New York Metro Area Real Estate Market Saw Rising Home Prices, Low Inventory in 2024

FARMINGDALE—The 2024 real estate market across the New York metropolitan area, experienced rising home prices, continued inventory constraints, and a slight decline in closed sales, officials with OneKey MLS reported today.

The closed median sale price for the region reached $637,500, reflecting a 9.5% increase over 2023. Individual property types saw varying degrees of appreciation, with single-family homes up 9.4%, condominiums rising 6.3%, and co-ops increasing slightly by 0.7%.

Despite higher home prices, 48,857 closed sales transactions were recorded in 2024, representing a 2.5% decrease compared to the previous year. The highest number of closed sales occurred in Suffolk County with 12,913, followed by Nassau County with 9,748, and Westchester County with 7,127.

One of the most significant market challenges remained low inventory. The number of available homes for sale fell by 6.8% to 13,091, continuing a trend that has constrained buyer options. However, pending sales increased by 1.5% to 51,060, indicating a steady level of buyer demand heading into 2025.

OneKey MLS has the most accurate listings in metropolitan New York, straight from the largest Realtor-run MLS in the Empire State with more than 45,000 Realtors across Long Island, Manhattan, and the Hudson Valley.

Richard Haggerty, CEO of OneKey MLS, said of the market conditions last year: “The 2024 housing market was defined by rising prices and tight inventory, which continued to challenge affordability and limit choices for buyers. While total closed sales declined slightly, strong buyer demand kept home prices moving upward across all property types.”

He continued, “With pending sales showing a slight uptick and economists predicting a more active housing market in 2025, we expect to see a more balanced environment as conditions gradually improve for buyers and sellers alike.”