In October, home prices rose substantially from the month before, with a median listing price of $1,490,000.
The number of listings on the market grew 9.5% from last month, which is typical for this time of the year in New York City, and homes are also selling faster than at the same time last year.
Home prices in New York City
Typically, home price per square foot in New York City tend to fall in October. But the most recent data shows that the price per square foot increased by 1.1% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in the Big Apple are outpacing the national market.
New York City inventory
In October, there were 6,659 homes for sale in New York City, which was 9.5% more than the month before and 2.8% less than the same time last year.
Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001.
Time on market
Homes in New York City take an average of 67 days to sell, according to October figures.
This is 17 days less than the previous month and seven days less than the same month last year.
For comparison, nationally homes spent an average of 63 days on the market in October.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in New York, NY.