If you’ve read the latest housing headlines, you’ve probably seen some conflicting takes.
And when you zoom out, it makes sense as to why: A new Zillow report found that, in half of the country’s largest metros, home values rose over the past year. In the other half, they fell.
So today, we’re breaking down what’s happening nationally, and more importantly, how it compares to what we’re seeing here in NYC.
National Market Trends
At the national level, home values have barely moved, rising just 0.2% over the past year.
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Home values rose in 25 major markets, mostly in the Midwest and Northeast. Cleveland (+4.7%) and Hartford (+4.5%) led the pack.
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Home values fell in 25 markets, especially in the South and West. Tampa (-6.2%), Austin (-6%), and Miami (-4.6%) saw the steepest declines.
Aside from home prices, here’s what’s happening across the country:
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Sellers cut prices on 27.4% of listings, the highest rate since tracking began in 2018.
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Homes are lingering on the market longer, with a median 60 days on market, the slowest July in over a decade.
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Mortgage costs are down slightly, about $19 per month compared to last year, but still nearly $1,000 higher than before the pandemic.
That means affordability remains a challenge, even in markets where buyers have the upper hand.
New York City Housing Snapshot
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Median home price:
The median sale price across NYC was approximately $873,500 in June 2025, reflecting a 2.8% year‑over‑year increase.
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Price cuts:
Roughly 24.0% of listings had price drops, slightly higher than June of last year.
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Days on market:
Homes are selling in about 51 days on average, a decrease of 6 days compared to last year, when the average was 57 days.
What This Means for Buyers and Sellers
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For Sellers:
The slight uptick in median prices and brisker sales pace suggest favorable conditions. Listings are moving faster than last year, giving sellers an edge—but nearly a quarter of listings still require price reductions, highlighting selective buyer behavior. -
For Buyers:
The market remains competitive, particularly in well-priced listings that tend to move quickly. However, opportunities for negotiation exist—especially for buyers who act swiftly, given the reductions and still moderately brisk days on market.
The Bottom Line
Kara Ng, a senior economist at Zillow, summed it up best: “Perhaps more than ever, whether it’s a good time to buy depends on where you live.”
The housing market is split nationally, but what really matters is what’s happening locally. If you’re thinking of buying or selling in NYC, the numbers show that strategy matters more than ever.
Pricing, timing, and presentation will determine who wins in this market.
