New York City is where a pre-war co-op on the Upper West Side, a glass-and-steel condo in Hudson Yards, and a Brooklyn brownstone all compete for a different buyer — sometimes on the same block. No other market layers neighborhood identity, building type, and price point quite like this one.

Supply shrank, prices dipped slightly, and homes still took two months to sell. That’s the March snapshot for buyers and sellers in New York City right now. The most important number: active listings fell 6.3% year over year — even as the rest of the country saw inventory grow.

If you’re buying right now, your options are shrinking. Active listings fell to 5,749 in March — down 6.3% from a year ago — while nationally, inventory grew 6.2% over the same period. New listings offered almost no relief, rising just 0.2% year over year. Homes are selling faster than they’re being listed, and the available pool keeps getting smaller.

The median list price dropped to $1,450,000 in March, down 4.9% year over year — steeper than the national decline of 2.1%. But sellers aren’t broadly cutting prices to close deals. Only 7.9% of listings carried a price reduction, compared to 16.3% nationally. If you’re selling today, the data supports holding firm on price rather than chasing last year’s comps.

Homes took 60 days to sell in March — unchanged from a year ago, and just three days slower than the national median of 57. That stability matters: even with a price dip, buyer demand kept pace with supply. If you’re buying now, homes priced well are still moving at a consistent clip — but anything sitting past the 60-day mark may have room to negotiate.

New York City’s March data tells a tighter story than the price headline suggests. Yes, list prices slipped 4.9% — but inventory fell 6.3%, new listings were nearly flat, and days on market didn’t budge. Sellers are holding their ground, with a price reduction rate less than half the national average. For buyers, shrinking supply is the defining reality: fewer choices, and no flood of new listings coming to fix that. For sellers, the underlying math still works in your favor — price competitively within today’s range, and the 60-day median is within reach.

This market report has been generated with AI tools, with input from Realtor.com Economic Data Manager Sabrina Speianu

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