New York Regional Single-Family Home Price Jumps 8.4% in August 2024

FARMINGDALE, NY—OneKey MLS reported that while home prices continued to increase in most of the region, sales continued to be lower as buyers navigate a changing market. Among key data points identified in the report was that the median single-family home price in Westchester County shot up 14.3% in August from a year earlier to $1,118,000.

In August, the regional single-family closed median sale price was $725,000, marking an 8.4% year-over-year increase from $669,000 in August 2023. Condominiums also saw an uptick, with a closed median sale price of $519,000, reflecting a significant increase of 11.6% from $465,000 the previous year. The closed median sale price for co-ops rose to $295,000, a 5.4% increase from $280,000 in August 2023.

In terms of transaction volumes, closed sales for single-family homes, condominiums, and co-ops were all down 8.7% regionwide from last year. There were 3,889 single-family closed transactions in August 2024, a 6.5% decrease from August 2023. Condominium closed sales were 581 and co-op sales were 528, a 4.6% and 20.7% year-over-year decline respectively.

New listings for single-family homes regionwide were down 1/8%, while inventory of homes for sale fell 7.2% % as compared to August 2023. The OneKey MLS’ market area includes: Sullivan, Putnam, Orange, Rockland, Westchester and the Bronx, as well as Dutchess, Ulster, Queens, Nassau and Suffolk counties.

Richard Haggerty, CEO of OneKey MLS, commented on the current market conditions, stating, “The real estate market continues to show strength in pricing, with year-over-year increases across single-family homes, condos, and co-ops. However, the lower number of closed transactions in August reflects the ongoing inventory shortage and unpredictable interest rates, which are creating a more competitive and selective market for sellers. This dynamic has led to fewer but higher-value transactions.”

In August, closed single-family home sales were down in The Bronx by 18.5%, while new listings fell 1.3%. The median home sale price rose 3.6% to $650,000. Inventory on the market for sale in August fell 30.6% as compared to last year. The average days on market fell 16.1% to 52 days.

In August, closed single-family home sales were down 4.2% in Orange County, while new listings rose 3.3%. The median home sale price rose slightly by 1.1% to $465,000. Inventory on the market for sale in August fell 11.8% as compared to last year. The average days on market was flat as compared to last year at 48 days.

In August, closed single-family home sales were down 5.7% in Putnam County, while new listings declined by 11.3%. The median home sale price rose shot up by 26.3% to $625,000. Inventory on the market for sale in August fell 18.8% as compared to last year. The average days on market increased by 14.7% as compared to last year to 39 days.

In August, closed single-family home sales were down 10.6% in Rockland County, while new listings increased by 11.7%. The median home sale price rose 7.8% to $748,750. Inventory on the market for sale in August fell 8.7% as compared to last year. The average days on market increased 19.4% as compared to last year to 37 days.

In August, closed single-family home sales were down 4.2% in Sullivan County, while new listings soared by 20.8%. The median home sale price rose 2.1% to $362,500. Inventory on the market for sale in August increased 14.6% as compared to last year. The average days on market increased by 3.1% as compared to last year to 67 days.

In August, closed single-family home sales were down 9.9% in Westchester County, while new listings fell 7.6%. The median home sale price in Westchester rose 14.3% to $1,118,000. Inventory on the market for sale in August fell 16.7% as compared to last year. The average days on market fell by 3% as compared to last year to 32 days.