New York’s OneKey® MLS reported significant trends in August 2024 reflecting a resilient housing market with higher-value transactions.
The multiple listing service, which services Montauk to Manhattan and through the Hudson Valley to the Catskill Mountains, reported 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, the MLS stated.
In terms of transaction volumes, closed sales for single-family homes, condominiums, and co-ops were all down 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, a release noted.
Richard Haggerty, CEO of OneKey® MLS, commented, “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.”
For more information, visit https://www.onekeymls.com/.
