Shopping for a new home is not for the faint of heart. But new reports show that nationally, home listings are staying on the market longer.
As we near the end of the first quarter of 2025, the New York housing market presents a complex landscape for both buyers and sellers. Real estate trends in the state are very localized. One zip code could be hot and there’s limited housing; meanwhile, the other zip codes could be flooded with listings.
Recent data from Redfin indicates that homes are lingering on the market longer than in previous years.
Nationally, the typical home remained listed for 54 days before going under contract, the slowest pace since March 2020. This trend is mirrored in parts of New York, where elevated mortgage rates — hovering near 7% — and increased home prices have contributed to a slowdown in sales.
Consequently, buyers who can afford current rates have a wider selection of homes to choose from.
In upstate regions, certain areas are defying the broader trend. Buffalo, Zillow says, is the nation’s hottest housing market for 2025. The city is experiencing a surge in demand, with home prices projected to rise by an additional 3% this year, following a 6% increase in 2024. This growth is attributed to a robust local economy generating more jobs than available homes.
The New York State Association Of Realtors reports housing sales have improved for the second consecutive month in 2025 despite interest rates of 6% to 7%. Closed home sales in New York escalated by 3.1% in January.
Ryan Watroba, executive vice president of Coldwell Banker Prime Properties, says that spring and summer markets can add to potential housing availability and to prepare now for those opportunities.
