Current home values in New York
Home values have been rising throughout New York and are up 17.2% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $1,098,084, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in New York: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $1,098,084 home at 3.33% would give a typical New York homebuyer a monthly payment of $3,862, assuming a 20% down payment.
Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.
Compare RatesHow the New York housing market stacks up
Families can take a break from all the city noise and enjoy some time in Central Park
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in New York, they're predicted to rise 3.9%.
Homes right now are going on the market in New York at a median price of $168 per square foot, versus $134 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 |
|---|---|
| 2020* | $328,046 |
| 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 |
*2020 price average through March 31, 2020.
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Explore better ratesHow 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 |
|---|---|
| 2020* | $420,378 |
| 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 |
*2020 price average through March 31, 2020.
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