Home Values in New York, New York — 2026 Market Report
Updated March 2026 | Balanced Market | +3.5% YoY
The median home value in New York, New York is $680,000 as of March 2026, which is above the national median of $400,000. Home values in New York have increased by 3.5% over the past year and 18.8% over the last five years. With a population of 8,336,817 and a median household income of $67,046, the price-to-income ratio stands at 10.1x, making New York affordable for the average household.
New York Housing Market Conditions
| Metric | New York | National Avg |
|---|---|---|
| Median Home Value | $680,000 | $400,000 |
| YoY Appreciation | +3.5% | +3.8% |
| 5-Year Appreciation | +18.8% | +22.4% |
| Price per Sq Ft | $508 | $222 |
| Days on Market | 60 days | 45 days |
| Months of Supply | 4.3 | 3.5 |
| List-to-Sale Ratio | 101.6% | 98.5% |
| Monthly Homes Sold | 4,018 | — |
| Foreclosure Rate | 0.6% | 0.3% |
Home Value Trends in New York
A homeowner who purchased at the median price of $572,391 five years ago in New York would have gained approximately $107,609 in equity, representing a 18.8% return on investment. Over the past year alone, the typical homeowner gained $22,995 in home equity.
Affordability in New York, NY
With a median household income of $67,046 and a median home price of $680,000, the price-to-income ratio in New York is 10.1x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $5,134 compared to estimated monthly ownership costs of $4,188 gives a rent-vs-buy ratio of 0.82. In New York, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in New York
The effective property tax rate in New York is 1.69%. On a home valued at $680,000, the estimated annual property tax bill is $11,492, or approximately $958/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in New York is 187.2 (100 = national average), indicating living costs are above the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in New York, NY?
The median home value in New York, New York is $680,000 as of March 2026. Home values have changed +3.5% over the past year, with a 5-year appreciation of 18.8%.
Is New York a buyer's or seller's market?
New York is currently a balanced market with 4.3 months of housing supply. Homes spend an average of 60 days on market, and the list-to-sale price ratio is 101.6%. Supply and demand are relatively balanced.
Are home values going up in New York?
Yes, home values in New York have increased by 3.5% over the past year. The 5-year appreciation rate is 18.8%, meaning a home worth $572,391 five years ago is now worth $680,000.
Is it better to rent or buy in New York?
The average monthly rent in New York is $5,134, while estimated monthly homeownership costs are approximately $4,188. The price-to-rent ratio is 11. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other New York Cities
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Disclaimer: Home value data for New York, New York is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.