New York Housing Market Sees Steady Price Growth Amid Slight Declines in Sales Activity

Single-Family Home Price Jumps 7.7% Year-Over-Year to $700,000 in November 2024

OneKey® MLS, the premier real estate marketplace providing monthly statistics for residential transactions from Montauk to Manhattan and through the Hudson Valley to the Catskill Mountains, reported data for November 2024 reflecting continued strength in the housing market with higher-value transactions.

In November, the regional single-family closed median sale price reached $700,000, a 7.7% increase from $650,000 in 2023. Condominiums saw a modest rise, with a closed median sale price of $500,000 compared to $499,000 last year. Meanwhile, the closed median sale price for co-ops remained steady at $295,000, unchanged from November 2023.

In terms of transactional activity, there were fewer closed sales for single-family homes, condominiums, and co-op compared to last year. There were 2,864 single-family closed transactions in November 2024, representing a 1% decrease from November 2023. Condominium closed sales were 476 and co-op sales were 490, a 15% and 21% year-over-year decline, respectively.

OneKey® MLS CEO Richard Haggerty commented on the current market conditions, stating, “The November housing market demonstrates a mix of resilience and adjustment. Healthy year-over-year growth in single-family home prices, a modest uptick in condominium prices, and stable co-op values highlight a market that remains steady despite shifting economic conditions. While the decline in transactional activity across all property types reflects broader economic factors and seasonal trends, it also underscores the ongoing demand for diverse housing options in our region.”

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

About OneKey® MLS

OneKey® MLS is one of the nation’s leading Multiple Listing Services, serving 45,000 estate professionals and 4,428 participating offices throughout Long Island, New York City, and the Hudson Valley. OneKey MLS is owned by the Hudson Gateway Association of REALTORS® and Long Island Board of REALTORS, Inc.