How commission works | Save on commission | New York housing market | Best low commission companies | Methodology
📊 The data:
We surveyed local agents and found that the average real estate commission in New York is 4.97%, which is less than the national average of 5.37%.
To sell a house in New York worth $411,861 — the median home value in New York — you’ll pay about $20,469 in realtor fees.
Realtor commission is usually the largest cost you'll face when selling your home — but you don't have to pay the full 4.97%.
Clever Real Estate pre-negotiates low commission fees with top local realtors from the best regional and national brokerages, like Keller Williams and Century 21. You get the same full service for a fraction of the typical price, saving you thousands at closing.
» SAVE: Try Clever, list with a top local agent for thousands less!
How real estate agent commission works
Average listing commission | 2.61% |
Average buyer's agent commission | 2.36% |
Total average commission | 4.97% |
There are usually two real estate agents involved in a home sale:
- The seller's agent (also called the listing agent), who represents the home seller
- The buyer's agent, who represents the person buying the home
Based on our research, the average commission rate for listing agents is 2.61% of the final home price and 2.36% for buyer's agents, for a total of 4.97%.
» LEARN: How do real estate commissions work?
Who pays realtor fees in New York?
In New York, home sellers pay real estate commission fees out of the final sale proceeds for both agents involved in a deal. Offering to pay for the buyer's agent's commission is an incentive for agents to show your home to their clients.
If you'd like to save on commissions, Clever can connect you with a top listing agent in your area. You'll pay just 1.5% instead of the typical market rate, keeping more money in your pocket at the end of your sale.
How to save on realtor fees in New York
Commission rates are not set in stone. In fact, we found that while 4.97% is the average in New York, rates typically fall between 3.57% and 6.37%. You can save money by negotiating a lower rate with your listing agent or by working with brokerage that has a discounted commission model.
Listing commission range | 1.91%– 3.31% |
Buyer's agent commission | 1.66%– 3.06% |
Total commission range | 3.57%– 6.37% |
Tips for negotiating realtor commission in New York
Whether you’re selling a pricey loft in Manhattan, a stately historic home in Ithaca, or a rental duplex in Albany, you can almost always negotiate a lower commission rate.
Negotiating a lower realtor percentage in New York depends on two main factors: your situation and the housing market.
Factor | You may have an easier time negotiating low rates if... |
|---|---|
Your situation |
|
The New York housing market |
|
While your personal situation will obviously vary, New York real estate market conditions will affect all home sellers in your area.
In general, in a seller's market — where home sellers have more leverage than buyers — a listing agent's job is easier and they may be more willing to lower their commission rates. The opposite is usually true in a buyer's market.
» LEARN: Find our top tips for negotiating lower commission fees
To judge the current state of your real estate market, look at these three factors:
- Months of inventory ⓘ
- Sale to list price ⓘ
- Home value trends ⓘ
If every factor points to New York being a seller's market, then you may be in a good position to negotiate a lower commission rate with your agent. If market conditions are mixed or favor buyers, it may be more challenging to persuade your realtor to accept a cheaper fee.
The current state of the New York real estate market
Factor | Trends | Indication |
|---|---|---|
Months of inventory | There's 1.9 months of housing inventory on the market | Seller's market |
Sale-to-list ratio | Homes are selling for 104.53% of their listing price | Seller's market |
Home values | Home values have risen 28.39% year over year | Seller's market |
» FIND: The average commission rates in more New York cities:
Low commission real estate companies in New York
Negotiating a lower rate with a professional negotiator can be hard! In many cases, home sellers can save just as much (or more!) by selling with a low commission real estate company.
These are some of the top discount and flat-fee MLS services in New York.
The top discount real estate companies in New York
Discount real estate companies typically offer full-service support for a reduced commission percentage or flat rate. How they create those discounts will depend on the company's model, with some creating more risks and trade-offs than others.
Clever Real Estate
Learn More💲 Listing Fee
1.5% (min. $3,000 fee)
💰 Avg. Savings
$5,625
⭐ Avg. Customer Rating
4.9/5 (1,995 reviews)
Clever is a quick, easy, and free way to find a top-rated local agent. And, unlike many similar companies, Clever pre-negotiates big discounts on your behalf, so you can save thousands without sacrificing on service.
- Clever offers a free, nationwide agent-matching service that partners with full-service local agents from conventional brokerages like Keller Williams, Century 21, and RE/MAX.
- You get multiple agent matches so you can interview, compare marketing plans, and choose the best fit.
- Clever pre-negotiates low rates on your behalf — you get full service for a 1.5% listing fee
- If you buy with Clever, you can qualify for cash back after closing!
- You may not get matched with an agent from your preferred real estate brokerage.
- Agents may not provide premium services like drone photography and professional home staging.
Clever has a 4.9 out of 5 rating on Trustpilot, based on 1,844 reviews.
Clever has pre-negotiated low commission rates with top agents in all 50 states and Washington, DC.
Redfin
Full Review💲 Listing Fee
1.5% (min. fees vary)
💰 Avg. Savings
$5,541
⭐ Avg. Customer Rating
3.7/5 (301 reviews)
Redfin offers real savings and is a proven brand. But sellers could compromise on service — especially agent experience and availability.
- If you buy and sell with Redfin, you'll get a 0.5% listing fee refund.
- Redfin gives its listings premium placement in its popular home search app.
- If finding the right agent is a top priority, you'll have limited options — Redfin only has a few agents in each of its markets.
- Redfin agents handle more customers at once than the average realtor, so they may not be able to provide as much personalized service.
Redfin has a 3.7 out of 5 rating (301 reviews) across popular review sites like Google and Yelp.
Redfin is available in 80+ U.S. markets (see all locations).
Prevu Real Estate
Full Review💲 Listing Fee
1.5% (min. fees vary)
💰 Avg. Savings
$2,450
⭐ Avg. Customer Rating
5.0/5 (449 reviews)
Prevu offers solid commission savings for buyers and sellers. But at certain price points, other discount brands may offer better value.
- Prevu's 1.5% listing fee saves sellers an average of $2,450 compared to a standard 3% commission rate
- Eligible buyers get a commission rebate worth up to 2% of the home price
- High minimum fees may limit your savings if you're selling a lower-priced home
- Prevu has a small team, which limits your options if you don't hit it off with the first agent it sends you
Prevu has a 5.0 out of 5 rating (449 reviews) across popular review sites like Google and Yelp.
Prevu is available in the following areas: CA, CT, MA, NY, PA.
REX Real Estate
Full Review💲 Listing Fee
2.5% ($9,000 min.)
💰 Avg. Savings
-$325
⭐ Avg. Customer Rating
4.7/5 (1,041 reviews)
REX’s promise of huge savings is misleading. Its advertising misrepresents the significant risks of its pricing model and marketing approach. And its high minimum fees mean that many sellers won't save anything.
- REX's approach is incredibly risky — but if the gamble pays off, you could save about 50% on realtor fees
- Like other full-service brokerages, REX agents provide in-person services and support
- REX's 2.5% listing fee doesn't save you much — many full-price agents charge similar rates
- REX doesn't list your home on the MLS, so up to 90% of buyers may not even know it's for sale
- This risky marketing strategy seems likely to fail, so you may not save anything on commission
REX has a 4.7 out of 5 rating (1,041 reviews) across popular review sites like Google and Zillow.
REX is available in the following areas: AZ, CA, CO, FL, GA, MD, NV, NJ, OR, PA, TX, WA, DC.
The top flat fee MLS listing services in New York
Flat fee MLS services list your home on your local MLS for a low fee, often around $199–$999. The trade-off is that you'll have to handle almost the entire home-selling process yourself.
Realmart Realty
Realmart RealtyBest For
Sellers looking for a lot of a-la-carte options
Price Range
$395
Pros:
- You can choose from a lot of different a la carte options, like lockboxes, professional photography, and yard sign upgrades.
- If you decide to go with a full-service broker, you can get a full refund when you sign with someone Realmart referred you to.
Cons:
- You'll have to pay extra if you want to change any photos after your listing is live on the MLS.
Flat Fee Group
Flat Fee GroupBest For
Sellers who prefer a hands-on approach to marketing and listing their home.
Price Range
$199-999
Pros:
- Listing changes are unlimited and completely free.
- Additional services such as signposts or lockboxes are available for small additional fees.
Cons:
- There's a mandatory 2-3% buyer's agent commission if one is found.
- Basic packages don't include document or contract reviews, nor will the brokerage offer advice. The seller will mostly be on their own.
Learn more
New York has something for everyone, from the hustle and bustle of NYC, to quaint college towns like Ithaca and New Paltz, to resurgent cities like Buffalo. You can live in the city, hit the beaches in Long Island or the Hamptons, and summer upstate. Led by NYC, the state economy is booming, with tourism and financial services bringing in billions.
New York is really two markets: New York City, and the rest of the state. Both markets are thriving though, with home values rising steadily over the past decade and median home values that are significantly higher than the national average.
With so many markets to choose from, ranging from the ultra-high-end Manhattan market to the ultra-affordable upstate cities like Buffalo, there’s great value to find here no matter your budget. Sellers are promised big windfalls as well.
If you’re interested in saving thousands on real estate commission, Clever has already pre-negotiated low listing rates of only 1.5%, or $3,000, with some of New York’s top real estate agents. Contact Clever today to find out how much you can save!
Methodology
We gathered our commission rate data from a survey of 630 of our partner agents. The survey asked about standard local rates for both listing and buying agents.
Additionally, we utilized the following data from Zillow and Realtor.com:
- Home values, list prices, and sale prices: Based on Zillow data as of August 2022
- Sale prices and sale-to-list ratios: Based on Redfin data as of May 2022 (unless specified otherwise)
- Months of inventory: Based on Realtor.com data as of October 2022