New York Home Prices Increased in 2023

OneKey MLS, which covers the southern counties of New York (the NYC metro area, Long Island, and Hudson Valley), has released its latest market report for the region. 

The report tracks both month-to-month (November to December 2023) and year-to-year (2022 to 2023) changes. For the latter, sale prices increased by 2.10%, rising from $590,000 in 2022 to $602,500 in 2023. 

With higher prices, a reduced number of transactions should be expected. In 2023, closed-sale transactions decreased by 23.10% year over year, falling from 63,443 to 48,817 transactions. So did pending sales, which fell 12.90% (from 58,613 to 50,683).

OneKey cites NAR Chief Economist Lawrence Yun’s perspective on national home sales: “The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in the upcoming months.

County breakdown

Of the nine counties that OneKey MLS covers, here are the month-over-month changes in median home sale price (listed from greatest to smallest) from November to December 2023.

1. Westchester, +11.00% ($620,000 to $688,000)
2. Sullivan, +9.10% ($275,00 to $300,000)
3. Bronx, +5.50% ($595,000 to $627,500)
4. Queens, +1.50% ($650,000 to $660,000)
5. Nassau, -0.70% ($710,000 to $705,000)
6. Rockland, -0.80% ($637,250 to $632,500)
7. Suffolk, -0.80% ($600,000 to $595,000)
8. Orange -1.20% ($415,000 to $410,000)
9. Putnam -6.70% ($509,000 to $475,000)

For more information, visit https://marketstats.onekeymls.com/.