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.

How the New York housing market stacks up

Family sitting in Central Park
Travnikov Studio / Shutterstock
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.

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
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."