The regional closed median sale price in New York was $635,000 in August, a 0.8% increase as compared to the $630,000 in July, and closed regional sales transactions increased from 4,383 to 5,243 in August, a month-over-month increase of 19.6%, according to a new report from OneKey MLS.
OneKey MLS’s monthly report on home sales in the New York region aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented
The report found that in a year-over-year comparison, the closed median sale price increased 2.4% from the $620,000 last year. Across the region, pending sales transactions increased by 6.2% in a month-over-month comparison, reportedly 4,848 as compared to 4,566 in July.
In addition, the report found that five of nine tracked counties reported an increased closed median sale price in a month-over-month comparison, while four counties reported a decreased median sale price. Sullivan (+23.20%), Bronx (+15.20 %), Suffolk (+2.60 %), Rockland (+0.80%), and Nassau (+0.70%) counties reported month-over-month increases in closed median sale price. Orange (-1.20%), Westchester (-3.3%), Queens (-4.4%), and Putnam (-6.10%) counties reported month-over-month decreases in closed median sale price.
According to Richard Haggerty, CEO of OneKey MLS, there is a lack of inventory leading to the current market conditions.
“If we can point to anything keeping sellers in place, it’s the current interest rates. There simply isn’t strong enough motivation for sellers to list their properties,” explained Haggerty. “After the extremely dynamic swing of the market since 2019, returning to a state of normalcy is clearly a challenge.”
For further detailed statistical information about residential, condo, and co-op sales transactions, visit https://www.onekeymls.com/market-statistics.