Current real estate market data, news and analysis for the New York-Newark-Jersey City, NY-NJ metropolitan area — 20.1M residents across 22 counties in New York and New Jersey.
Data as of May 2026. Sources: Redfin Data Center, U.S. Census Bureau.
Latest New York Real Estate News
New York Real Estate Market Overview
The New York-Newark-Jersey City metropolitan area joins New York City’s five boroughs with Long Island, the lower Hudson Valley, northern and central New Jersey, and the Jersey Shore. Its housing stock is unusually varied within one labor market. Manhattan is dominated by rental towers, condominiums and cooperative apartments, with townhouses in selected districts. Brooklyn, Queens, the Bronx and Staten Island mix apartment buildings, rowhouses and detached homes. Across the Hudson, Jersey City and Hoboken contain dense waterfront housing near PATH and ferry service, while Bergen, Essex, Morris, Union and Passaic counties offer commuter suburbs with older single-family homes, garden apartments and postwar subdivisions. Nassau and Westchester counties have rail-oriented villages and extensive detached housing; Suffolk, Ocean and Monmouth counties add lower-density communities, coastal property and newer subdivisions.
Price tiers are shaped by both housing type and access to employment. Manhattan and brownstone Brooklyn include high-cost condominium, cooperative and townhouse markets. Long Island City, Downtown Brooklyn and the Jersey City waterfront have substantial newer apartment and condominium inventory. Scarsdale, parts of northern Westchester, the North Shore of Nassau County, the Hamptons, Alpine and selected Bergen County communities occupy higher detached-home tiers. More moderate prices can be found in portions of the Bronx, Staten Island, inland Suffolk, western Essex and Passaic counties, and the outer New Jersey counties, although property taxes, transportation costs and flood exposure can materially change total ownership costs.
The regional economy is anchored by finance, media, health care, education, government, technology, transportation, professional services and tourism. Major employers include NewYork-Presbyterian, Northwell Health, JPMorgan Chase, New York University, Columbia University, the City of New York, the Port Authority of New York and New Jersey, Rutgers University and large hospital systems in New Jersey. Midtown and Lower Manhattan remain central office districts, while employment is also distributed through Downtown Brooklyn, Jersey City, White Plains, central New Jersey and the region’s airports and logistics network.
Redfin’s June 2026 New York metro series reported a median sale price of $843,474, 2.9% higher than a year earlier, and a median 57 days on market. Zillow’s June 2026 Observed Rent Index placed typical metro rent at about $3,573. Those figures describe a broad market whose local conditions diverge sharply. Entry-level cooperatives may have long approval processes and monthly maintenance charges, while well-located single-family homes near rail stations can attract faster competition. New development competes with older regulated and market-rate rental stock, and the condominium market responds differently from suburban detached housing.
Distinctive constraints include limited buildable land in the urban core, zoning and approval complexity, high construction costs, property-tax differences among states and municipalities, and extensive reliance on commuter rail, subway, bus and ferry systems. Flood risk affects coastal sections of New York City, Long Island, the Jersey Shore and riverfront New Jersey. Cooperative ownership rules, mansion taxes, transfer taxes and local inspection requirements also vary across the region. A useful market comparison therefore requires more than a metro median: buyers and investors need to identify the relevant state, county, municipality, housing type, transit pattern and recurring carrying costs.
Cities and Towns in the New York Metro Area
Show all 375
Notable Communities and Neighborhoods
New York Real Estate Market FAQ
What is the median home price in the New York metro?
Redfin’s June 2026 New York metro series reported a median sale price of $843,474, up 2.9% from a year earlier. Prices vary widely between Manhattan apartments, close-in commuter suburbs, Long Island, northern New Jersey and the outer counties.
Is New York a buyer’s or seller’s market right now?
The metro is mixed rather than uniformly favoring one side. A median 57 days on market indicates more time for negotiation in some segments, while scarce detached homes near strong transit and schools can still attract multiple offers.
Why do housing costs differ so much across the New York metro?
The MSA spans three states, dense urban neighborhoods, commuter suburbs and coastal communities. Housing type, transit access, property taxes, cooperative or condominium fees, flood exposure and local supply constraints all affect total cost.
What should buyers know about co-ops in the New York market?
Cooperative buyers purchase shares in a corporation rather than a deeded apartment and generally undergo board and financial review. Monthly maintenance can include building operating costs and property taxes, so it should be compared with condominium common charges and taxes rather than treated as rent.
Nearby Markets