New York Regional Home Price Increased Slightly in 2023

Real Estate In-Depth • January 26, 2024
New York Regional Home Price Increased Slightly in 2023

FARMINGDALE—OneKey MLS reported earlier today (Jan. 26) a 2.10% increase in closed median sale price between 2022 and 2023.

OneKey MLS, which aggregates statistics on residential real estate transactions across urban, suburban, and rural geographies, covering New York City, Long Island, and the Hudson Valley, reported a regional closed median sale price of $602,500, representing a 2.10% increase as compared to $590,000 reported over the same period in 2022. In 2023, closed sales transactions decreased 23.10%, from 63,443 closed sales transactions in 2022 to 48,817 in 2023. Pending sales transactions decreased 12.90%, from 58,163 in 2022 to 50,683 in 2023.

For the month of December 2023, OneKey MLS reported a regional closed median sale price of $625,000, a 9.60% increase from $570,000, the closed median sale price reported in the month of December 2022. In a month-over-month comparison of closed median sale price, the closed median sale price rose less than 1.00% from the figure reported in November 2023, $619,500. Closed sales transactions decreased 15.00% in December 2023 in a year-over-year comparison from 3,270 in December 2022 to 4,406 in December 2023. Month-over-month closed sales transactions reportedly decreased 4.20% from 3,909 in November 2023.

Year-over-year, pending sales transactions reportedly increased 2.40% from 3,270 in December 2022 to 3,348 in December 2023. Month-over-month, pending sales transactions reportedly decreased 11.90%, as compared to 3,799 reported in November 2023.

Statistical trends month-over-month and year-over-year for December 2023 somewhat mirror the 2023 Annual Regional reports for the New York regional coverage area, with the exception that year-over-year pending sales transactions for the month of December 2023 increased. This may be an indication that the New York regional area may be in line with the experts’ expectation of increasing national transactional activity in 2024.

In respect to national home sales in December 2023, NAR Chief Economist Dr. Lawrence Yun said, “The latest month’s sales look to be the bottom before inevitably turning higher in the new year. Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in the upcoming months.”

OneKey MLS, a subsidiary of the Hudson Gateway Association of Realtors, is one of the nation’s leading Multiple Listing Services, serving more than 48,000 Realtor subscribers and 4,500 participating offices throughout Long Island, New York City, and the Hudson Valley.

For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics

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