The cost of buying a home in New York is the highest it has ever been, the state's real estate agent group said.
The median home sales price in the Empire State rose 4.9% in July to a record $451,000, the New York State Association of Realtors said in its latest market report. Prices have been on a two-year growth spurt, the group said, noting that median prices have decreased year over year since July 2023.
Prices are climbing across New York, as are the number of homes available for sale, the group said.
"In my upstate area, our prices are up considerably," Jacqie Rose, an agent with Coldwell Banker Timberland Properties and the group's president, told Homes.com. "Inventory levels are slowly increasing but not at a level to be comfortable with yet. We are still encountering multiple offers on some properties, thus increasing prices."
Inventory rose 5.1% from 29,562 units in July 2024 to 31,065 last month, the group said in its report. That marks the fifth straight month of inventory increases, the group said.
New home listings grew 6% year over year in July from 13,684 to 14,511. The group also noted that closed home sales fell 2.3% year over year in July from 10,286 to 10,046, while pending sales dipped 0.7% from 10,629 in July 2024 to 10,553 in July 2025.
One region of New York is driving most of the inventory growth, a housing market watcher said.
"The bulk of new listings are concentrated in and around New York City, where private sector hiring and strong return-to-office trends continue to drive demand," said Victor Rodriguez, a market analyst for CoStar who tracks the Empire State.
He added that home prices across New York are still rising even as sales and pending sales slow. "Inventory is increasing, but it remains well below pre-pandemic levels in much of the state," he said.
Statewide, listings include a three-bedroom ranch in Schenectady for $449,000, a six-bedroom Colonial in Seneca Falls for $449,900 and a three-bedroom Cape Cod in Tonawanda for $239,900.
Days on market fell 4.7% from 43 in July 2024 to 41 in July 2025, the group said. The 41-day figure speaks to statewide activity, but in reality, some agents have noticed that how quickly a home sells depends on whether the homeowner has priced it correctly, said Ron Garafalo, the group's incoming president and an agent with John J. Lease.
"In Orange County, we are finding that homes that are priced right are getting interest and selling quickly," he said. "We are still receiving multiple offers, but just a couple, not the 10 or more we were getting a year or two ago."
Homeowners who don't make their asking price reasonable end up delaying their sale, Garafalo added.
"We are also seeing that homes that are priced too high are not getting showings or offers, and sellers are having to lower prices," he said. "Again, a year or two ago, that wasn't the case."
Dan Staley, an agent at Staley Real Estate, said he, too, has noticed how sellers are needing to adjust prices in the northern Hudson Valley region to get their property sold these days.
"It’s a more balanced market now, with both sides needing to adjust," Staley told Homes.com. "Sellers need to be realistic with their pricing, and buyers should still be prepared to move when the right home pops up."
