New York, NY home prices and housing market

Here's the story in New York this June: sellers are holding their ground. Only about six percent of active listings have cut their price, a clear sign that owners here would rather wait than discount. And they are waiting. The typical home sits for around seventy days before going under contract. Buyers do have options, with roughly seven thousand homes for sale across the city, but what they're finding is a wide gap between asking and reality. The median list price is about $1.46 million, while the typical home value is roughly $1.12 million, and that value is still up about three and a half percent over the past year. So prices keep grinding higher, sellers list well above them, and instead of cutting, they let time do the negotiating. If you're selling, the takeaway is patience with discipline. This market punishes nothing, but it doesn't reward fantasy pricing either. Price close to what your home is actually worth, and you can still get there.