New York Real Estate Market Update: May 2026 This report provides a factual overview of the New York real estate market as of May 2026, focusing on key metrics relevant to For Sale By Owner (FSBO) sellers.
Median Home Prices In May 2026, the median home sale price across New York State reached $595,000.
This represents a 4.4% increase compared to May 2025.
Breaking down by region, New York City boroughs (Manhattan, Brooklyn, Queens, Bronx, Staten Island) observed a median sale price of $820,000, reflecting a 3.8% year-over-year increase.
Long Island (Nassau and Suffolk Counties) reported a median price of $675,000, up 5.1% from the previous year.
Upstate New York, encompassing regions north of the NYC metropolitan area, recorded a median home price of $385,000, marking a 6.2% rise over May 2025.
These figures are based on closed sales data from the previous month.
Days on Market (DOM) The average number of days a home spent on the market in New York State during May 2026 was 42 days.
This figure is 10.6% lower than the 47 days recorded in May 2025.
In New York City, the average days on market stood at 58 days, a decrease of 8.0% year-over-year.
Long Island properties saw an average of 35 days on market, down 12.5% from 40 days in the prior year.
Upstate New York homes averaged 30 days on market, representing a 14.3% reduction from 35 days in May 2025.
These metrics reflect the period from listing to contract signing.
Buyer Demand Buyer demand across New York State remained robust in May 2026.
The statewide sales-to-list price ratio was 99.8%, indicating that homes generally sold very close to their asking prices.
Approximately 35% of homes sold above their initial asking price, particularly in competitive submarkets.
The number of showings per listing averaged 12.5 statewide, a slight increase from 11.8 showings in May 2025.
Mortgage application volume in New York increased by 2.1% month-over-month, suggesting continued buyer interest.
The average interest rate for a 30-year fixed-rate mortgage in New York was 6.8% as of late May 2026.
Inventory Levels Inventory levels in New York State remained constrained in May 2026.
The total number of active listings statewide was 48,500, a 7.2% decrease compared to May 2025.
This translates to a 3.2-month supply of inventory statewide, based on the current sales pace.
A balanced market typically has a 5-6 month supply.
New listings entering the market in May 2026 totaled 13,200, a 1.5% decrease from new listings in May 2025.
The persistent low inventory contributes to competition among buyers in many areas.