If you are thinking of buying a house in New York, you might be wondering if the timing is right. The real estate market in New York seems to be slowing down, but finding a house is still challenging. How do you know if it’s a good time to buy a house in New York, especially with high mortgage interest rates and a potential recession looming?
One way to find out is to look at the months of supply of homes in New York. New York has a 2.9 months supply of homes, which means it would take 2.9 months to sell all the homes currently listed for sale. This indicates that New York is in a seller’s market right now, which is not the best time to buy a house.
Ideally, you would want to buy a house when there is a 6 months supply of homes or more, which means it’s a buyer’s market.
However, not all counties in New York are the same. Some counties have more or less supply of homes than the state average.
Is it a Good Time to Buy a House in Manhattan Right Now?
Now is a great time to buy a house in Manhattan. The market is in favor of buyers, who have 8.7 months of homes to choose from. There are more homes for sale than buyers in Manhattan, which means lower prices and more options.
Is it a Good Time to Buy a House in Brooklyn Right Now?
Buying a house in Brooklyn is a good idea right now. The market favors buyers, who have 6.2 months of homes to choose from. This means that sellers have to compete and lower their prices. Brooklyn, or Kings County, is one of the few places in NY where buyers have an advantage.
Is it a Good Time to Buy a House in Queens Right Now?
If you are looking for a house in Queens, now might be a good time to buy. The market is balanced, with 5.7 months of homes available for sale. This means that buyers and sellers have equal bargaining power and prices are fair.
Is it a Good Time to Buy a House in Westchester County Right Now?
It’s not a good time to be a buyer in Westchester County right now. Westchester is in a seller’s market with only 1.7 months of supply of homes. That means it’s experiencing a tight inventory. If you want to buy a house in Westchester, you might want to wait until Spring. There could be more homes available then and the supply could go up.
Is it a Good Time to Buy a House in Long Island Right Now?
Buying a house in Long Island is not a good idea right now. The supply of homes is very low in both Nassau County and Suffolk County. This means that sellers have the upper hand and can charge higher prices.
In Nassau County, there are only enough homes for 2.1 months of sales, and in Suffolk County, only for 2 months. This is far below the ideal level of 6 months or more, which would indicate a buyer’s market.
Places in New York Where It’s a Good Time to Buy a House Right Now
Below is a list of counties in New York where it’s a good time to buy a house right now because it’s a buyer’s market and a balanced market.
Otsego County, NY
Otsego County, NY is in a buyer’s market with 5.6 months supply of homes.
Queens County, NY
Queens County, NY is in a buyer’s market with 5.7 months supply of homes.
Chenango County, NY
Chenango County, NY is in a buyer’s market with 6.2 months supply of homes.
Kings County, NY
Kings County, NY is in a buyer’s market with 6.2 months supply of homes.
Schuyler County, NY
Schuyler County, NY is in a buyer’s market with 6.3 months supply of homes.
Bronx County, NY
Bronx County, NY is in a buyer’s market with 6.4 months supply of homes.
Greene County, NY
Greene County, NY is in a buyer’s market with 6.4 months supply of homes.
Columbia County, NY
Columbia County, NY is in a buyer’s market with 6.6 months supply of homes.
New York County, NY
New York County, NY is in a buyer’s market with 8.7 months supply of homes.
You might be interested in reading about the jaw-dropping wealth of the Richest Suburbs of New York
Places in New York Where It’s a Seller’s Market
The following counties in New York are not good places to buy a house right now. They are in a seller’s market, which means high prices and low inventory. You might want to wait until Spring, when more homes could be available and the market could be more balanced.
Monroe County, NY
Monroe County, NY is in a seller’s market with 0.6 months supply of homes.
Genesee County, NY
Genesee County, NY is in a seller’s market with 0.7 months supply of homes.
Wayne County, NY
Wayne County, NY is in a seller’s market with 0.9 months supply of homes.
Erie County, NY
Erie County, NY is in a seller’s market with 1 months supply of homes.
Wyoming County, NY
Wyoming County, NY is in a seller’s market with 1 months supply of homes.
Yates County, NY
Yates County, NY is in a seller’s market with 1.1 months supply of homes.
Onondaga County, NY
Onondaga County, NY is in a seller’s market with 1.2 months supply of homes.
Orleans County, NY
Orleans County, NY is in a seller’s market with 1.3 months supply of homes.
Cortland County, NY
Cortland County, NY is in a seller’s market with 1.4 months supply of homes.
Livingston County, NY
Livingston County, NY is in a seller’s market with 1.4 months supply of homes.
Schenectady County, NY
Schenectady County, NY is in a seller’s market with 1.4 months supply of homes.
Albany County, NY
Albany County, NY is in a seller’s market with 1.5 months supply of homes.
Ontario County, NY
Ontario County, NY is in a seller’s market with 1.5 months supply of homes.
Niagara County, NY
Niagara County, NY is in a seller’s market with 1.6 months supply of homes.
Seneca County, NY
Seneca County, NY is in a seller’s market with 1.6 months supply of homes.
Broome County, NY
Broome County, NY is in a seller’s market with 1.7 months supply of homes.
Chautauqua County, NY
Chautauqua County, NY is in a seller’s market with 1.7 months supply of homes.
Westchester County, NY
Westchester County, NY is in a seller’s market with 1.7 months supply of homes.
Rensselaer County, NY
Rensselaer County, NY is in a seller’s market with 1.8 months supply of homes.
Tioga County, NY
Tioga County, NY is in a seller’s market with 1.9 months supply of homes.
Putnam County, NY
Putnam County, NY is in a seller’s market with 2 months supply of homes.
Saratoga County, NY
Saratoga County, NY is in a seller’s market with 2 months supply of homes.
Suffolk County, NY
Suffolk County, NY is in a seller’s market with 2 months supply of homes.
Cattaraugus County, NY
Cattaraugus County, NY is in a seller’s market with 2.1 months supply of homes.
Nassau County, NY
Nassau County, NY is in a seller’s market with 2.1 months supply of homes.
Oneida County, NY
Oneida County, NY is in a seller’s market with 2.1 months supply of homes.
Oswego County, NY
Oswego County, NY is in a seller’s market with 2.1 months supply of homes.
Tompkins County, NY
Tompkins County, NY is in a seller’s market with 2.1 months supply of homes.
Rockland County, NY
Rockland County, NY is in a seller’s market with 2.2 months supply of homes.
Montgomery County, NY
Montgomery County, NY is in a seller’s market with 2.4 months supply of homes.
Orange County, NY
Orange County, NY is in a seller’s market with 2.6 months supply of homes.
Ulster County, NY
Ulster County, NY is in a seller’s market with 2.6 months supply of homes.
Warren County, NY
Warren County, NY is in a seller’s market with 2.6 months supply of homes.
Washington County, NY
Washington County, NY is in a seller’s market with 2.6 months supply of homes.
Cayuga County, NY
Cayuga County, NY is in a seller’s market with 2.7 months supply of homes.
Clinton County, NY
Clinton County, NY is in a seller’s market with 2.7 months supply of homes.
Herkimer County, NY
Herkimer County, NY is in a seller’s market with 2.8 months supply of homes.
Dutchess County, NY
Dutchess County, NY is in a seller’s market with 2.9 months supply of homes.
Fulton County, NY
Fulton County, NY is in a seller’s market with 3.1 months supply of homes.
Richmond County, NY
Richmond County, NY is in a seller’s market with 3.1 months supply of homes.
Hamilton County, NY
Hamilton County, NY is in a seller’s market with 3.2 months supply of homes.
Madison County, NY
Madison County, NY is in a seller’s market with 3.2 months supply of homes.
Schoharie County, NY
Schoharie County, NY is in a seller’s market with 3.5 months supply of homes.
Allegany County, NY
Allegany County, NY is in a seller’s market with 3.7 months supply of homes.
Steuben County, NY
Steuben County, NY is in a seller’s market with 3.7 months supply of homes.
Jefferson County, NY
Jefferson County, NY is in a seller’s market with 3.8 months supply of homes.
Franklin County, NY
Franklin County, NY is in a seller’s market with 3.9 months supply of homes.
St. Lawrence County, NY
St. Lawrence County, NY is in a seller’s market with 3.9 months supply of homes.
Delaware County, NY
Delaware County, NY is in a seller’s market with 4.3 months supply of homes.
Lewis County, NY
Lewis County, NY is in a seller’s market with 4.3 months supply of homes.
Chemung County, NY
Chemung County, NY is in a seller’s market with 4.5 months supply of homes.
Essex County, NY
Essex County, NY is in a seller’s market with 4.8 months supply of homes.
Sullivan County, NY
Sullivan County, NY is in a seller’s market with 4.9 months supply of homes.
You might be interested in reading about the jaw-dropping wealth of the Richest Suburbs of New York
You might also enjoy taking a peek inside the Most Expensive Penthouse Sold in Manhattan