70 Percent Of New York Homes Selling Under Asking Price

Blog January 4, 2024 By Tim

According to the most recent data from Zillow, more than 70% of homes in NYC are now selling for less than asking prices. 


This may make it seem like a great time to buy a home at a discount. Which it is. Though just how much cheaper might homes in NY get this year? What will it mean for your property tax bills?


Home Prices Have Been Falling


As of October 2023, Zillow reported it was taking well over two months for homes to sell, with prices down by over 5% on average, and 71.1% of properties eventually selling for less than their listing prices. 


It is also worth noting that this data had not been updated between October 2023 and January 2024. Neither had their forecasts for the coming year. 


This along with the Fed’s sharp reversal of its monetary policy and stance on interest rates alludes to far more negative data being released in the near future. 


It may take longer for this trend to show up in some pockets of the state. Such as parts of Long Island. Though, there are also markets across the country where listings at half the price of last year are still not selling or attracting buyers. 


How Much Further Will NY House Prices Go Down In 2024?


According to one economist, national house prices could fall by 50% this year. Or 20% lower than in the 2008 financial crisis. 


This is blamed on artificial inflation of the market since the wake of 2008. 


New York homeowners already saw their home values dive by around $50k in 2023. If this continues and these predictions are accurate, homeowners could on average see their home values slide by more than $250k this year. 


In fact, we’re already seeing properties involving celebrities like Taylor Swift and David Bowie selling for $500k less, or as much as a $6M loss respectively. 


Watch And Challenge Your Property Tax Assessments


This could be a great year to buy a home in NY. Especially if interest rates continue to fall as well.


However, whether you stay in place or buy something new, falling home values mean that your property tax assessment and annual bills should go down too. 


Do not expect these reductions to be voluntarily handed out in the mail. You will have to challenge and appeal in order to get the reductions you are owed. Property Tax Adjusters, Ltd. can help you with that.