New York Median Home Price Climbs 8.2% in January

In January 2024, OneKey MLS—which covers the New York market territories of Montauk to Manhattan, as well as north through the Hudson Valley and the Catskill Mountains—reported a regional, single-family, closed median sale price of $649,000, an 8.2% increase over the reported January 2023 price of $600,000.

For condominiums, OneKey MLS reported a closed median sale price of $529,950 in January 2024, an increase of 21.8% over $435,000 reported in the prior year. The closed median sale price of co-ops rose minimally as well, up 1.7% from $295,000 in January 2023 to $300,000 in January 2024.

For single-family homes, the MLS reported 2,591 closed sales transactions and 2,424 pending sales transactions in January, representing a 5.0% decrease in closed sales (down from 2,727) and a 9.5% increase in pending sales (up from 2,214) as compared to the prior year.

There were 466 closed sales transactions and 592 pending sales transactions reported for condos in January 2024, representing a 2.0% increase in closed sales transactions (up from 457) and a 35.8% increase in pending sales transactions (up from 436) from the prior year. 556 co-op closed sales were reported on the MLS in January 2024, down 8.6% from the 608 closed sales transactions in January 2023. Pending co-op sales increased by 32.1%, reportedly 753 in January 2024, up from 570 the prior year.

Despite decreases in closed sales activity between January 2024 and January 2023, the persistent shortage of housing supply has helped to keep home prices rising, which is reflected regionally in the reporting by OneKey MLS, a release noted. The increase in pending sales transactions for single-family residences, condominiums, and co-ops may indicate a potential spring thaw as buyers take advantage of stabilizing mortgage rates to achieve their homeownership goals.

For more detailed regional and county-based statistics about residential, condo, and co-op sales transactions in OneKey MLS’s markets, visit marketstats.onekeymls.com.