New York State’s housing market reached a historic milestone last month when the statewide median home price climbed to $475,000 in June 2026, according to data released yesterday by the New York State Association of REALTORS®. That represents an 8 percent jump from the $440,000 median recorded in June 2025 and marks the highest median home price ever recorded in the Empire State.
The record comes despite—or perhaps because of—rising inventory. The number of homes available for sale grew 4.4 percent year-over-year, from 31,124 in June 2025 to 32,508 last month, the 16th consecutive month of inventory expansion. Buyer demand remained robust: closed sales edged up 0.8 percent and pending sales surged 8.1 percent compared to the same month last year.
The statewide figure masks enormous geographic variation. Downstate counties like Richmond, Rockland, and Suffolk saw median prices in the $700,000 range, while Upstate counties such as Genesee and Orleans hovered around $210,000 to $221,500. The disparity underscores a bifurcated market where location remains the dominant factor in affordability.
The numbers
What’s driving prices higher across New York
Demand is outpacing supply even as more homes hit the market
Buyer activity remained strong throughout June. Closed sales edged up 0.8 percent, from 9,214 homes in June 2025 to 9,286 in 2026. More telling, pending sales increased 8.1 percent, climbing from 10,727 homes under contract last June to 11,591 units last month. That uptick in contracts signals continued momentum heading into late summer.
Sellers responded to the heat. New listings rose 8.8 percent in June, from 15,101 homes in 2025 to 16,426 homes going on the market last month. Even with that influx, the 16-month streak of inventory growth has not been enough to cool prices. The combination of steady buyer demand and elevated mortgage rates—the average rate on a 30-year fixed-rate mortgage increased slightly to 6.49 percent in June, up from 6.44 percent in May—means that well-priced homes are still moving quickly in many markets.
The official data comes from the New York State Association of REALTORS®, which compiles transaction data from multiple listing services across all 62 counties. The association represents nearly 60,000 real estate professionals statewide.
Key statewide figures for June 2026
$475,000 median sales price (up 8% year-over-year)
32,508 homes available for sale (up 4.4% YoY)
9,286 closed sales (up 0.8% YoY)
11,591 pending sales (up 8.1% YoY)
16,426 new listings (up 8.8% YoY)
6.49% average 30-year mortgage rate in June
County by county
Wide price gaps between Upstate and downstate markets
The statewide median conceals a tale of two housing markets
New York’s $475,000 statewide median is heavily influenced by the New York City metro area, where prices remain among the highest in the nation. The median home sale price in New York City as of June 2026 was $875,000, up 2.9 percent year-over-year. Manhattan alone saw its median climb even higher: the Manhattan median hit a record $1,250,000 in Q2, up about 4.2% year over year, according to Douglas Elliman and Miller Samuel.
Suburban downstate counties also command premium prices. Counties like Richmond, Rockland and Suffolk are in the $700,000 range. Orange County, north of New York City, posted a median of $450,000 in June, up sharply from prior months.
Upstate presents a starkly different picture. Genesee County’s median house price was $210,000, and neighboring Orleans County was $221,500. The Rochester metro area, which includes Monroe County, saw median prices around $252,000 to $255,000 depending on the data source—still far below the statewide figure. Even within Upstate, the Finger Lakes region and rural counties offer significantly more affordable entry points than the Capital Region or Buffalo suburbs.
For buyers, this geographic spread means New York’s housing market is not one market but many. A $475,000 budget buys a luxury home in some Upstate counties but barely covers a starter condo in parts of New York City. Understanding local market dynamics is critical before making an offer.
Context
How New York compares to the rest of the Northeast
Record prices are a regional trend, not a New York anomaly
New York is not alone in setting records. Prices also broke records in Maine at $436,000 and in New Hampshire at $576,000, according to the state Realtor associations. Pennsylvania hit a record $340,000 median in June. The pattern reflects sustained demand across the Northeast, where inventory constraints and demographic shifts continue to push prices upward even as mortgage rates hover near 6.5 percent.
Nationally, the picture is mixed. Some markets have cooled as affordability pressures mount, while others—particularly in the Northeast and parts of the South—continue to see price appreciation. New York’s 8 percent annual growth rate is healthy but not extreme by recent standards. It reflects a market where demand remains strong but the frenzy of 2021–2022 has moderated.
Mortgage rates remain a headwind. The average rate on a 30-year fixed-rate mortgage increased slightly to 6.49 percent in June, up from 6.44 percent in May. However, mortgage rates remain below the 6.82 percent average recorded one year ago. That modest decline from last year’s peak has helped sustain buyer activity, but rates are still more than double the sub-3 percent lows of 2020–2021. For many would-be buyers, especially first-time purchasers, the combination of high prices and elevated rates has stretched affordability to the breaking point.
What this means for your budget
At the statewide median of $475,000 and a 6.49% mortgage rate, a buyer putting 10% down ($47,500) would face a principal-and-interest payment of roughly $2,700 per month on a 30-year fixed loan. Add property taxes, insurance, and HOA fees—especially high in downstate counties—and the all-in monthly cost can easily exceed $4,000. That requires household income in the $120,000–$140,000 range to stay within the 28–30% debt-to-income threshold most lenders prefer. Upstate buyers working with medians closer to $200,000–$250,000 face more manageable payments but still need to budget for taxes and maintenance.
Your next move
What buyers and sellers should do now
Practical steps for navigating a record-price market
If you’re buying: The 16-month inventory expansion is good news, but it has not translated into falling prices. Expect competition, especially for well-priced homes in desirable school districts or commuter-friendly locations. Get pre-approved for a mortgage before you start touring properties—financing in hand makes your offer more credible. If affordability is tight, explore down payment assistance programs and consider Upstate markets where $200,000–$300,000 still buys a solid single-family home.
If you’re selling: June’s numbers suggest this is still a seller’s market in most of New York, particularly downstate and in sought-after Upstate suburbs. Pending sales are up 8 percent, and new listings are moving. Price your home competitively based on recent comps in your immediate area—not the statewide median. Work with an agent who knows your local market and can position your property to capture the current wave of buyer interest before seasonal demand cools in the fall.
Watch the inventory trend: Sixteen months of rising inventory is the longest sustained increase in years. If that continues, it could eventually ease price pressure—but it hasn’t yet. For now, demand is keeping pace with supply. Buyers should not wait for a crash that may never come, and sellers should not assume the market will stay this strong indefinitely. Timing matters, and local conditions vary widely across New York’s 62 counties.
For detailed county-level data and monthly updates, visit the New York State Association of REALTORS® market data page. The association publishes monthly reports with breakdowns by county, property type, and price range.
Quick answers
New York home prices: common questions
Why did New York home prices hit a record if inventory is growing?
Demand is growing faster than supply. Pending sales jumped 8.1 percent in June even as inventory rose 4.4 percent. More buyers are entering the market—encouraged by mortgage rates that are lower than a year ago—and they’re competing for homes that meet their needs. The result: prices keep climbing despite more listings.
What’s the median home price in my county?
The statewide median of $475,000 masks huge variation. Downstate counties like Richmond, Rockland, and Suffolk are around $700,000, while Manhattan exceeds $1.25 million. Upstate counties range from roughly $210,000 (Genesee, Orleans) to $250,000–$290,000 (Rochester metro, Capital Region). Check the NYSAR monthly reports for your specific county’s data.
Is now a good time to buy in New York?
It depends on your local market and financial readiness. Inventory is improving, which gives buyers more options than in recent years. But prices are at record highs and mortgage rates are around 6.5 percent, so affordability is a challenge. If you’re financially prepared and plan to stay put for at least five years, buying now can make sense—especially in Upstate markets where prices remain relatively affordable. Don’t try to time the market; focus on whether a home fits your budget and long-term goals.
Will New York home prices keep rising?
No one knows for certain. The 16-month inventory expansion could eventually moderate price growth, but demand remains strong. Factors like mortgage rates, migration patterns, and the broader economy will all play a role. Most analysts expect slower growth or stabilization rather than sharp declines, but local markets can diverge significantly from statewide trends.
What mortgage rate should I expect in New York?
As of June 2026, the average 30-year fixed-rate mortgage was 6.49 percent, according to Freddie Mac. Your actual rate depends on your credit score, down payment, loan type, and lender. Buyers with excellent credit and 20 percent down may qualify for rates below the average, while those with lower scores or smaller down payments will pay more. Shop multiple lenders and get quotes in writing.
Are there programs to help with down payments in New York?
Yes. New York offers several state and local programs for first-time buyers and moderate-income households, including the State of New York Mortgage Agency (SONYMA) and various county-level initiatives. Some programs offer down payment assistance, reduced interest rates, or help with closing costs. Eligibility varies by income, location, and home price. Start with the assistance programs guide and check your county housing agency for local options.