Home Values Are Heating Up in New York

At a time of low mortgage rates, see if homes in the Empire State are a good deal.

Flags on a southern California street. Bill Chizek / Shutterstock

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in New York?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in New York is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in New York

Home values have been rising throughout New York and are up 8.02% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $304,500 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for New York at $304,500 , a representative monthly mortgage payment would be $1,399.84.

How the New York housing market stacks up

New York, New York, USA skyline.
Sean Pavone / Shutterstock
New York, New York, USA skyline.

Property values in New York are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in New York, they're expected to rise 3.92%.

Homes are going on the market in New York at a median price of $153 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

New York home prices over the last 10 years

Year Avg. Price
2019* $279,913
2018 $264,517
2017 $252,642
2016 $240,908
2015 $231,933
2014 $227,583
2013 $221,333
2012 $218,933
2011 $225,108
2010 $236,675
2009 $245,433

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in New York is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $382,500
2018 $367,500
2017 $352,500
2016 $335,000
2015 $322,500
2014 $320,000
2013 $312,500
2012 $310,000
2011 $315,000
2010 $327,500
2009 $330,000

*2019 price average through August 2019.