New York Housing Market

By Victor Rodriguez

New York’s housing market shows signs of recalibration in February

New York home prices rose modestly year over year in February, but declined on a monthly basis, while sales activity weakened and inventory expanded.

New York median home price rises 0.7% year over year to $715,000

The median home sale price increased slightly compared to last February, placing New York in the middle of major U.S. metros for price growth. However, prices have declined for three consecutive months, down from a peak of $770,000 in the summer of 2025.

Inventory of active listings increases 8.3% year over year in February

Active listings rose to 19,484, marking the highest level since November. Despite the increase, New York ranked 26th out of 40 major U.S. markets for inventory growth, trailing other Northeastern cities like Philadelphia and Pittsburgh.

Fewer homes sell in February

Home sales declined 11.5% year over year to 2,843 transactions, a sharper drop than the national average. February marked the first time in nearly a decade that home sales in New York fell below the 3,000 benchmark for the month, reflecting softer demand across the market.


Bar chart showing year‑over‑year percentage change in February home sales by market compared to the same month the previous year, with New York ranked 37th out of 40 U.S. markets.
New York ranked 37th out of the top 40 US markets based on the percentage change in home sales in February.


New York Sale Prices

The median home sale price in New York rose 0.7% year over year in February, placing it squarely in the middle of major U.S. metros for price growth.

New York home sale prices continue to decline month over month

February’s median sale price of $715,000 fell from $725,000 in January, signaling a market recalibration after peaking at $770,000 in the summer of 2025.

New York price appreciation lags other Northeastern cities

Among the largest Northeast markets, price growth in New York trailed peers, with Philadelphia and Pittsburgh each posting 2.2% year-over-year gains. Even so, New York outpaced Boston, where home prices declined 3.7% annually.

New York is still one of the most expensive markets in the nation

New York ranks sixth out of the top 40 U.S. markets for housing prices with a median price of $715,000. This is despite three consecutive months of price drops.


Data point boxes showing key median home sale price indicators for February in the New York market, and comparing them to National figures. New York outpaced the U.S. average in February.
New York home prices rose $5,000 in the past 12 months to $715,000. New York outpaced the U.S. average in the past 12 months.


Bar chart displaying New York’s average sale prices from 2018 through February 2026. Prices ended the month of February 2026 at $715,000.
While home sale prices in New York have declined over the past 12 months, they have declined month over month.


Area chart showing the year-over-year change in home sale prices, with a 0.7% increase in February 2026 compared to the same month in 2025.
Home sale prices in New York rose by 0.7% compared to this time last year in February.


Bar chart showing the year-over-year percent change in median home sale price in February over the past eight years, with New York's median home sale price up 0.7% in February 2026.
New York's home sale price increased by 0.7% in February 2026, marking the third consecutive year with a price increase in February.


Bar chart showing the median sale price for the top 40 housing markets in the U.S., with New York ranking sixth.
New York had the sixth highest median sale price in February among the top 40 housing markets in the U.S.


Bar chart showing the percentage change in home sale prices in February compared to the same month the previous year, with New York ranked 17th out of 40 U.S. markets.
New York ranked 17th out of the top 40 US markets for home sale price appreciation in February, based on percentage change.


Data point boxes showing home sale price trends by home type, including detached, attached, and condos, showing that detached homes experienced a 2.3% increase in home sale prices in February 2026.
Detached homes continue to drive price growth, while attached homes and condos show recent softness.


Data point boxes showing home sale price trends by home type, including detached, attached, and condos, showing that detached homes experienced a 2.3% increase in home sale prices in February 2026.
Detached homes continue to drive price growth, while attached homes and condos show recent softness.


New York Inventory

New York active listings rose 8.3% year over year in February to 19,484, the highest inventory total since last November.

New York active listings rank in the lower half of major US housing markets

New York active listings increased 8.3% in the past 12 months, ranking New York 26th out of 40 housing markets across the U.S.

New York home inventory growth falls behind other Northeastern cities

Of the largest markets in the Northeast, some saw year-over-year growth exceeding that of New York, with Philadelphia (13.8%) and Pittsburgh (23.4%) both showing superior home inventory growth. Even so, New York surpassed Boston, where home inventory growth increased 3.2% annually.

New York active listings for attached homes fall year over year

New York’s active listings for attached homes fell 10.4%, or by 160, year over year to 1,377. Condos and detached homes each recorded increases in active listings in February compared to the same month last year.


Data point boxes showing New York active listings, annual change, percentage growth, and national rankings compared with U.S. totals, with New York ranking near the middle of major U.S. markets.
New York's active listings are increasing at a faster pace than the national average, placing the market in the middle of national rankings.


Bar chart showing New York active listings rising for the second consecutive month.
New York's active listings are still showing signs of tight inventory conditions.


Area chart showing annual percentage change in New York active listings over time, with recent growth remaining positive but lower than prior peaks.
Inventory remains tight, though it has shown signs of growth in recent months.


Bar chart showing year-over-year percentage change in New York active listings for February from 2018 to 2026, highlighting a modest recent increase.
February data shows New York posting a modest year-over-year increase in active listings, following consecutive years of declines during the month of February.


Horizontal bar chart comparing February active listings across major U.S. markets, showing New York with greater listings than most large metropolitan areas.
As of February, New York remains in the upper tier of major U.S. metros for total active listings.


Bar chart showing year-over-year percentage change in February active listings by market, with New York posting a mid-range positive increase.
Over the past year, New York has posted a moderate increase in active listings.


Data point boxes showing New York active listings by property type, with condos making up the largest share of inventory.
In the most recent period, condos continue to account for the majority of active listings in New York, while attached and detached home inventory remains comparatively limited.


Bar charts illustrating annual percentage change in New York active listings by property type, with condos and detached homes growing faster than attached homes.
Condo and detached listings are driving the fastest year-over-year inventory growth in New York.


New York Home Sales

New York recorded an 11.5% decline in home sales in February compared to the same month last year.

New York home sales fall sharply year over year

Home sales in New York declined 11.5% year over year to 2,843 in February, a drop of 369 transactions from the same month last year. The decline significantly outpaced the national decrease of 3.7%, ranking New York 37th among the 40 largest U.S. housing markets for annual sales growth.

New York posts lowest February home sales total in nearly a decade

February marked the first time in nine years that home sales fell below the 3,000 threshold, a level that has historically served as a benchmark for the market.

New York home sales decline across all property types

Sales fell across every major home category in February compared to a year ago, with attached townhomes down by 40 transactions, detached homes declining by 90, and condo sales dropping by 239.


Data point boxes showing New York home sales, annual change, and national ranking compared with U.S. totals, placing New York toward the bottom of national rankings.
In February, New York posted lower home sales and a steeper year‑over‑year decline than the national average, placing the market in the bottom tier nationally for sales performance.


Bar chart showing New York home sales by year since 2018, illustrating a downward trend in recent periods.
New York's home sales have trended lower in recent years, with February activity remaining below levels seen since 2018.


Area chart showing New York's annual percent change in home sales over time, highlighting negative growth in February.
Home sales in New York fell by 11.5% compared to February 2025, marking the second consecutive month of year-over-year sales declines.


Bar chart showing New York's February home sales percentage change by year, with recent years reflecting a decline compared with earlier periods.
New York's home sales declined by 11.5% in February, continuing a trend of negative to muted home sales in recent years.


Bar chart showing February home sales by market, with New York ranked 11th out of 40 US markets.
New York ranked 11th out of the top 40 US markets for home sales price in February, sitting at 2,841.


Bar chart showing year‑over‑year percentage change in February home sales by market compared to the same month the previous year, with New York ranked 37th out of 40 U.S. markets.
New York ranked 37th out of the top 40 US markets based on the percentage change in home sales in February.


Data point boxes showing New York home sales, annual growth rates, and net change for detached homes, attached homes, and condos, with declines observed across all home types.
Recent sales declines in New York were driven primarily by condos, though losses were also observed by detached and attached homes.


Bar chart showing annual percentage change in New York home sales by property type, with declines in all home types.
Year over year, all home types recorded declines in February.


For questions and commentary about this report:

Victor Rodriguez, Senior Director of Market Analytics at CoStar and Homes.com, based in New York, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Victor Rodriguez

Senior Director of Market Analytics

Homes.com

vrodriguez@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in New York during February 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.

Writer
Victor Rodriguez

Victor Rodriguez is Senior Director of Market Analytics at CoStar and Homes.com, where he leads research and analysis across the New York metropolitan area. He covers multifamily, office, industrial, and retail real estate, regularly providing market commentary to investors, lenders, and developers. In residential real estate, Victor provides insights into home prices, inventory levels, rental conditions, and economic factors shaping the housing market. His research and insights on New York City real estate trends have been cited by national media outlets, including Bloomberg, The Wall Street Journal, and The New York Times. Victor has 15 years of experience in real estate analytics and has a bachelor's degree from Stony Brook University.

Read Full Bio