NY Regional Single-Family Home Price Posted Double-Digit Gain in February; Pending Sales for Condos, Co-Ops Rose Sharply

FARMINGDALE — In February, OneKey MLS reported a regional, single-family, closed median sale price of $650,000, a year-over-year 10.5% increase over the price of $588,500 from February 2023. For condominiums, OneKey MLS reported a closed median sale price of $469,414 in February 2024, an increase of 4.3% over the $450,000 reported in the prior year.

The closed median sale price of co-ops rose as well, reportedly increasing 5.5% from $275,000 in February 2023 to $290,000 in February 2024.  

For single-family homes, there were reportedly 2,166 closed sales transactions and 2,722 pending sales transactions in February, representing a 3.6% decrease in closed sales (down from 2,246) and a 2.1% increase in pending sales (up from 2,667) as compared to the prior year.

There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions (up from 379) and a 23.0% increase in pending sales transactions (up from 496) from the prior year.

Regarding co-op sales, 532 transactions were reported on the MLS in February 2024, down 4.7% from 558 closed sales transactions in February 2023. Pending co-op sales increased by 43.5%, reportedly 890 in February 2024, up from 620 the prior year.

Signs of a more dynamic spring market may be starting to surface in February’s transactional activity. In the New York regional market, condominium sales increased year-over-year and pending sales for co-ops also reportedly increased dramatically. These figures may be an indication that buyers will continue to explore their housing options as high mortgage rates and rising home prices continue to present affordability challenges for many buyers, OneKey MLS stated in its report.

OneKey MLS, the largest MLS in New York, aggregates the real estate transactional data from 12 counties making up the regional MLS service area, and reports individually on each county therein. To find more detailed regional and county-based statistics about residential, condo, and co-op sales transactions, please visit marketstats.onekeymls.com  

OneKey MLS is one of the nation’s leading Multiple Listing Services, serving 47,000+ real estate professionals and 4,500 participating offices throughout Long Island, New York City, and the Hudson Valley. OneKey MLS provides reliable property listing data, invaluable market insights, and an extensive suite of innovative industry tools and services. OneKey MLS is a subsidiary of the Hudson Gateway Association of Realtors and the Long Island Board of Realtors.