The New York housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $577,100, reflecting a modest year-over-year increase of 0.4%. This suggests a relatively stable pricing environment, despite broader economic uncertainties.

Conversely, the Median List Price has risen by 2.7% year-over-year, reaching $693,700. This increase indicates that sellers are optimistic about the market's potential, possibly driven by the significant 12.9% rise in the median Price Per Square Foot, now at $485. The list Price Per Square Foot also saw an 8.2% increase, reaching $528, further highlighting the upward pressure on property valuations.

However, the number of Homes Sold has decreased by 5.0% year-over-year, with 7,389 transactions completed. This decline in sales volume is accompanied by a more pronounced drop in Pending Sales, which have fallen by 11.4% to 9,015. New Listings have also decreased by 10.0%, totaling 10,659, while inventory has shrunk by 4.0% to 27,875 homes. These figures suggest a tightening market with reduced activity and fewer options for prospective buyers.

The Months of Supply have increased by 10.0% to 3.8 months, indicating a slight shift towards a more balanced market, although it remains a seller's market. The median days on the market have decreased by 1.0% to 50 days, suggesting that homes are still selling relatively quickly despite the reduced sales volume.

The average sale to list ratio has seen a marginal increase of 0.1%, now at 99.5%, indicating that homes are selling very close to their asking prices. Additionally, the percentage of Homes Sold above the list price has increased by 0.8% to 33.7%, reflecting competitive bidding in certain segments of the market.

Price Drops have increased by 2.4% to 16.5%, suggesting that some sellers are adjusting their expectations in response to market conditions. Meanwhile, the percentage of homes going off the market within two weeks has decreased by 0.7% to 23.6%, indicating a slight slowdown in the pace of transactions.

Overall, the New York housing market in February 2025 is characterized by rising prices and reduced sales activity, with sellers maintaining a strong position despite some signs of cooling demand. Buyers face a challenging environment with limited inventory and competitive pricing, while sellers continue to benefit from favorable market conditions.