The Best Time to Buy a House in New York

Clever Real Estate

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Clever Real Estate

December 6th, 2022
Updated December 6th, 2022

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Best time to buy a house in New York | Best New York cities to buy a house | How to get a great deal on a New York home

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Is there a best time to buy a house in New York? It all comes down to your priorities and needs.

In recent years, listing prices for homes in New York were lowest in June. On average, homes were $62,564 less expensive. While in October — the month with the highest prices — the listing prices were $99,832 more than the annual average.

Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage providerto make sure you get the best rate possible.

Read on to find out what is the best time to buy a house in New York!

Best month for


Listing price
June
5.5% lower than average
Housing inventory
October
11.0% more homes to choose from
Mortgage rates
December
2.96% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)

Getting started

If you're interested in buying a home, the first step is to find a realtor who knows the local market. The real estate market in New York can change rapidly, and a knowledgeable realtor will give you up-to-date information on when and where to buy.

A free service like Clever Real Estate can match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!

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When is the best time to buy a house in New York?

If finding the right home is more important to you than getting a good deal, spring is the best time to buy. In New York, the spring season has a boom in listings, which creates more options for buyers. But having more options comes at a cost: between the months of March and May, nearly 20% of homes sell above the list price.

If you're hoping to purchase a home for less, it's better to start your search in the fall. In northeastern territories, price reductions are prominent before the brutal winter. While it’s not ideal to move during frigid temperatures, the best time to get a great deal in New York begins in September, when 12.5% of active listings receive a price reduction and sellers are more flexible and hurried when negotiating.

While these are general rules of thumb, it's important to remember that price trends can vary from city to city — and there may even be anomalies within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in New York.

💰 Find a top buyer's agent near me today!

What are the best cities to buy a house in New York?

With a state as vast as New York, narrowing down an area to buy a home can be overwhelming. Check out five of the highest-rated cities, according to data from the U.S. Census, CDC, and other sources.

Chappaqua

If you’re searching for a family-friendly area, consider Chappaqua. This quaint town is located less than 40 miles from the heart of New York City. It offers a variety of structures (from condominiums to townhomes), highly ranked school systems, and a tight-knit community.

Buffalo

Buffalo is ranked #52 on the U.S. News & World Report’s Best Places to Live in the U.S. In addition to its developing waterfront and excellent medical programs, the area offers manageable traffic, professional sports teams, and access to an international airport. The median home price is $132,333.

Country Knolls

Part of Saratoga County, Country Knolls has an economy that thrives on high-paying careers in the science and tech services fields. Residents live near several four-year universities, including one with a prominent nursing program. The median household income is $107,024.

Cayuga Heights

This upstate village is just north of Ithaca and the prestigious Cornell University. Its proximity to the school encourages economic growth, making it a safer area to invest in real estate. Cayuga Heights is also home to above-average high schools and has an outstanding reputation for safety.

Bay Ridge

For those with bigger budgets, Bay Ridge, Brooklyn, offers incredible amenities and favorable living conditions. The area features top-rated schools, low crime rates, a family-friendly environment, and a quality public transportation system. The average home lists for north of $670,000.

Four ways to get a great deal on a home in New York

1. Find a great New York real estate agent

For most buyers, a home purchase is the largest investment you ever make — and it's important to find a qualified agent to help you navigate the process. A great local realtor can provide insight into the best time to buy a house in New York and help you find neighborhoods that fit your needs.

2. Determine what you need and want in a house

When viewing homes, it’s easy to get distracted by fancy amenities and additional space. But it’s crucial to stick to your budget and needs.

Before house hunting, make sure you know what you can reasonably afford. Your monthly obligations can be reduced with a sufficient down payment or manageable property taxes and insurance.

3. Find a lender and secure financing

Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in New York, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.

For example, in New York a typical house is worth $350,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,249. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,180.

4. Negotiate for the best possible price

Once you find your dream home, your realtor will help you decide how much to offer for the property. They'll also negotiate with the seller to ensure you get the best deal on your new home.

If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.

Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.

👋 Find your perfect agent now!

Finding a great local realtor is the first step in making your home buying dreams a reality. Our free service matches you with top agents from trusted brands like Keller Williams and RE/MAX.

Enter your zip code to request hand-picked agent matches in minutes. Compare your options until you find the perfect fit, or walk away with no obligation. Try Clever's free service today!

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