As of December 2023, the real estate market in New York City is characterized as a buyer's market, indicating that homes tend to stay on the market longer, and prices are generally more negotiable. The median home sold price was reported at $832,786, which represents a decrease of 2.9% compared to the previous year. This decline in home prices was observed across various home sizes, with 1 and 2 bedroom homes seeing the most significant drops. The number of homes available for sale also decreased by 5.4% from November 2023, with a total of 19,663 homes on the market in December. Additionally, the number of homes sold decreased by 7.8% month-over-month, and homes spent an average of 85 days on the market, which is slightly less than the previous year.
This overview suggests a cooling market where potential buyers might find opportunities to negotiate better deals. However, the supply constraints and the specific dynamics of different neighborhoods within New York City could influence market conditions locally.