House prices and costs in New York, NY

Public loan records · 2025

What buyers here actually borrowed and paid (2025)

2025 home-purchase loans (first liens) on owner-occupied 1–4 unit homes in New York's census tracts: 21,706 loans. These are loans that closed in New York, not offers: a rate depends on your credit, down payment, points and the day you lock it.

Interest rate, 30-year fixed (conventional)

6.125% to 6.75%Middle half of loans; median 6.5% · 13,546 loans

Loan costs at closing

$5,176 to $12,093Middle half; median $7,623. Origination charges (points included) and settlement services, Closing Disclosure section D · 19,236 loans

Borrowed, every loan on the home combined

75% of the value (median)Middle half 60.8% to 80%. 20.8% of buyers borrowed more than 80% of the value, 10.9% more than 90%, 5.6% more than 95%. HMDA's combined loan-to-value: every loan on the home (second loans, down-payment-assistance loans and financed FHA or VA fees too) ÷ the value the lender used, so it doesn't show the cash buyers put down · 20,799 loans

Loan types

Conventional 93% · FHA 6.2%VA 0.8% · USDA 0%

Discount points

45% of loans paid pointsMedian paid: $3,169. Points buy a lower rate.

Loan limits, 2026

$1,209,750 conformingAbove it, a jumbo loan with its own rates and rules; FHA limit $1,249,125 (one-unit home, Kings County)

For comparison: 7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR. Source: FFIEC Home Mortgage Disclosure Act (HMDA) data: 2025 Snapshot National Loan-Level Dataset (data as of June 1, 2026), via the CFPB HMDA Data Browser; Homiy's calculations (2025 loans; retrieved 2026-09-27).

Research summary · not legal advice

How buying works in New York

The usual steps, deadlines and closing costs for a purchase in New York, from state law, standard contract forms and local custom. Contracts can change any of it. Homiy is a prototype: it isn't a licensed brokerage in New York and offers no services here.

Who runs the closing

Attorneys run the closing. Typical time from contract to keys: about 75 days.

The contract

An accepted offer isn't binding: nothing binds until both sides sign the attorney-drafted contract, usually with a 10% deposit.

Details

NYC attorney-negotiated residential contract; co-op contract for shares and proprietary lease

Buyer agreement

Written buyer representation agreement plus DOS-1736 agency disclosure, signed before touring.

Details

Homiy's prototype requires a written agreement before a represented tour. NAR's rule binds participating MLS brokers; do not describe it as a universal state law. Compensation is negotiable and total brokerage pay cannot exceed the agreement. The agency disclosure is not itself a buyer-services contract.

Source: NAR: written buyer agreements before touring (MLS participation rule, not a universal state statute) (reviewed 2026-09-27)

Contract signing

About 10 days after the accepted offer (a sample target); the deposit comes to about 10% of the price.

Details

NYC custom: the initial offer/deal sheet is nonbinding; parties (not their attorneys in their own capacity) execute and deliver the attorney-negotiated contract, commonly with 10% held in seller attorney escrow. Ten days is a sample target, not a legal clock. Attorney-led closing is the NYC custom; LI04 does not establish a blanket statewide lawyer-attendance mandate, so a lawyer at closing is not treated as legally required here. Legal drafting/advice remains attorney work.

Co-op board approval

Co-op buyers apply to the building's board. The board has 15 days to confirm an application is complete and 45 days after that to decide (one 14-day extension).

Details

NYC only; LL58 applies to applications from 2026-07-28 in corporations with 10+ dwelling units, excluding HDFCs and agency-approved transfers. Acknowledge each submission by email AND registered mail within 15 days; silence deems completeness, not approval. Decision within 45 days after completeness; one noticed 14-day extension without buyer consent, further extensions only with written consent. Published July/August recess can toll the clocks. No automatic approval for missing a decision deadline.

Source: NYC Local Law 58 of 2026, enacted text, §§26-3701–3706 (effective 2026-07-28)

Inspection

About 7 days for inspections.

Details

Perform inspection and legal/building diligence before contract signing; no automatic post-contract inspection escape. 7 calendar days is a negotiable sample planning period, not a statutory deadline.

Earnest money

10% of the price, paid when the contract is signed, held by: Seller attorney escrow account.

Details

NYC customary 10% contract deposit, negotiable; due at executed contract, not at the nonbinding offer. It is part of, not in addition to, the deposit paid at contract signing.

Seller's disclosure

Property Condition Disclosure Statement (PCDS)

Details

Required before contract for covered 1–4-family residential property; statutory exceptions include condos and co-ops. The former $500 opt-out credit ended 2024-03-20. No general three-day PCDA cancellation clock; attorneys assess remedies.

Source: NY Real Property Law §§461–462: property condition disclosure (reviewed 2026-09-27)

Loan and appraisal

Loan contingency: 30 days (set in the contract).

Details

30-day financing period and the typical closing time are sample planning assumptions, not measured averages or legal rights. Financing and appraisal protection require the signed form/addenda; an appraisal shortfall is not automatically protected. Mortgage commitment deadline runs from executed contract; board approval is a separate co-op condition. Co-op share loans are not real-property mortgages.

Title insurance

The buyer customarily pays for the owner's policy.

Details

Payer is a negotiable local custom, not a mandatory charge; obtain a title quote and follow the signed allocation. Filed insurer/rating-bureau rates are not a state-promulgated price. Co-op share purchases do not use ordinary owner/lender real-property title policies; use lien/litigation searches and any separately quoted co-op policy.

Property tax for a new owner

The seller's assessment and its caps carry over; the sale doesn't reset it. Your bill starts from the seller's assessment; about 1.2% of the price a year is our planning figure for New York.

Details

NYC Class 1 assessed value targets 6% of DOF market value, subject to 6% annual/20% five-year caps (physical changes excepted); sale does not automatically reset these caps to price. Most condos/co-ops are Class 2, using income-based valuation. Co-op real-estate taxes are inside maintenance: set the buyer's separate property-tax line to zero, not maintenance plus tax.

LOW-CONFIDENCE house planning proxy: FY2026 Class1 tax 19.843% × target assessment ratio 6% = 1.19058% of DOF market value (price used only as proxy). Existing 6% annual/20% five-year assessment caps survive sale, so use the actual tax lot bill; this is not a purchase-price reset. Condo Class2 valuation is income-based, not this percentage. CO-OP: separate buyer property tax MUST be $0 because maintenance already includes the building's tax. The $500–$1,800 monthly condo common-charge range is a SAMPLE excluding property tax; illustrative co-op maintenance of $900–$2,500 includes allocated taxes and building debt, but building financials control. Neither range is an observed market statistic.

Agent credits to the buyer

New York allows an agent to credit part of their pay to the buyer, with the lender's approval.

Details

RPL §442 expressly allows rebates to a buyer/seller, not payment for unlicensed brokerage. Written agreement, lender approval and closing disclosure required; no guaranteed cash back.

Source: NY Real Property Law §442: rebates to transaction parties (reviewed 2026-09-27)

Some of these facts rest on secondary sources (a law firm, title company or reference site, not the law or the form itself): StreetEasy, Understanding home-buying costs in NYC (secondary: a broker's estimate of building application fees).

Methodology

How we measure, and what it isn't

Past change, not a forecast. These figures describe the past from public data; they don't tell you where prices go next.