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NY Avg Real Estate Commission Rate in New York City Metro Area

The New York metropolitan area, also referred to as the Tri-State Area, is the largest metropolitan area in the world by urban landmass, at 4,495 mi2 (11,642 km2). The metropolitan area includes New York City (the most populous city in the United States), Long Island, and the Mid and Lower Hudson Valley in the state of New York; the five largest cities in New Jersey: Newark, Jersey City, Paterson, Elizabeth, and Edison, and their vicinities; six of the seven largest cities in Connecticut: Bridgeport, New Haven, Stamford, Waterbury, Norwalk, and Danbury, and their vicinities.

The New York metropolitan area remains, by a significant margin, the most populous in the United States, as defined by both the Metropolitan Statistical Area (20.3 million residents in 2017) and the Combined Statistical Area (23.7 million residents in 2016); it is also one of the most populous urban agglomerations in the world, and the single largest in North America. The New York metropolitan area continues to be the premier gateway for legal immigration to the United States, with the largest foreign-born population of any metropolitan region in the world. The MSA covers 6,720 sq mi (17,405 km2), while the CSA area is 13,318 sq mi (34,493 km2), encompassing an ethnically and geographically diverse region. The New York metropolitan area's population is larger than that of the state of New York, and the metropolitan airspace accommodated over 130 million passengers in 2016.

As a center of many industries, including finance, international trade, new and traditional media, real estate, education, fashion, entertainment, tourism, biotechnology, law, and manufacturing, the New York City metropolitan region is one of the most important economic regions in the world; in 2015, the MSA produced a gross metropolitan product (GMP) of nearly US$1.60 trillion, while in 2015, the CSA had a GMP of over US$1.83 trillion, both ranking first nationally by a wide margin and behind the GDP of only nine nations and seven nations, respectively. In 2012, the New York metropolitan area was also home to seven of the 25 wealthiest counties in the United States by median household income, according to the American Community Survey. According to Forbes, in 2014, the New York City metropolitan area was home to eight of the top ten ZIP codes in the United States by median housing price, with six in Manhattan alone. The New York metropolitan region's higher education network comprises hundreds of colleges and universities, including Columbia University, Princeton University, Yale University, New York University, and Rockefeller University, all of which have been ranked among the top 40 in the world.

 

New York City Metropolitan Area Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in New York-Newark-Jersey City, NY-NJ-P, Troy, New York. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In New York-Newark-Jersey City, NY-NJ-P, Troy, New York, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the Northeast rose 3.2%, to $282,300, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of New York, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Albany-Schenectady-Troy $210,300 3.70%
Binghamton $109,000 3.30%
Buffalo-Cheektowaga-Niagrara Falls $140,000 8.00%
Dutchess County-Putnam County $274,700 3.80%
Elmira $111,600 -3.50%
Glenn Falls $162,800 -6.20%
Kingston $201,700 -0.50%
Nassau County-Suffolk County $466,700 5.40%
New York-Jersey City-White Plains, NY-NJ $384,500 4.90%
New York-Newark-Jersey City, NY-NJ-PA $414,000 4.70%
Rochester $137,900 2.50%
Syracuse $129,200 0.60%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in New York.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

 

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

As of the 2010 Census, the metropolitan area had a population of 22,085,649. The population density was 1,865 per square mile. The racial markup was 51.7% White (non-Latino), 21.7% Latino, 15.3% African-American, 9.0% Asian-American, 0.16% Native American and Alaskan Native, 0.03% Pacific Islands American, 0.5% Other, and 1.6% Multiracial.

The median age was 37.9. 25.5% were under 18, 9.5% were 18 to 24 years, 28% were 25 to 44 years of age, 26.6% were 45 to 64 years old, and 13.2% were over the age of 65. Males composed 48.3% of the population while females were 51.7% of the population.

97.7% of the population were in households, 2.3% were in group quarters, and 1% were institutionalized. There were 8,103,731 households of which 30.2% or 2,449,343 had children. 46.1% or 3,736,165 were composed of opposite sex and married couples. Male households with no wife composed 4.9% or 400,534. 15.0% or 1,212,436 were female households, with no husbands. 34% or 2,754,596 were non-family households. The household density was 684 per square mile. 91.9% of housing units were occupied with a 3.8% vacancy rate. The average household size was 2.65 per household. The average income for non-family households was $90,335, and the average income for families was $104,715. 13.3% or 2,888,493 of the population were below the poverty line.

26.7% or 5,911,993 of the population were born outside the United States. Out of this, 17.4% or 1,028,506 were born in Europe, 27.0% or 1,595,523 were born in Asia, 3.8% or 224,109 were born in Africa, 0.2% or 11,957 were born in Oceania, 50.6% or 2,992,639 were born in Latin America.

Population estimates

As of July 1, 2015, the United States Census Bureau estimated the population of the New York City metropolitan area at 23,723,696, an increase of 647,032 from 2010.

The New York City metropolitan region is ethnically diverse. Asian Americans in New York City, according to the 2010 Census, number more than one million, greater than the combined totals of San Francisco and Los Angeles. New York contains the highest total Asian population of any U.S. city proper. The New York City borough of Queens is home to the state's largest Asian American population and the largest Andean (Colombian, Ecuadorian, Peruvian, and Bolivian) populations in the United States, and is also the most ethnically diverse urban area in the world. The Han Chinese population constitutes the fastest-growing ethnicity in New York State; multiple satellites of the original Manhattan Chinatown (紐約華埠), in Brooklyn (布鲁克林華埠), and around Flushing, Queens (法拉盛華埠), are thriving as traditionally urban enclaves, while also expanding rapidly eastward into suburban Nassau County (拿騷縣) on Long Island (長島), as the New York metropolitan region and New York State have become the top destinations for new Chinese immigrants, respectively, and large-scale Chinese immigration continues into New York City and surrounding areas. In 2012, 6.3% of New York City was of Chinese ethnicity, with nearly three-fourths living in either Queens or Brooklyn, geographically on Long Island. In particular, the New York area has over 100,000 Fuzhounese people. A community numbering 20,000 Korean-Chinese (Chaoxianzu (Chinese: 朝鲜族) or Joseonjok (Hangul: 조선족)) is centered in Flushing, Queens, while New York City is also home to the largest Tibetan population outside China, India, and Nepal, also centered in Queens. Koreans made up 1.2% of the city's population, and Japanese 0.3%. Filipinos were the largest Southeast Asian ethnic group at 0.8%, followed by Vietnamese, who made up 0.2% of New York City's population in 2010. Indians are the largest South Asian group, comprising 2.4% of the city's population, with Bangladeshis and Pakistanis at 0.7% and 0.5%, respectively. Queens is the preferred borough of settlement for Asian Indians, Koreans, and Filipinos, as well as Malaysians and other Southeast Asians; while Brooklyn is receiving large numbers of both West Indian as well as Asian Indian immigrants.

New York City has the largest European and non-Hispanic white population of any American city. At 2.7 million in 2012, New York's non-Hispanic white population is larger than the non-Hispanic white populations of Los Angeles (1.1 million), Chicago (865,000), and Houston (550,000) combined. The European diaspora residing in the city is very diverse. According to 2012 Census estimates, there were roughly 560,000 Italian Americans, 385,000 Irish Americans, 253,000 German Americans, 223,000 Russian Americans, 201,000 Polish Americans, and 137,000 English Americans. Additionally, Greek and French Americans numbered 65,000 each, with those of Hungarian descent estimated at 60,000 people. Ukrainian and Scottish Americans numbered 55,000 and 35,000, respectively. People identifying ancestry from Spain numbered 30,838 total in 2010.People of Norwegian and Swedish descent both stood at about 20,000 each, while people of Czech, Lithuanian, Portuguese, Scotch-Irish, and Welsh descent all numbered between 12,000–14,000 people. Arab Americans number over 160,000 in New York City, with the highest concentration in Brooklyn. Central Asians, primarily Uzbek Americans, are a rapidly growing segment of the city's non-Hispanic white population, enumerating over 30,000, and including over half of all Central Asian immigrants to the United States, most settling in Queens or Brooklyn. Albanian Americans are most highly concentrated in the Bronx.

 
The New York City metropolitan area is home to the largest gay and bisexual community in the United States and one of the world's largest.
 

The wider New York City metropolitan area is also ethnically diverse. The New York region continues to be by far the leading metropolitan gateway for legal immigrants admitted into the United States, substantially exceeding the combined totals of Los Angeles and Miami, the next most popular gateway regions. It is home to the largest Jewish as well as Israeli communities outside Israel, with the Jewish population in the region numbering over 1.5 million in 2012 and including many diverse Jewish sects from around the Middle East and Eastern Europe. The metropolitan area is also home to 20% of the nation's Indian Americans and at least 20 Little India enclaves, as well as 15% of all Korean Americans and four Koreatowns; the largest Asian Indian population in the Western Hemisphere; the largest Russian American, Italian American, and African American populations; the largest Dominican American, Puerto Rican American, and South American and second-largest overall Hispanic population in the United States, numbering 4.8 million; and includes at least 6 established Chinatowns within New York City alone, with the urban agglomeration comprising a population of 819,527 uniracial overseas Chinese as of 2014 Census estimates, the largest outside of Asia.

Ecuador, Colombia, Guyana, Peru, and Brazil were the top source countries from South America for legal immigrants to the New York City region in 2013; the Dominican Republic, Jamaica, Haiti, and Trinidad and Tobago in the Caribbean; Egypt, Ghana, and Nigeria from Africa; and El Salvador, Honduras, and Guatemala in Central America. Amidst a resurgence of Puerto Rican migration to New York City, this population had increased to approximately 1.3 million in the metropolitan area as of 2013.

The New York metropolitan area is home to a self-identifying gay and bisexual community estimated at 568,903 individuals, the largest in the United States and one of the world's largest. Same-sex marriages in New York were legalized on June 24, 2011 and were authorized to take place beginning 30 days thereafter. The annual New York City Pride March (or gay pride parade) traverses southward down Fifth Avenue in Manhattan, ending at Greenwich Village, and rivals the Sao Paulo Gay Pride Parade as the largest pride parade in the world, attracting tens of thousands of participants and millions of sidewalk spectators each June.

 

ECONOMY:

The New York City regional economy is the largest in the United States and one of the most important in the world. In 2015 the CSA had a GDP of $1.83 trillion, which would rank 8th among countries. Many Fortune 500 corporations are headquartered in New York City, as are a large number of foreign corporations. One out of ten private sector jobs in the city is with a foreign company. In 2012 and 2015, New York City topped the first and second Global Economic Power Index lists, respectively, as published by The Atlantic, with cities ranked according to criteria reflecting their presence on five different lists as published by five separate entities. Finance, international trade, new and traditional media, real estate, education, fashion and entertainment, tourism, biotechnology, and manufacturing are the leading industries in the area.

Along with its wealth, the area has a cost of living that is among the highest in the United States.

*Data provided by Bankrate.com - Real Estate and Wikipedia - New York Metropolitac Area