New York FHA Loan Rates, Closing Costs & Stats

New York-Newark-Jersey City, NY-NJ-PA

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

New York's 249 lenders originated 16,811 FHA loans during 2023. The total origination value was $8,377,715,000, with an average FHA loan value of $498,347.

New York FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New York averaged 6.84% for the week of 2024-05-10, compared to the national average (all FHA variants) of 6.786% for the same period.

New York's average FHA mortgage closing costs are $14,669.

The average rate for the prior week (2024-05-03) was 6.53% and one month ago for the week of 2024-04-05, the average rate was 6.72%.

The average rate one year ago was 6.42%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.7%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

New York FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New York level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 1,654 6.23% $24,412
QUICKEN LOANS, LLC 1,277 6.13% $18,591
CROSSCOUNTRY MORTGAGE, LLC 970 6.71% $21,634
NATIONWIDE MORTGAGE BANKERS, INC. 594 6.65% $28,268
CARDINAL FINANCIAL 563 6.45% $27,279
CONTOUR MORTGAGE CORPORATION 413 6.52% $27,658
LOANDEPOT.COM, LLC 407 6.29% $17,638
PLAZA HOME MORTGAGE, INC. 400 6.32% $25,375
Paramount Residential Mortgage Group, Inc. 391 6.55% $20,673
Northpointe Bank 321 6.20% $21,696
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 316 6.65% $20,262
GUARANTEED RATE, INC. 312 6.34% $18,838
The Federal Savings Bank 308 6.13% $27,766
PENNYMAC LOAN SERVICES, LLC 281 6.17% $21,875
ABSOLUTE HOME MORTGAGE CORPORATION 277 6.61% $20,099
MOVEMENT MORTGAGE, LLC 264 6.75% $22,017
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 256 6.46% $22,087
NEWREZ LLC 254 6.38% $20,066
NJ LENDERS CORP. 246 6.45% $18,357
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 222 6.63% $29,937
AMERICAN FINANCIAL NETWORK, INC. 217 6.66% $24,940
Advisors Mortgage Group, L.L.C. 217 6.63% $14,126
East Coast Capital Corp. 197 6.50% $27,193
UNITED NORTHERN MORTGAGE BANKERS LIMITED 191 6.57% $25,021
HOMEBRIDGE FINANCIAL SERVICES, INC. 182 6.40% $23,724
Mr. Cooper ( Nationstar Mortgage ) 168 5.96% $24,261
MLB RESIDENTIAL LENDING, LLC 166 6.95% $23,389
FREEDOM MORTGAGE CORPORATION 162 6.76% $20,850
EMBRACE HOME LOANS, INC. 139 6.14% $19,563
Equity Prime Mortgage LLC 127 6.80% $20,310
CMG MORTGAGE, INC. 123 6.89% $21,187
Carrington Mortgage Services, LLC 116 6.42% $22,092
Flagstar Bank, FSB 116 6.31% $27,045
CLIFFCO, INC. 114 6.42% $26,175
JET DIRECT FUNDING CORP 101 6.66% $28,357
BROKER SOLUTIONS, INC. 95 6.59% $16,221
FIRST ALLIANCE HOME MORTGAGE, LLC 87 6.62% $22,671
BOND STREET MORTGAGE, LLC 87 6.46% $19,904
SUN WEST MORTGAGE COMPANY, INC. 87 6.40% $22,084
Plains Commerce Bank 84 6.27% $26,044
US MORTGAGE CORPORATION 82 6.59% $24,975
EMM LOANS LLC 82 6.42% $20,942
PLANET HOME LENDING, LLC 81 6.43% $23,527
JPMorgan Chase Bank 79 6.28% $17,955
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 70 6.56% $24,501
Nations Lending Corporation 69 6.79% $20,014
NORWICH COMMERCIAL GROUP, INC. 67 6.46% $22,493
RELIANCE FIRST CAPITAL, LLC 65 6.46% $19,879
AMERISAVE MORTGAGE CORPORATION 65 6.09% $19,071
Cornerstone First Mortgage, Inc 61 6.74% $21,113
ALLIED MORTGAGE GROUP, INC. 60 6.44% $20,289
CALIBER HOME LOANS, INC. 59 6.30% $19,805
Keystone Funding, Inc. 58 6.21% $22,540
MUTUAL OF OMAHA MORTGAGE, INC. 57 6.41% $21,090
M&T Bank 57 6.14% $16,376
UNION HOME MORTGAGE CORP. 52 6.50% $20,648
FM Home Loans, LLC 51 6.44% $19,864
HARTFORD FUNDING, LTD. 50 6.56% $28,244
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 48 6.54% $18,110
Gateway First Bank 47 6.41% $17,080
PANORAMA MORTGAGE GROUP, LLC 46 6.83% $23,598
GUARANTEED RATE AFFINITY, LLC 45 6.47% $19,546
Quontic Bank 44 6.51% $30,980
BLAIR SERVICES OF AMERICA INC. 42 6.34% $24,954
TD Bank 41 6.25% $14,250
Prosperity Home Mortgage, LLC 41 6.39% $16,393
INTERSTATE HOME LOAN CENTER, INC. 38 6.28% $26,569
Citizens Bank 38 6.39% $18,774
CONTINENTAL MORTGAGE BANKERS, INC. 37 6.36% $26,366
MORTGAGE ACCESS CORP. 35 6.28% $18,262
MID-ISLAND MORTGAGE CORP. 35 6.41% $23,622
VAN DYK MORTGAGE CORPORATION 34 6.74% $15,426
MLD MORTGAGE INC. 33 6.28% $19,675
NFM, INC. 32 6.45% $19,422
MY MORTGAGE, INC. 30 6.81% $21,729
PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.66% $18,075
VILLAGE CAPITAL MORTGAGE 28 6.58% $18,399
RESIDENTIAL HOME FUNDING CORP. 27 6.63% $22,508
U.S. Bank 26 6.38% $16,151
Century Mortgage Company DBA Century Lending Company 26 6.37% $17,684
SUCCESS MORTGAGE PARTNERS, INC. 25 6.31% $19,749
Wells Fargo Bank 24 6.49% $19,081
MILLENIUM HOME MORTGAGE, LLC 23 6.63% $17,991
EVERETT FINANCIAL, INC. 22 6.80% $21,356
Bethpage Federal Credit Union 22 6.69% $5,272
ASSOCIATED MORTGAGE BANKERS, INC. 21 6.58% $23,998
TOTAL MORTGAGE SERVICES, LLC 20 6.74% $23,354
LAKEVIEW LOAN SERVICING, LLC 20 6.21% $18,531
Bank of America 20 6.24% $15,807
AMERICAN FINANCIAL RESOURCES, INC. 19 6.38% $23,779
NETWORK CAPITAL FUNDING CORPORATION 19 5.75% $21,571
LYNX MORTGAGE BANK LLC 19 6.78% $20,211
GREENWAY MORTGAGE FUNDING CORP. 18 6.71% $18,748
GREENTREE MORTGAGE COMPANY, L.P. 18 6.41% $13,966
PHH Mortgage Corporation 18 6.17% $14,548
Bank of England 17 6.39% $26,703
Valley National Bank 17 6.04% $19,056
Waterstone Mortgage Corporation 16 6.47% $22,232
AMERICAN FINANCING CORPORATION 16 5.95% $16,934
Financial Freedom Mortgage, LLC 16 6.29% $16,560
HOMESIDE FINANCIAL, LLC 16 6.26% $20,984
HOMESTEAD FUNDING CORP. 16 6.63% $13,703
AmeriHome Mortgage Company, LLC 16 6.22% $15,308
NATIONS DIRECT MORTGAGE, LLC 15 6.50% $21,822
GENEVA FINANCIAL, LLC 15 6.83% $27,495
GLENDENNING MORTGAGE CORPORATION 14 6.89% $18,681
ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 6.51% $15,730
First Savings Bank 14 6.11% $23,481
PATRIOT ONE MORTGAGE BANKERS, LLC 14 6.29% $32,245
NVR Mortgage Finance, Inc. 14 5.87% $19,232
ENVOY MORTGAGE, LTD 13 6.38% $16,537
DRAPER AND KRAMER MORTGAGE CORP. 13 6.14% $11,913
NBKC BANK 13 6.17% $13,069
AMERICAN FEDERAL MORTGAGE CORPORATION 13 6.38% $12,783
PRIMARY RESIDENTIAL MORTGAGE, INC. 13 6.81% $14,112
Lakeview Community Capital, LLC 12 6.27% $17,102
Ixonia Bank 12 7.44% $14,614
Barrington Bank & Trust Company, N.A. 12 6.13% $18,375
PENTAGON FEDERAL CREDIT UNION 12 5.93% $15,445
NATION ONE MORTGAGE CORPORATION 12 6.72% $27,800
Acre Mortgage and Financial Inc 11 6.83% $14,855
WALL STREET MORTGAGE BANKERS, LTD. 11 5.98% $28,227
RESIDENTIAL HOME MORTGAGE CORPORATION 10 6.46% $20,622
ARC HOME LLC 10 6.23% $22,902
PNC Bank 10 6.60% $12,688
Lakeland Bank 10 6.45% $18,396
AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.50% $19,021
CHURCHILL MORTGAGE CORPORATION 9 6.60% $18,834
ROYAL UNITED MORTGAGE LLC 9 6.86% $17,296
LIBERTY HOME MORTGAGE CORPORATION 9 6.90% $24,065
OCMBC, INC. 8 6.50% $19,422
RESIDENTIAL BANCORP 8 6.72% $16,513
LOANPAL, LLC 8 6.31% $19,189
Citibank 8 6.25% $17,442
PINNACLE MORTGAGE, INC. 8 6.78% $14,317
VERITAS FUNDING, LLC 7 6.93% $20,311
ATLANTIS MORTGAGE CO., INC. 7 6.59% $20,276
EAGLE HOME MORTGAGE, LLC 7 6.30% $21,954
MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.54% $16,675
Meridian Bank Corporation 6 6.58% $10,611
TOWNE MORTGAGE COMPANY 6 6.31% $13,591
BETTER MORTGAGE CORPORATION 6 6.23% $19,315
Loan Simple, Inc. 6 6.38% $19,244
NP, Inc. 6 6.85% $24,095
Evolve Bank & Trust 6 6.65% $17,693
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 6.85% $16,787
First Federal Bank 5 6.13% $14,705
DHI MORTGAGE COMPANY, LTD. 5 6.63% $17,174
OCEANSIDE MORTGAGE COMPANY 5 6.08% $10,842
The Huntington National Bank 5 6.30% $13,671
The Loan Store, Inc. 5 7.30% $29,349
Mortgage Research Center, LLC 4 6.50% $14,693
Magnolia Bank 4 6.25% $30,678
TIDEWATER MORTGAGE SERVICES, INC. 4 6.75% $14,313
NATIONWIDE EQUITIES CORPORATION 4 6.50% $23,164
Residential Mortgage Solutions, Inc. 4 6.34% $17,572
GUILD MORTGAGE COMPANY 4 6.78% $15,025
Fulton Bank 4 6.00% $17,444
CIBM Bank 4 7.31% $13,196
BAY EQUITY LLC 4 6.62% $17,185
BAYSHORE MORTGAGE FUNDING, LLC 4 6.84% $33,386
Summit Mortgage Corporation 4 6.44% $12,728
First Internet Bank of Indiana 4 5.56% $11,699
MDE Home Loans, LLC 4 6.72% $37,213
Shamrock Home Loans, Inc. 3 6.75% $17,550
MORIA DEVELOPMENT, INC. 3 6.50% $19,931
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 6.46% $22,229
Kwik Mortgage Corporation 3 6.50% $13,165
LADERA LENDING, INC. 3 5.91% $22,683
BECKAM FUNDING CORP. 3 7.33% $29,826
LENOX FINANCIAL MORTGAGE CORPORATION 3 6.58% $20,410
ZILLOW HOME LOANS, LLC 3 6.63% $11,479
BRIDGEVIEW MORTGAGE CORP. 3 5.79% $41,257
MID AMERICA MORTGAGE, INC. 3 6.58% $17,657
MICHIGAN MUTUAL, INC. 3 5.88% $13,689
DEVELOPER'S MORTGAGE COMPANY 3 6.50% $23,152
A&D Mortgage LLC 3 6.08% $23,295
Hometown Equity Mortgage, LLC 3 6.75% $26,102
CITY FIRST MORTGAGE SERVICES, L.L.C. 3 6.91% $18,122
The Central Trust Bank 3 5.42% $17,401
Encompass Lending Group, LP 3 6.33% $12,044
CHERRY CREEK MORTGAGE, LLC 3 6.04% $8,557
LOANLEADERS OF AMERICA, INC. 3 5.42% $29,214
Wilmington Savings Fund Society, FSB 2 7.06% $15,955
First Citizens Community Bank 2 6.94% $19,142
FIRST HERITAGE FINANCIAL, LLC 2 6.25% $20,722
LEGEND LENDING CORPORATION 2 6.88% $32,323
LAND HOME FINANCIAL SERVICES, INC. 2 7.50% $20,255
POLARIS HOME FUNDING CORP. 2 6.69% $13,793
Princeton Mortgage Corporation 2 6.94% $18,238
Semper Home Loans, Inc. 2 5.75% $24,154
SUMMIT FUNDING, INC. 2 6.37% $30,617
AmRes Corporation 2 6.81% $16,903
GSF Mortgage Corporation 2 7.06% $10,919
TOP FLITE FINANCIAL, INC. 2 7.19% $20,350
Huntingdon Valley Bank 2 5.69% $10,346
HUDSON VALLEY CREDIT UNION 2 6.81% $21,667
AMERICAN BANCSHARES MORTGAGE 2 7.06% $24,155
EQUITY NOW INC. 2 6.50% $18,900
PULTE MORTGAGE LLC 1 6.25% $25,583
ON Q FINANCIAL, INC. 1 7.25% $22,069
Old National Bank 1 6.13% $11,328
RADIUS FINANCIAL GROUP INC. 1 6.99% $14,434
FIRST MORTGAGE COMPANY, INC. 1 7.13% $19,665
KeyBank 1 6.25% $12,392
Arvest Bank 1 7.38% $9,643
First National Bank Texas 1 7.75% $21,054
1st Colonial Community Bank 1 7.13% $11,669
JMAC LENDING, INC. 1 5.13% $33,056
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $22,798
Heritage Bank 1 8.50% $18,271
OceanFirst Bank 1 7.13% $16,428
SOVEREIGN LENDING GROUP INCORPORATED 1 4.99% $21,747
Strong Home Mortgage, LLC 1 6.25% $27,085
Florida Capital Bank 1 6.75% $21,611
HARBORONE MORTGAGE, LLC 1 7.38% $15,039
North American Savings Bank, F.S.B. 1 6.63% $16,704
SUNMARK FEDERAL CREDIT UNION 1 6.13% $19,023
Forcht Bank 1 7.25% $13,186
T2 FINANCIAL LLC 1 6.13% $37,991
TBI MORTGAGE COMPANY 1 5.25% $30,475
V.I.P. MORTGAGE, INC. 1 6.38% $21,226
NexBank 1 6.75% $11,866
HUNT MORTGAGE CORPORATION 1 6.75% $24,018
FIDELITY DIRECT MORTGAGE, LLC 1 6.63% $14,817
GuardHill Financial Corp. 1 6.25% $26,656
The Union Bank Company 1 6.75% $10,931
NEW FED MORTGAGE, CORP. 1 7.25% $13,960
TJC Mortgage, Inc. 1 7.50% $12,493
Watermark Capital, Inc. 1 6.25% $15,065
Fifth Third Bank 1 5.75% $9,723
Mortgage America, Inc. 1 6.75% $8,986
Truist 1 7.10% $17,752
Columbia Bank 1 6.63% $13,722
HOMESPIRE MORTGAGE CORPORATION 1 7.25% $12,559
MILEND, INC. 1 7.63% $15,909
AMCAP MORTGAGE, LTD. 1 5.88% $8,645
LEADERONE FINANCIAL CORPORATION 1 6.75% $17,633
Philadelphia Mortgage Advisors, Inc. 1 5.25% $8,680
Allied First Bank,sb 1 5.75% $21,009
Byline Bank 1 6.50% $25,566
CANOPY MORTGAGE, LLC 1 7.62% $43,007
MEMBER FIRST MORTGAGE, LLC 1 7.25% $16,068
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.50% $36,301
Premium Mortgage Corporation 1 5.88% $26,249
Center City Mortgage and Investments LLC 1 6.75% $10,393
OPEN MORTGAGE, LLC 1 7.00% $14,831
DELMAR FINANCIAL COMPANY 1 6.25% $12,138
ONY GLO, INC. 1 5.75% $16,588

The top New York FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 1,654 FHA loans originated. Their average total fees are $24,412, which is $5,821 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee New York FHA lenders (with over 10 loans originated) are Bethpage Federal Credit Union ($5,272), DRAPER AND KRAMER MORTGAGE CORP. ($11,913), PNC Bank ($12,688), AMERICAN FEDERAL MORTGAGE CORPORATION ($12,783) and NBKC BANK ($13,069).

The lowest rate New York FHA lenders (with over 10 loans originated) are NETWORK CAPITAL FUNDING CORPORATION (5.75%), NVR Mortgage Finance, Inc. (5.87%), PENTAGON FEDERAL CREDIT UNION (5.93%), AMERICAN FINANCING CORPORATION (5.95%) and Mr. Cooper ( Nationstar Mortgage ) (5.96%).

New York FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BERGEN 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ESSEX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUDSON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUNTERDON 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MIDDLESEX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MONMOUTH 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MORRIS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA OCEAN 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PASSAIC 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SOMERSET 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUSSEX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA UNION 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BRONX 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA KINGS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NASSAU 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NEW YORK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PUTNAM 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA QUEENS 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA RICHMOND 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ROCKLAND 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUFFOLK 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA WESTCHESTER 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PIKE 2022 $970,800 $1,243,050 $1,502,475 $1,867,275
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BERGEN 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ESSEX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUDSON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA HUNTERDON 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MIDDLESEX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MONMOUTH 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA MORRIS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA OCEAN 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PASSAIC 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SOMERSET 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUSSEX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA UNION 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA BRONX 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA KINGS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NASSAU 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA NEW YORK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PUTNAM 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA QUEENS 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA RICHMOND 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA ROCKLAND 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA SUFFOLK 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA WESTCHESTER 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200
NEW YORK-NEWARK-JERSEY CITY, NY-NJ-PA PIKE 2023 $1,089,300 $1,394,775 $1,685,850 $2,095,200

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $499,000 (13.2%) $1,184,160 (11.5%) 1.85 48,059
2018-02-01 $519,000 (14.2%) $1,187,602 (7.0%) 1.88 50,498
2018-03-01 $529,995 (11.6%) $1,166,065 (4.1%) 1.86 54,028
2018-04-01 $549,444 (12.1%) $1,162,682 (1.3%) 1.86 57,178
2018-05-01 $559,000 (11.9%) $1,155,902 (1.3%) 1.87 62,355
2018-06-01 $559,900 (12.0%) $1,137,861 (0.1%) 1.87 65,388
2018-07-01 $552,906 (10.6%) $1,118,327 (-0.6%) 1.85 66,067
2018-08-01 $549,000 (10.2%) $1,085,063 (-1.6%) 1.84 65,240
2018-09-01 $549,900 (10.2%) $1,092,650 (-2.4%) 1.85 65,820
2018-10-01 $549,999 (8.6%) $1,103,826 (-3.8%) 1.86 66,122
2018-11-01 $549,900 (10.0%) $1,115,364 (-3.3%) 1.86 63,702
2018-12-01 $540,000 (8.0%) $1,115,460 (-4.2%) 1.86 57,615
2019-01-01 $535,000 (7.2%) $1,114,717 (-5.9%) 1.85 53,016
2019-02-01 $547,000 (5.4%) $1,128,541 (-5.0%) 1.85 55,002
2019-03-01 $560,143 (5.7%) $1,129,863 (-3.1%) 1.83 58,572
2019-04-01 $575,000 (4.7%) $1,125,947 (-3.2%) 1.83 62,598
2019-05-01 $589,000 (5.4%) $1,130,704 (-2.2%) 1.84 68,043
2019-06-01 $585,000 (4.5%) $1,121,806 (-1.4%) 1.83 69,942
2019-07-01 $575,000 (4.0%) $1,107,826 (-0.9%) 1.80 68,901
2019-08-01 $575,818 (4.9%) $1,102,079 (1.6%) 1.82 68,031
2019-09-01 $577,045 (4.9%) $1,114,839 (2.0%) 1.85 67,163
2019-10-01 $577,864 (5.1%) $1,125,085 (1.9%) 1.86 66,023
2019-11-01 $575,000 (4.6%) $1,138,373 (2.1%) 1.89 62,133
2019-12-01 $574,500 (6.4%) $1,164,085 (4.4%) 1.92 54,253
2020-01-01 $565,000 (5.6%) $1,173,101 (5.2%) 1.89 49,998
2020-02-01 $575,000 (5.1%) $1,176,805 (4.3%) 1.88 51,374
2020-03-01 $589,950 (5.3%) $1,181,583 (4.6%) 1.85 52,870
2020-04-01 $598,900 (4.2%) $1,221,296 (8.5%) 1.88 48,980
2020-05-01 $599,000 (1.7%) $1,197,316 (5.9%) 1.82 48,638
2020-06-01 $599,944 (2.6%) $1,191,273 (6.2%) 1.77 51,185
2020-07-01 $627,000 (9.0%) $1,207,357 (9.0%) 1.82 54,352
2020-08-01 $641,617 (11.4%) $1,249,587 (13.4%) 1.84 54,377
2020-09-01 $649,000 (12.5%) $1,263,476 (13.3%) 1.86 54,572
2020-10-01 $649,999 (12.5%) $1,292,377 (14.9%) 1.86 55,661
2020-11-01 $649,000 (12.9%) $1,307,486 (14.9%) 1.90 52,172
2020-12-01 $649,000 (13.0%) $1,328,343 (14.1%) 1.93 46,928
2021-01-01 $649,000 (14.9%) $1,374,981 (17.2%) 1.94 40,456
2021-02-01 $649,950 (13.0%) $1,399,017 (18.9%) 1.89 38,707
2021-03-01 $649,000 (10.0%) $1,383,278 (17.1%) 1.84 38,458
2021-04-01 $649,946 (8.5%) $1,391,889 (14.0%) 1.76 40,115
2021-05-01 $649,993 (8.5%) $1,379,846 (15.2%) 1.73 42,335
2021-06-01 $645,371 (7.6%) $1,340,463 (12.5%) 1.70 44,880
2021-07-01 $625,000 (-0.3%) $1,297,035 (7.4%) 1.65 45,172
2021-08-01 $617,000 (-3.8%) $1,281,311 (2.5%) 1.65 44,667
2021-09-01 $605,000 (-6.8%) $1,284,368 (1.7%) 1.61 43,617
2021-10-01 $619,000 (-4.8%) $1,303,095 (0.8%) 1.65 43,542
2021-11-01 $621,950 (-4.2%) $1,352,359 (3.4%) 1.66 39,093
2021-12-01 $619,250 (-4.6%) $1,384,948 (4.3%) 1.68 32,921
2022-01-01 $625,000 (-3.7%) $1,494,423 (8.7%) 1.69 28,164
2022-02-01 $637,125 (-2.0%) $1,442,220 (3.1%) 1.66 28,498
2022-03-01 $649,444 (0.1%) $1,450,238 (4.8%) 1.63 30,421
2022-04-01 $660,000 (1.6%) $1,447,922 (4.0%) 1.57 32,090
2022-05-01 $675,000 (3.9%) $1,431,626 (3.8%) 1.54 36,015
2022-06-01 $675,000 (4.6%) $1,377,710 (2.8%) 1.50 38,789
2022-07-01 $659,000 (5.4%) $1,336,068 (3.0%) 1.48 41,010
2022-08-01 $650,000 (5.4%) $1,318,875 (2.9%) 1.50 40,176
2022-09-01 $660,130 (9.1%) $1,365,889 (6.4%) 1.54 39,681
2022-10-01 $674,894 (9.0%) $1,454,762 (11.6%) 1.59 40,045
2022-11-01 $669,500 (7.7%) $1,497,072 (10.7%) 1.61 38,648
2022-12-01 $660,000 (6.6%) $1,519,502 (9.7%) 1.63 33,979
2023-01-01 $662,500 (6.0%) $1,547,512 (3.6%) 1.64 30,692
2023-02-01 $679,950 (6.7%) $1,577,557 (9.4%) 1.64 30,173
2023-03-01 $698,500 (7.6%) $1,590,414 (9.7%) 1.65 30,144
2023-04-01 $699,999 (6.1%) $1,611,863 (11.3%) 1.63 31,313
2023-05-01 $734,500 (8.8%) $1,672,672 (16.8%) 1.67 32,425
2023-06-01 $749,000 (11.0%) $1,623,987 (17.9%) 1.68 33,254
2023-07-01 $737,430 (11.9%) $1,591,760 (19.1%) 1.68 33,111
2023-08-01 $717,000 (10.3%) $1,555,281 (17.9%) 1.65 32,798
2023-09-01 $719,000 (8.9%) $1,541,683 (12.9%) 1.67 34,732
2023-10-01 $729,444 (8.1%) $1,608,212 (10.6%) 1.72 33,897
2023-11-01 $727,931 (8.7%) $1,667,818 (11.4%) 1.73 34,211
2023-12-01 $734,142 (11.2%) $1,758,935 (15.8%) 1.79 29,215
2024-01-01 $741,500 (11.9%) $1,742,252 (12.6%) 1.81 26,933
2024-02-01 $749,500 (10.2%) $1,686,410 (6.9%) 1.80 27,182
2024-03-01 $759,900 (8.8%) $1,681,115 (5.7%) 1.79 28,856
2024-04-01 $769,000 (9.9%) $1,689,995 (4.9%) 1.79 30,930
New York's median listing price for 2024-04-01 was $769,000, a difference of $69,001 (9.9%) versus the prior year and $9,100 versus the prior month.

New York's median listing price comes in at 179% of the national average.

New York's average listing price for 2024-04-01 was $1,689,995, a difference of $78,132 (4.9%) versus the prior year and $8,880 versus the prior month.

For the 2024-04-01 period, New York had 30,930 MLS listings, a difference of 2,074 listings (7%) versus the prior month and -383 listings (-1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New York (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 84 days 1,842 sqft
2018-02-01 72 days 1,855 sqft
2018-03-01 52 days 1,880 sqft
2018-04-01 51 days 1,893 sqft
2018-05-01 46 days 1,907 sqft
2018-06-01 50 days 1,918 sqft
2018-07-01 59 days 1,920 sqft
2018-08-01 65 days 1,913 sqft
2018-09-01 66 days 1,900 sqft
2018-10-01 64 days 1,887 sqft
2018-11-01 65 days 1,865 sqft
2018-12-01 78 days 1,842 sqft
2019-01-01 82 days 1,823 sqft
2019-02-01 73 days 1,833 sqft
2019-03-01 59 days 1,866 sqft
2019-04-01 50 days 1,906 sqft
2019-05-01 50 days 1,921 sqft
2019-06-01 55 days 1,930 sqft
2019-07-01 64 days 1,922 sqft
2019-08-01 67 days 1,917 sqft
2019-09-01 69 days 1,908 sqft
2019-10-01 70 days 1,901 sqft
2019-11-01 71 days 1,854 sqft
2019-12-01 85 days 1,835 sqft
2020-01-01 90 days 1,821 sqft
2020-02-01 75 days 1,840 sqft
2020-03-01 54 days 1,854 sqft
2020-04-01 71 days 1,860 sqft
2020-05-01 85 days 1,870 sqft
2020-06-01 86 days 1,866 sqft
2020-07-01 47 days 1,806 sqft
2020-08-01 47 days 1,760 sqft
2020-09-01 51 days 1,705 sqft
2020-10-01 51 days 1,692 sqft
2020-11-01 60 days 1,652 sqft
2020-12-01 74 days 1,612 sqft
2021-01-01 84 days 1,574 sqft
2021-02-01 78 days 1,539 sqft
2021-03-01 55 days 1,538 sqft
2021-04-01 44 days 1,550 sqft
2021-05-01 41 days 1,571 sqft
2021-06-01 44 days 1,582 sqft
2021-07-01 47 days 1,592 sqft
2021-08-01 53 days 1,588 sqft
2021-09-01 57 days 1,566 sqft
2021-10-01 57 days 1,539 sqft
2021-11-01 59 days 1,510 sqft
2021-12-01 70 days 1,465 sqft
2022-01-01 79 days 1,436 sqft
2022-02-01 60 days 1,416 sqft
2022-03-01 40 days 1,438 sqft
2022-04-01 39 days 1,452 sqft
2022-05-01 38 days 1,508 sqft
2022-06-01 39 days 1,558 sqft
2022-07-01 44 days 1,568 sqft
2022-08-01 54 days 1,555 sqft
2022-09-01 59 days 1,550 sqft
2022-10-01 59 days 1,538 sqft
2022-11-01 62 days 1,527 sqft
2022-12-01 75 days 1,502 sqft
2023-01-01 82 days 1,489 sqft
2023-02-01 75 days 1,483 sqft
2023-03-01 55 days 1,488 sqft
2023-04-01 50 days 1,496 sqft
2023-05-01 48 days 1,503 sqft
2023-06-01 51 days 1,525 sqft
2023-07-01 54 days 1,552 sqft
2023-08-01 59 days 1,557 sqft
2023-09-01 60 days 1,560 sqft
2023-10-01 56 days 1,564 sqft
2023-11-01 58 days 1,559 sqft
2023-12-01 71 days 1,543 sqft
2024-01-01 79 days 1,509 sqft
2024-02-01 69 days 1,499 sqft
2024-03-01 50 days 1,500 sqft
2024-04-01 45 days 1,505 sqft
New York's median listing age (time on market) for 2024-04-01 was 45 days. This is -10% shorter than the same period one year ago.

New York's median square footage for active listings during the 2024-04-01 period was 1,505 sqft. One year prior, the average listing was 1,496 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).