What to Know
- The selection of homes for sale in New York City is biggest in the spring
- The most discounts on homes are found in the fall
- Spring and fall also see the fiercest competition for properties
Looking to buy a home in New York City this year? You’ll have more properties to choose from and will get better discounts if you look in the spring or fall, according to a new study by StreetEasy.
More homes are on the market between April and June, and between September and October, than during the summer and winter months, StreetEasy found.
There were nearly 2,000 more homes to choose from in May 2017 than in December 2017, for example. (There was an average of 15,000 units per month in 2017.)
This is because everyone rushes to list their properties in the spring and then again in the fall, once summer vacation and the back-to-school rush are over. Buyers will find 5 to 7 percent more homes on the market during these months, according to StreetEasy.
Home are also more likely to see lower prices and more discounts between April and June and between September and October. Up to 20 percent of homes will see their prices slashed during those times, StreetEasy says.
Overall, spring shoppers will get the biggest selection and fall shoppers will get the best deals, StreetEasy says.
The news for spring home buyers isn’t all sunshine and flowers, though. While the homes may be more plentiful then, there’s also more competition, the study found.
Homes stay on the market 10 to 15 fewer days from April to June compared to the rest of the year, and they come off the market a week faster in October, according to the study.
StreetEasy says the best time to rent is more ambiguous — there are more options in the summer, but the best deals are found in the winter months.
Also, renters are more likely to find price cuts when inventory levels are low, while buyers are more likely to see these discounts when inventory levels are high, StreetEasy says.