OneKey MLS: Median Single-Family Home Price Rose 8.2% in New York Metro Region Last Month

FARMINGDALE—The January home sales report released on Friday by OneKey MLS indicated the regional median home sale price rose sharply last month, single-family home sales were down 5% regionwide and in some good news for the markets, pending sales were up significantly in all housing sectors in the market area that includes Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains.

OneKey MLS reported a regional, single-family, closed median sale price of $649,000 in January, an 8.2% increase over the reported January 2023 price of $600,000. For condominiums, OneKey MLS reported a closed median sale price of $529,950 in January 2024, an increase of 21.8% over $435,000 reported in the prior year. The closed median sale price of co-ops rose minimally as well, up 1.7% from $295,000 in January 2023 to $300,000 in January 2024.

A subsidiary of the Hudson Gateway Association of Realtors and the Long Island Board of Realtors, OneKey MLS is one of the nation’s leading Multiple Listing Services, serving more than 47,000 real estate professionals and 4,500 participating offices throughout Long Island, New York City, and the Hudson Valley.

For single-family homes, there were reportedly 2,591 closed sales transactions and 2,424 pending sales transactions in January, representing a 5.0% decrease in closed sales (down from 2,727) and a 9.5% increase in pending sales (up from 2,214) as compared to the prior year.

There were 466 closed sales transactions and 592 pending sales transactions reported for condos in January 2024, representing a 2.0% increase in closed sales transactions (up from 457) and a 35.8% increase in pending sales transactions (up from 436) from the prior year. 556 co-op closed sales were reported on the MLS in January 2024, down 8.6% from the 608 closed sales transactions in January 2023. Pending co-op sales increased by 32.1%, reportedly 753 in January 2024, up from 570 the prior year.

Despite decreases in closed sales activity between January 2024 and January 2023, the persistent shortage of housing supply has helped to keep home prices rising, which is reflected regionally in the reporting by OneKey MLS.

New listings year-over-year in January were down for single-family homes, condominiums and co-ops by 3.5%, 8.3% and 16.1% respectively, according to the OneKey MLS report.

For the HGAR market area, the new listings data was a mixed bag, with some housing types in select counties posting increases in new listings, while other counties continued to post listing declines. In the Bronx, single-family listings were down 38.4% year-over-year in January, while condominium listings fell 13.5% and co-ops declined 14.4%. Orange County saw a 2.3% drop in single-family listings and an 11.4% drop in condominium listings. Putnam County’s single-family listings dropped 15.9%, while condominium listings were flat as compared to January 2023’s totals.

Rockland County’s single-family listings last month were flat as compared to 12 months earlier, while condominium listings shot up 23.1% and condominium listings dropped by 20.0%. Westchester County’s single-family listings dropped slightly by 2.0% last month, while condominium listings rose 15.5%, but co-op new listings declined 18.3%.

The one true bright spot in the HGAR market area was in Sullivan County where single-family listings shot up 53.2% last month as compared to a year earlier

OneKey MLS concluded its report by noting that the increase in pending sales transactions for single-family residences, condominiums, and co-ops regionwide may indicate a potential spring thaw as buyers take advantage of stabilizing mortgage rates to achieve their homeownership goals.