Limited Supply Fuels Price Growth in the Greater New York City Metropolitan Area

February 26, 2024

Pending Home Sales Higher Throughout Region

White Plains, NY (February 2023) January home sales continued to decline, while prices increased in most markets in the Greater New York City Metropolitan area, according to a report released today by the Hudson Gateway Association of Realtors (HGAR), based on data supplied by OneKey® MLS. A limited supply and strong demand are responsible for the current market conditions.


However, as the spring selling season approaches, the region’s home sales sector is bolstered by a noticeable increase in pending sales throughout the region, HGAR officials noted. With the prospect of lower mortgage rates as the Federal Reserve Board considers multiple rate cuts this year, home sales are expected to increase as more homes come to the market beginning in the spring and summer months.


“With mortgage interest rates moving slightly higher now, we continue to experience the trend of people taking a ‘wait and see’ approach before deciding to list their homes for sale, but would caution against trying to time the real estate market based on such marginal changes,” noted HGAR President Carmen Bauman. “Nevertheless, we do anticipate more movement during the Spring with additional inventory on the market.”


Sales of single-family homes declined in all six of HGAR’s coverage areas, while some counties experienced increases in co-op or condo sales. All six regions saw price increases in all property types.


“While it will take some time to have the HGAR home sales market fully reset from the impacts of high inflation and mortgage interest rates, home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity,’” said HGAR Chief Executive Officer Lynda Fernandez.


Bronx County


In the Bronx, January sales of condos plummeted by almost 46%, while co-op sales dropped 12.6%, followed by single-family homes, with a decrease of 11.6 % as compared to last January. Co-ops experienced the highest median sales price gain to $247,500 – a 38.3% increase from last January. For single-family homes, the median sales price increased 11.3% to $640,000 and 10.7% to $300,000 for condos. 


New listings declined for single-family homes, condos, and co-ops at 11.6%, 13.5% and 14.4% respectively. The decline of overall inventory for condos was the highest at 42.2%, followed by single-family homes at almost 32%. Co-op overall inventory dropped by 19.5%. Pending home sales transactions were 10.5% higher in the Bronx in January as compared to January 2023.


Westchester County


In Westchester County, January sales of single-family homes and co-ops decreased 12.7% and 19.2% respectively, while condo sales increased 1.4% compared to January of 2023. The median sales price increased 5.4% to $858,250 for single-family homes and 31.5% to $562,000 for condos. The median sales price for co-ops decreased 1.6% to $182,000. 


New condo listings increased 15.5% while new co-op listings declined 18.3%. New listings for single-family homes decreased by just 2.2%. Overall inventory of single-family homes for sale declined by almost 30%, while co-op inventory was down by 37% and condos, 16.3%. Pending home sales rose 6.9% in Westchester as compared to a year earlier.


Putnam County


In Putnam County, January sales of condos dropped by more than 33.3%, while single-family home sales decreased by 16.3%. There were no co-op sales reported. For single-family homes, the median sales price increased by 11.1% to $500,000, and condos saw a 6.6% hike in sales to $337,500. 


New listings for single-family homes saw almost a 16% increase, while the listings for condos remained the same as last year. The overall inventory of single-family homes for sale declined 18.3% while condo inventory remained the same as the previous January. Putnam County’s pending sales increased 5.6% in January as compared to 12 months earlier.


Rockland County


January sales of single-family homes in Rockland County saw just a slight decrease of 0.9% from last year, while condo sales rose by 31% and co-ops by 33%. The median sales price increased 11.1% to $700,000 for single-family homes. Condo prices also climbed 9.2% to $355,00 and co-ops, 9.1% to $221,500.


New listings for single-family homes remained the same as last year, while new condo listings saw a 23.1% hike over January 2023. Co-op listings fell by more than 20%. Co-ops experienced the largest overall inventory decline at 81.1%. Single-family-home inventory overall declined by 19.5% and condos by 3.1%. Pending sales in Rockland County shot up 13.3% in January.


Orange County


In Orange County, January sales of single-family homes and condos decreased 12.4% and 22.2% respectively, while co-op sales saw no change compared to January of 2023. The median sales price increased 6.0% to $434,300 for single-family homes, 17.0% to $307,000 for condos, and 35% for co-ops.


New condo listings decreased 2.3% for single-family homes, 11.4% for condos, and 33.3% for co-ops. Overall, the condo market experienced the steepest decline in inventory at 33%. Inventory for single-family homes fell by 20% and co-ops, 25%. Pending sales transactions in Orange County rose 6.5% last month.


Sullivan County


In Sullivan County, January sales of single-family homes plunged by 41.5% with just 38 sales, compared to 65 last year. There were no condo or co-op sales reported. The median sales price of single-family homes rose by 5.2% to $272,500. 


New listings for single-family homes increased by a whopping 53.2% with 72, as compared to 47 last January. Still, overall, the inventory of single-family homes for sale decreased by almost 10% from last January. Pending home sales rose 11.3% In January in Sullivan County.

It should be noted that transactions closed in January involved negotiations started months earlier and do not necessarily reflect current market conditions, HGAR officials noted.


About HGAR


The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York and one of the largest in the country. 

More Press Releases

November Single-Family Home Sales Increase In Half of the Lower Hudson Valley Region

December 19, 2024
(NOTE: Link to ALL regional reports: Market Data (hgar.com) . Scroll down to 2024 Market Stats) White Plains, NY (December 2024) November sales of single-family homes increased in Westchester, Rockland, and the Bronx, with Rockland in the lead at 15.4% over last year at this time. Putnam, Orange, and Sullivan counties all experienced double-digit decreases in sales, with Orange seeing the largest decline at 19.5%. Single-family median sales prices rose in almost all regions, with home prices in Sullivan County soaring by 19.6% to $357,500 – the largest gain in the region. Putnam County’s median prices remained the same as November of 2023 at $530,000 Orange County’s November condo sales experienced the highest gain at 36%, while Putnam condo sales increased by 18.2%, and the Bronx by 15.4%. Median sale prices for condos climbed everywhere but the Bronx, which saw a slight decline at 3%. Rockland County was the winner with a 16.2% hike in condo median prices at $430,000, as compared to last year at $370,000. Rockland’s co-op sales grew by 20%, and the median sales price by 43.9% to $161,200. Co-op sales declined in both Westchester and the Bronx. Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase. Today’s report by the Hudson Gateway Association of Realtors (HGAR) is based on data supplied by OneKey® MLS. “Sales and median prices of single-family homes continue to rise throughout most of our region, and we’ve also seen some substantial gains among other property types as well,” said HGAR CEO Lynda Fernandez. “I think the market indicates that we are poised to see more housing opportunities for more individuals and families in 2025.” Bronx County Closed sales of condos saw the largest increase at 15.4%, followed by single-family homes at 10.5%. November sales of the co-op market declined by 11.3%. Median sales prices rose by 7.2% for single-family homes bringing them up to $664,500 from $620,000 last year. Condos experienced a 3% hike to $325,000, while co-op prices rose 2.3% to a new median of $230,000. The Bronx led the region with the number of new listings for single-family homes, up by 31.9% in November. Both the condo and co-op market listings declined by 25% and 16.7%, respectively. Inventory also declined for all three property types with condos seeing the largest drop at 35%. Inventory of single-family homes decreased by 15.7% and co-ops by 14.9%. Months of supply for all property types were down by 23% to 5.7 months while pending sales were up by 12.4% Westchester County October’s closed sales increased by 2.3% for single-family homes but declined by 15.5% for condos and 22.1% for co-ops. All three property types experienced gains in median sales prices, with condos leading the way at 9.6% to $525,000. Co-op prices moved forward by 8.4% to $227,701 and single-family home prices advanced by 4.7% to $890,000. New listings were down for all three property types, with single-family homes at an 18.6% decline. Condo and co-op listings also decreased by 5.6% and 5.1%, respectively. Inventory decreased by 31.1% for single-family homes, followed by 10.6% for condos and 5% for co-ops. Months of supply for all property types was down 22.2% to 2.1 months, and pending sales were up by 4.2%. Putnam County While small, Putnam County’s co-op market saw an 18.2% increase in sales, from 11 last year to 13 this November. Single-family home sales, meanwhile, dropped by 18.6%. There were no co-op sales reported. Condos also saw a 5% growth in median sales prices to $315,000, while single-family home sales remained flat at $530,000 – the same as last year. New listings for condos jumped by 10% while declining by 23.3% for single-family homes. Inventory for both property types decreased, with single-family homes by 14.5% and condos by 5.3%. Months of supply for all property types declined by 7.1% to 2.6 months. Pending sales dropped by 26.6%. Rockland County Co-op sales saw the highest increase in Rockland County at 20%, followed by single-family homes at 15.4% Only condo sales declined, by 12.8%. The co-op market also experienced the highest median price increase at 43.9% to $161,200 over $112,000 last November. The median price for condos also rose, by 16.2% to $430,000 and single-family homes by 7.3% to $755,000. Both the condo and co-op markets saw an uptick in new listings at 27% and 25%, respectively. New listings for single-family homes fell by 8.3%. The co-op market was the winner again for inventory, soaring by 84.6%, and condos by 16.3% Conversely, the single-family market inventory took a downturn by 25.6%. Months of supply for all property types dropped by 19.4% to 2.5 months, but pending sales rose by 10.3% Orange County In Orange County, sales of condos grew by 36% in November, while single-family home sales declined by 19.5%. The co-op market, while small, did experience a 100% hike in sales from one last year to just two this November. Single-family median sales prices increased by 5.7% to $465,000 and condos by 2.5% to $289,500 Co-op prices decreased by 9.2% to $132,500 from $146,000 last year. New listings declined for both condos and single-family homes at 6.7% and 1.7%, respectively. There was no change in new listings for co-ops. Condos saw a slight uptick in inventory at 1.4%, while single-family home inventory dropped by 10.8%. Co-op inventory remained flat. Months of supply for all property types was down 8.1% to 3.4 months, and pending sales decreased by 5%. Sullivan County While Sullivan County’s November sales fell by 18.3%, the county had the highest increase in median sales prices at 19.6% to $357,000, from just $299,000 last year. There were no condo or co-op sales reported. New listings dipped slightly by 1.4%, but inventory of single-family homes increased by 5.7%. Months of supply advanced by 7.4% to 7.3 months. Pending sales increased by 10%. The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.

Hudson Gateway REALTOR® Foundation Presents $3,500 Donation to 914 Cares, Serving Westchester County

December 12, 2024
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Hudson Gateway REALTOR® Foundation Presents $2,000 Donation Check to the Town of Wallkill Boys & Girls Club

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Goshen, NY (December 2024) The Hudson Gateway REALTOR® Foundation, the charitable arm of the Hudson Gateway Association of REALTORS® (HGAR), recently presented a check for $2,000 to the Town of Wallkill Boys & Girls Club. Based in Circleville, the Club supports some 2,000 school-aged children every year at nine locations throughout northern Orange and Sullivan counties. For the past 31 years, the Club has offered before and after-school programs, summer day camps, and events throughout the year. The programs are designed to provide enriching environments for students outside of school hours, offering activities that promote social-emotional development, academic achievement, and physical wellness. The Club provides care to all children, regardless of financial status. It also offers Club Kids healthy meals and snacks daily at no cost. Each year, the Club serves 11,000 meals and over 30,000 snacks. “Simply put, your generous donation of $2,000 makes it possible for us to do everything that we do for Club Kids: offer programs that boost academic performance, reduce risky behaviors, promote physical and mental health, and provide safe and structured environments for children outside of school hours,” said Sophie Samul, Club Development and Communications Manager. “Thanks to your support, we can dream bigger, achieve more, and impact the lives of countless young people.” Established in 2004 and relaunched in 2013, the HG Realtor Foundation has donated hundreds of thousands of dollars to charities and non-profits throughout the New York metro area and Hudson Valley. As concerned members of the communities we work in, the Hudson Gateway REALTOR® Foundation participates in qualified community-based charities who serve the housing, hunger, health, happiness, and humane needs of citizens everywhere. For more information or to apply for funding from the Hudson Gateway REALTOR® Foundation, please visit www.hgrealtorfoundation.com . The Hudson Gateway Association of REALTORS® is a not-for-profit trade association representing over 13,000 real estate professionals doing business in Westchester, Putnam, Rockland, and Orange counties, as well as the Bronx and Manhattan. HGAR maintains its corporate office in White Plains and operates additional offices in Goshen and the Bronx. It is the second largest REALTOR® Association in New York, and one of the largest in the country.

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Single-Family Homes Sales Rise in the Bronx and Most Areas of the Lower Hudson Valley

October 23, 2024
The Bronx Sees the Biggest Increase in Median Sales Prices for Single-Family Homes, and Westchester, for Condos

HGAR: August Median Single-Family Home Sales Prices Rise in The Bronx and all Lower Hudson Valley Regions

September 19, 2024
WHITE PLAINS —Median sales prices for single-family homes rose in the Bronx and all five lower Hudson Valley regions with Westchester County again setting a new record-high at $1.118 million. The last record high recorded for median sales in Westchester was in June at $1.03 million. Putnam County saw the highest gain at 26.3% to a new median high of $625,000, according to a report released today (Sept. 19) by the Hudson Gateway Association of Realtors, Inc. However, sales of single-family homes declined in all six areas, with the Bronx experiencing the largest decline at 18.5%, followed by Rockland County with a 10.6% drop. Inventory of single-family homes saw double digit declines in almost all regions with the exception of Sullivan County with a 14.6% increase of homes on the market. Sales of Bronx condos fared much better, with a 16.7% increase, followed by Westchester, with a 14.7% hike. While Putnam’s condo market is small, the county did experience a 44% increase in closed sales, reporting 13 condos sold last month compared with just nine in August of 2023. Sullivan County reported the highest surge in condo median sales prices by 65.9% to a new high of $224,000. Sales of co-ops in Rockland jumped 12.5%, while the Bronx saw a slight uptick of 3.9% in sales. Westchester’s co-op sales declined by 26.4% in August. Rockland also experienced the largest increase in co-op median sales prices by 63.9% to $191,000. Today’s report by the Hudson Gateway Association of Realtors (HGAR), based on data supplied by OneKey MLS, shows a steady increase in median sales prices across all housing types. “Lower inventory and strong demand continue to fuel home prices throughout the New York metro area and lower Hudson Valley,” “said HGAR Chief Executive Officer Lynda Fernandez. “Declining interest rates should result in more properties coming onto the market this fall, creating a more balanced market.” Bronx County Single-family home sales decreased by 18.5% in August and the median sales price rose slightly by 3.6 % to $650,000 from August 2023. Condo sales jumped by 16.7%, but the median price declined by 13.5% to $265.000, down from $306,250 last year. Sales in the co-op market saw a 3.9% increase, but a 10.6% decline in the median sales price to $257,000. The median co-op sales price in August 2023 was $287,500. New listings for all three property types declined, with the co-op market decreasing the most at 9.1%. Overall inventory fell by over 30% for both single-family homes and condos, but just 4.9% for co-ops. As of August, there were 6.4 months of supply, down by 11.1% from last month. Overall pending sales for all property types were up by 8.4% Westchester County Once again, Westchester set a new record for the highest single-family median sales price at $1.118 million, topping June’s record high price of $1.031 million. Both the condo and co-op markets experienced growth in median sales prices of 10.3% and 12.6%, respectively. August’s median price for condos was $517,700, and $227,500 for co-ops. However, co-op sales were down by 26.4% in August and single-family homes by 9.9%. Only the condo market saw an increase in sales, at 14.7%. New listings declined for single-family homes and condos at 7.6% and 4.1%, respectively, but increased slightly for co-ops at 2.7%. Overall inventory for all property types declined, with co-ops seeing the largest decrease at 19.3%, followed by single-family homes at 16.7% and condos but 6.3%. Months of supply was down 11.2% to just 2.4 months, and pending sales for all property types increased by 2.4%. Putnam County While single-family home sales in Putnam County declined by 5.7% in August, condo sales escalated by 44.4%. A small condo market, Putnam offered 13 condos for sale last month, from just nine last year at this time. The median sales price of single-family homes rose significantly—by 26.3% to $625,000, over just $495,000 in August of 2023. Median prices for condos edged slightly forward by 2.6% $395,000. New listings for condos increased by 14.3% but dropped by 11.3% for single-family homes. Months of supply for all property types decreased by 9.4% to 2.9 months but pending sales rose by 4.6%. There were no co-op sales reported in August. Rockland County Rockland’s co-op market, albeit a small segment, saw a 12.5% rise in sales last month and a 63.9% surge in the median sales price of $191,000, from just $116,500 in August of 2023. Sales of condos and single-family homes decreased by 22.2% and 10.6%, respectively. The condo market saw an 18.6% increase in the median sales price to $421,000, while the median price of single-family homes grew by 7.8% to $748,750. New listings for co-ops shot up 57.1% over last year, followed by an 11.7% increase for single-family homes and a 10.7% hike for condos. Inventory remained flat for condos but decreased 8.7% for single-family homes and 4.5% for co-ops. Months of supply dropped 3.4% to 2.8 months but pending sales for all property types grew by 22.7% Orange County In Orange County, sales of single-family homes decreased by 4.2%, while condo closings fell by 29.8%. Co-op sales increased by 50%, but with the county’s co-op market so sparse, the increment moved from just two co-ops last August to three in 2024. However, co-op median sales prices saw a 25% hike to $159,900. Condos experienced a median sales increase of 8.8% to $310,000 and single-family homes, a 1.1% uptick to $465,000. New listings for single-family homes rose by 3.3% and condo listings by 2.4%. Co-op listings declined by 50% from four in August of 2023 to just two last month. Inventory for all three property types declined with co-ops seeing the highest decrease at 14.3%, followed by single-family homes at 11.8% and condos at 5.5%. Months of supply for all properties were down 5.4% to 3.5 months, but pending sales were up by 18.7% Sullivan County Sullivan County’s single-family home sales declined 4.2% in August, but the median sales price moved forward by 2.1% to $362,500. Condo sales were down by 50% from last year, but the median sales price surged by 65.9% to $224,00 from just $135,000 last year. However, due to the county’s minimal number of available condos, this percentage translates to just one condo sale, as opposed to two in August of 2023. There were no co-op sales reported. New listings for single-family homes grew by 20.8% but there were no new listings reported for condos. Inventory of single-family homes advanced by 14.6% and declined 50% for condos with two on the market as opposed to four last August. Sullivan continued to offer the largest months of supply at 7.9 months, an increase of 19.7% over last month. Pending sales also increased by 23%. (NOTE: Link to ALL regional reports: Market Data (hgar.com) . Scroll down to 2024 Market Stats)
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