually do not sit on the market for more than 10 to 14 days.  Sellers are getting 100% or more of the asking price if they are in exclusive or desired areas.  Residences in Manhattan are usually a floor or section of a high-rise building. 

Albany real estate is in a growing trend.  Houses are much more affordable and sell for an average price of $225,000.  The market is even with sellers and buyers, with houses being on the market between 60 and 90 days before receiving an offer.  Prices are slightly higher than last year, with a 5% increase for most sellers