New York Home Prices Are Rising, but Buyers Have More Choices: What This Means for You

This week’s housing news: rising prices and more choices

This week’s housing news offers a mixed message for New York buyers and sellers: prices are still increasing, but some buyers have more properties to consider.

According to OneKey® MLS’s September housing report, released October 14, 2026, the median sale price across its New York metropolitan coverage area reached $720,000—up 3.6% from September 2025. At the same time, available inventory increased 2.2%, while closed sales declined 1.7%.

These figures suggest a market where sellers may still benefit from strong prices, but buyers remain sensitive to affordability. For people considering a move in NYC or Long Island, the practical question is not simply whether prices are rising. It is how conditions affect the specific property, neighborhood, and budget involved.

For sellers: price your property for today’s competition

A higher regional median does not mean every home has increased in value by the same percentage. Property condition, location, layout, and recent comparable sales all matter.

Before setting an asking price, review both recently sold homes and the properties buyers can choose from right now. A competing listing with renovations, lower carrying costs, or a more attractive price can influence how buyers respond to yours.

For sellers: more inventory makes preparation important

As buyers gain options, sellers should give them clear reasons to choose their property. Addressing visible maintenance issues, improving presentation, and having relevant property information ready can help buyers evaluate the home confidently.

That does not mean every seller needs an expensive renovation. The goal is to identify improvements that make sense for the property and the seller’s timeline.

For sellers: strong prices do not eliminate affordability concerns

Buyers evaluate the full monthly payment—not just the asking price. Mortgage costs, property taxes, insurance, maintenance, and building charges can all affect what they can comfortably offer.

When reviewing offers, consider the buyer’s financing, contingencies, and proposed closing schedule alongside the price.

For buyers: more choices can create negotiating opportunities

An increase in inventory may give buyers more time to compare properties. Depending on the listing’s condition, time on the market, and competition, there may also be room to discuss price, repairs, or seller concessions.

However, more inventory does not mean every seller will negotiate. Well-positioned homes can still attract strong interest.

For buyers: set your budget around the total cost of ownership

Before making an offer, ask your lender for a payment estimate tailored to the property and your financing.

For a Long Island home, review property taxes and insurance costs carefully. For a NYC co-op or condo, consider maintenance or common charges, potential assessments, and the building’s financial condition. These expenses can materially change affordability.

For buyers: use local comparable sales—not a regional headline

OneKey’s report covers an 11-county service area, not every NYC borough or every local market. Its regional median should not be treated as the expected price of an individual home.

A Queens co-op, a Nassau single-family home, and a Suffolk condominium may face very different conditions. Compare similar properties in the area where you actually want to buy.

The bottom line

This week’s news does not point to a simple “buyer’s market” or “seller’s market.” It shows rising regional prices alongside more inventory and slightly fewer completed sales.

For sellers, realistic pricing and preparation remain important. For buyers, careful comparisons and a clear monthly budget can help identify genuine opportunities.

Thinking about buying or selling in NYC or Long Island? Contact Your NY Property for a property-specific discussion of recent comparable sales, current competition, and your next steps.

Market statistics provide general context, not an appraisal or a guarantee of an individual property’s value or future sale price. The reported statistics describe September 2026 market activity, not sales completed during the week of publication.