In short
The median value of owner-occupied homes in New York City is $778,600, according to the Census Bureau’s 2024 American Community Survey. A one- to three-family home is taxed in Class 1 at 19.843% of an assessed value set at 6% of market value, according to the city’s Department of Finance. Many buyers choose between a co-op, where you buy shares, and a condo, where you own the unit.
How much homes cost in New York City
The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago, and mixes houses, condos and apartments. Our page on New York home prices explains the method and the co-op limit in detail.
| Area | Median value, 2024 (ACS) | Margin of error (90%) |
|---|---|---|
| New York County (Manhattan) | $1,105,600 | ±$54,019 |
| Kings County (Brooklyn) | $912,500 | ±$17,056 |
| New York City | $778,600 | ±$8,906 |
| Queens County | $720,300 | ±$13,193 |
| Richmond County (Staten Island) | $682,300 | ±$12,321 |
| Bronx County | $567,700 | ±$17,490 |
| New York–Newark–Jersey City metro area | $648,800 | ±$2,533 |
| New York State | $449,800 | ±$3,718 |
| United States | $360,600 | ±$618 |
Source: U.S. Census Bureau, ACS 1-Year Estimates 2024, table B25077. The 2025 estimates are scheduled for October 29, 2026.
Are New York prices rising?
The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes with a purchase-only, seasonally adjusted index. Its release of August 25, 2026 shows:
| Area | 1-year change (Q2 2025 to Q2 2026) | 5-year change (Q2 2021 to Q2 2026) |
|---|---|---|
| New York–Jersey City–White Plains metro division (NY-NJ) | +5.6% | +41.7% |
| New York State | +3.5% | +44.0% |
| United States | +2.1% | +33.4% |
Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.
The metro division includes parts of New Jersey, and the index follows single-family homes with Fannie Mae or Freddie Mac mortgages, so it says little about co-ops.
Co-op or condo?
New York State’s Attorney General describes the two forms of ownership:
- Co-op. You buy shares in a corporation. The shares are allocated to a specific apartment, and owning them entitles you to a long-term proprietary lease. Each owner pays maintenance charges based on the number of shares allocated to the apartment.
- Condo. You have separate (individual) ownership of a unit and an undivided interest in the common elements of the building.
For both, sales are made under the terms of an offering plan, which the Attorney General’s Real Estate Finance Bureau reviews. The Attorney General highly recommends that you read the entire offering plan and consult an attorney before signing a purchase agreement, and that any promise made by the sponsor that is not in the plan or contract be put in writing, for example in a rider to the purchase agreement. See our page on real estate attorneys in New York.
For property tax, the city treats both the same way: Department of Finance values co-ops and condos as if they were rental buildings, based on income and expenses, even though they are not income-producing.
Taxes and costs on top of the price
On top of the price, buyers and sellers in New York pay closing costs, transfer taxes and, when there is a mortgage, a mortgage recording tax. We do not recalculate them here. The rules, who pays what and the amounts are on our pages about closing costs in New York and transfer tax in New York. For the general picture, see our guide to closing costs explained.
Property tax in New York City
The Department of Finance sorts every property into a tax class. One- to three-unit homes are Class 1; buildings with more than three units, including co-ops and condos, are Class 2.
| Tax class | Assessment ratio | Rate, tax year 2026 |
|---|---|---|
| Class 1 (1 to 3 units) | 6% | 19.843% |
| Class 2 (4+ units, co-ops, condos) | 45% | 12.439% |
Source: NYC Department of Finance, “Property tax rates” and “Determining your assessed value”. These are the most recent rates listed as of October 13, 2026.
For Class 1, state law caps increases in assessed value at 6% per year and 20% over five years, unless the increase comes from new construction or renovation. The full explanation, the other classes, exemptions such as STAR, a worked example and how to contest your assessment with the NYC Tax Commission are in our New York property tax guide. To see how property tax is paid through your monthly mortgage payment, read our guide to escrow accounts.
Renting instead
If you rent, different rules apply to your lease, your deposit and your landlord’s duties. See our page on tenant rights in New York.
New York guides for New York City buyers
Frequently asked questions
What is the median home price in New York City?
The Census Bureau’s 2024 American Community Survey puts the median value of owner-occupied homes in New York City at $778,600 (±$8,906). This is what owners think their home is worth, not the median sale price of recent sales.
Are home prices in New York going up?
According to the FHFA purchase-only index, prices in the New York–Jersey City–White Plains metro division rose 5.6% between the second quarter of 2025 and the second quarter of 2026, and 41.7% over five years.
What is the property tax rate in New York City?
For a one- to three-family home (Class 1), the Department of Finance lists 19.843% for tax year 2026, applied to an assessed value that is 6% of market value. Co-ops and condos are Class 2, at 12.439%.
What is the difference between a co-op and a condo?
In a co-op you buy shares in a corporation tied to an apartment and a proprietary lease. In a condo you own your unit and share an undivided interest in the common elements, according to the Attorney General.
Where do I find transfer tax and closing costs?
They are on our pages about closing costs and transfer tax in New York, which explain who pays and how the amounts are set.
More New York guides
- Closing costs in New York: what buyers and sellers pay
- New York transfer tax: state, NYC and mansion tax
- Property tax in New York: rates, STAR and how to contest
- New York seller disclosure: the property condition statement
- Do you need a real estate attorney in New York?
- How foreclosure works in New York: a court process
- Home prices in New York and NYC: median value and trend
- New York first-time buyer programs: SONYMA and HomeFirst
- How to verify a real estate license in New York
- Tenant rights in New York: deposits, rent limits, good cause
Sources
- Table B25077, Median Value (Dollars), ACS 1-Year Estimates 2024 (U.S. Census Bureau) (consulted October 13, 2026)
- 2025 ACS Data Release Schedule (U.S. Census Bureau) (consulted October 13, 2026)
- U.S. House Prices Rise 2.1 Percent Year over Year, Up 0.3 Percent Quarter over Quarter (FHFA, August 25, 2026) (consulted October 13, 2026)
- FHFA House Price Index datasets, quarterly purchase-only indexes (state, metro) (consulted October 13, 2026)
- Property tax rates (NYC Department of Finance) (consulted October 13, 2026)
- Determining your assessed value (NYC Department of Finance) (consulted October 13, 2026)
- Determining your market value (NYC Department of Finance) (consulted October 13, 2026)
- Cooperatives (New York State Attorney General) (consulted October 13, 2026)
- Condominiums (New York State Attorney General, Real Estate Finance Bureau) (consulted October 13, 2026)
- Before You Buy a Co-op or Condo (New York State Attorney General) (consulted October 13, 2026)