New York Area Residential Sale Price Fell 4.40% in February
Real Estate In-Depth | March 20, 2023
FARMINGDALE—OneKey MLS has reported a regional closed median sale price of $550,000 in February 2023 for the New York area residential market, representing a 4.40% decrease as compared to the reported $575,000 in January 2023.
OneKey MLS reported on March 20 that between January 2023 and February 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 2,988 from 3,621, representing a -17.50% change. Across the region, pending sales transactions rose in a month-over-month comparison, reaching 3,974 in February, 23.30% more pending transactions than the 3,224 reported in January.
OneKey MLS, the largest MLS in New York, aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented. The infographic demonstrates month-over-month closed median home price comparisons for the region. OneKey MLS’ service area extends from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains.
Three of nine counties in the OneKey MLS market area reported an increased closed median sale price in a month-over-month comparison, while six counties reported a decreased median sale price. Sullivan (+12.00%), Putnam (+1.20%), and Suffolk (+0.70%) counties reported month-over-month increases in closed median sale price. Rockland (-2.60%), Bronx (-3.00%), Nassau (-3.00%), Orange (-3.30%), Queens (-9.60%), and Westchester (-12.10%) counties reported month-over-month decreases in closed median sale price.
Richard Haggerty, CEO OneKey MLS, said, “The pandemic induced market conditions of 2020, 2021, and 2022 were extraordinary and price appreciation across our region was steep. Now that home prices are starting to soften, we must remind ourselves to view the market numbers in the context of those unusual circumstances.”
Haggerty said that he remains optimistic that the spring market will be active, but expects a delayed start as people wait to see how the dust settles around the latest headlines, inflation and mortgage rates.
For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics.