It's difficult to answer whether the New York housing market is currently favoring buyers or sellers in just one sentence. As of 2026, New York is in a vague phase where both characteristics are appearing simultaneously.

According to Redfin data, the median sale price in New York rose to $876,000 over the three months leading up to May 2026, an increase of 3.0% compared to the same period last year. However, the average time to sell a home during this period was 78 days, longer than the 67 days from a year ago. The number of sales also decreased to 7,091 in May, down from 7,567 in the same month last year. The fact that prices are rising while transaction speeds are slowing can be interpreted as a signal that the market is gradually moving from a complete seller's advantage toward a more balanced state.

Nevertheless, inventory remains tight. Recent figures show that New York's supply is at a level of 1.61 months, and listings are selling for an average of 100.54% of the asking price, indicating that the favorable trend for sellers has not completely reversed. Looking specifically at Manhattan, the median price rose to $1.4 million over the three months leading up to May, an increase of 5.7% compared to the previous year, highlighting the significant differences between boroughs.

For the same budget, it is realistic to compare how Manhattan, Queens, and Brooklyn differ. While Manhattan's median price exceeds $1 million, the outer boroughs still have relatively accessible price ranges. Weighing commuting times, school districts, and the density of the Korean community can help narrow down realistic options within your budget.

The background for the stagnant inventory is a nationwide lock-in effect. Many existing homeowners who secured loans at rates of 3-4% in 2020-2021 see no reason to sell their homes at the current rates of around 6%. This trend has been repeatedly pointed out in market analyses by NAR and Fannie Mae, and in cities like New York, which already have a supply shortage, this phenomenon helps prevent downward pressure on prices.

Korean families considering their children's education should look at school district information alongside prices. While resources like GreatSchools or Niche can be referenced, school district boundaries often change, so if you have a property in mind, it's advisable to verify which school the address is actually assigned to.

Families moving from other states to New York should be aware that the income and property tax structures can differ significantly from their previous residences. In particular, the dual imposition of state and city income taxes in New York can feel unfamiliar to families coming from places like Florida or Texas, where there is no state income tax.

For investors looking for rental income, it's essential to calculate cap rates, the 1% rule, and cash-on-cash returns. In New York, the high purchase prices often result in low cap rates, making capital appreciation a likely strategy. It's safer to conservatively estimate vacancy risks and maintenance costs.

When compared to rental prices, New York is considered a city with a high rent-to-sale price ratio. Calculating cap rates often shows them hovering between 3% and 5%, indicating that relying solely on rental income is less viable than pursuing long-term investments that also consider capital appreciation. Using excessive leverage or underestimating vacancy periods can be particularly risky in the high-priced New York market.

For families just arriving from Korea and preparing to settle down, it may be worth considering renting first to familiarize themselves with the area before moving on to buying. Without a credit history in the U.S., mortgage approval conditions can be stringent, so many go through a period of building credit through rental agreements. During this time, getting to know the school districts and community atmosphere in the boroughs of interest can aid in future purchasing decisions.

The New York market is currently experiencing rising prices but slowing speeds, navigating a phase where predicting direction is cautious. Whether buying or investing, please check data specific to each borough. This article does not constitute investment or legal advice, and it is recommended to consult with professionals before making any actual contracts. The data is based on information from Redfin and Zillow from May to July 2026.