The New York metro area's housing market in February 2025 presents a complex landscape, characterized by both declining and rising trends across various metrics. The Median Sales Price has decreased by 2.2% year-over-year, settling at $758,137.50. This decline contrasts with the Median List Price, which has seen a modest increase of 1.1% year-over-year, reaching $819,000.00. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.

In terms of Price Per Square Foot, the market has experienced significant growth. The median Price Per Square Foot has risen by 8.8% year-over-year to $461.47, while the Median List Price per square foot has increased by 5.9% to $532.13. These figures indicate a strong demand for space, even as overall sales prices have softened.

The volume of Homes Sold in February 2025 was 3,534, representing a slight year-over-year decline of 0.6%. Pending Sales have seen a more pronounced decrease, dropping by 13.5% to 4,308. This reduction in Pending Sales could signal a cooling market or potential buyer hesitation. New Listings have also decreased by 5.9% year-over-year, totaling 6,204, while inventory has contracted by 4.5% to 17,571. The Months of Supply, a critical indicator of market balance, has decreased significantly by 20.0% to 5.0 months, suggesting a tighter market despite the overall decline in sales activity.

The Median Days on Market have decreased slightly by 2.0% to 64 days, indicating that homes are selling marginally faster than they were a year ago. The average sale to list ratio has improved by 0.4% to 99.1%, reflecting a market where sellers are achieving prices close to their asking prices. Additionally, the percentage of Homes Sold above list price has increased by 1.1% to 25.9%, further underscoring competitive buyer behavior in certain segments.

Price Drops have seen a substantial decrease of 56.4% year-over-year, now at 15.9%, suggesting that sellers are either pricing more accurately or that there is less need to adjust prices downward to attract buyers. The percentage of homes going off the market within two weeks has increased by 4.7% to 21.8%, indicating a segment of the market where demand remains robust and properties are moving quickly.

Overall, the New York metro area's housing market in February 2025 reflects a dynamic environment with mixed signals. While some indicators point to a cooling market, such as the decline in Pending Sales and New Listings, others suggest resilience and continued demand, particularly in terms of Price Per Square Foot and quick sales. Stakeholders in the real estate sector should closely monitor these trends to navigate the evolving landscape effectively.