The latest market report or March from OneKey MLS, covering the southern counties of New York state (from Long Island to the Hudson Valley), shows a year-over-year regional median sales price increase in single-family homes by 10.2%. ($650,000, compared to $590,000 in March 2023).
Condominiums and co-ops experienced price increases as well:
- Condos: $475,000 to $495,000, a yearly increase of 5.2%.
- Co-ops: $299,000 to $300,000, a yearly increase of 0.3%.
For single-family homes, there were 2,207 closed sales transactions and 3,382 pending sales transactions in March 2024. This is a 16.8% decrease in closed sales (down from 2,654) and a 5.6% decrease in pending sales (down from 3,582) from March 2023.
There were 462 closed sales transactions and 755 pending sales transactions reported for condos in March 2024. This is a 14.1% decrease in closed sales transactions (down from 538) and a 12.5% increase in pending sales transactions (up from 671) from March 2023, the report stated.
OneKey MLS also reported 517 co-op closed sales in March 2024, down 21.4% from the 658 closed sales transactions in March 2023. Pending co-op sales increased by 25.6% to 1,022 in March 2024, up from 814 the prior year.
OneKey MLS noted in the report that the persistent inventory shortage continues to drive up home prices despite the fall in sales. This is consistent with national statistics showing consumer sentiment on a downward trend since 2024 began, and more cautious predictions about when inflation will finally fall.
For more information, visit https://onekeymls.com/.
