Is New York Really in a Buyer's Market, or Do Staten Island and Brooklyn Still Favor Sellers?

According to the New York State Association of Realtors report released this week, homes for sale across New York State rose almost 10 percent from a year ago, and "the market is loosening" headlines are everywhere. A statewide headline does not describe every neighborhood, and months of supply is the number that measures who holds leverage in your own area.

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How much did homes for sale rise in New York State?

According to the New York State Association of Realtors report released this week, statewide inventory rose almost 10 percent year over year. That has produced a wave of coverage saying buyers are winning. A rise in listings does mean more choice for buyers, although inventory alone does not show whether the market favors buyers or sellers.

What is months of supply, and why is it the number to watch?

Months of supply is how long it would take to sell every home currently on the market if no new listings were added. Under 6 months means not enough supply, which is a seller's market. Around 6 months is balanced, and over 6 months is a buyer's market. It measures inventory against the pace of sales, which makes it a better gauge of leverage than the inventory count by itself.

What is the months of supply for New York State right now?

New York State stands at 4.0 months of supply, up modestly but still well under the 6 month balance line. That means the statewide market is still tighter than balanced even after inventory rose almost 10 percent, so the loosening is real but has not flipped the statewide market to buyers.

Where do Staten Island and Brooklyn stand on months of supply?

Staten Island is at approximately 3.4 months, based on local active inventory against the recent closing pace, which is tighter than the state. Brooklyn is under 4 months. All 3 areas are still seller's markets, and the 2 boroughs are tighter than New York State overall. These are approximations that move as listings and closings change, and individual neighborhoods can be looser or tighter than the borough figure.

Does a loosening statewide market mean buyers hold the leverage?

Not automatically. The market is shifting to buyers in some statewide and national numbers, and buyers in higher inventory areas can find more choices and more room to negotiate. In places where months of supply is under 6, sellers still hold the advantage regardless of the headline. Looking up the months of supply for your own area is more useful than reacting to a statewide or national number.

What does this mean for Staten Island and Brooklyn buyers and sellers?

Buyers in Staten Island and Brooklyn are still competing in markets with under 4 months of supply, so well priced homes can draw multiple interested buyers even as headlines say the market is loosening. Sellers keep an advantage, although pricing realistically still matters because buyers have somewhat more choice than a year ago. This is general market information, not financial advice, and local numbers vary by neighborhood and change over time.

Questions about how this affects your home in Staten Island or Brooklyn? Work with Joseph Ranola, or text or call (917) 905-2541. New episodes of Daily Tesla News break down the NYC real estate stories that move the market.