New York Metro Region Closed Median Sale Price Increased Slightly in January
Real Estate In-Depth | February 22, 2023
FARMINGDALE, NY—OneKey MLS reported on Feb. 21 an increase of 0.90% in the closed median sale price for the New York metro region between December 2022 and January 2023.
For January 2023, OneKey MLS reported a regional closed median sale price of $575,000, representing a 0.90% increase as compared to the reported $570,000 in December 2022. Between December 2022 and January 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 3,551 from 4,363, representing an 18.60% month-over-month decline in sales volume.
OneKey MLS provides monthly statistics for residential real estate transactions in its nine-county service area from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains.
Three of nine counties reported an increased closed median sale price in a month-over-month comparison, while six counties reported a decreased median sale price. Rockland (+5.90%), Nassau (+1.20%), and Westchester (+0.50%) Counties reported month-over-month increases in closed median sale price. Queens (-0.70%), Suffolk (-0.90%), Orange (-1.30%), Putnam (-4.10%), Sullivan (-4.40%), and Bronx (-6.80%) counties reported month-over-month decreases in closed median sale price.
Year-over-year, counties in the Hudson Gateway Association of Realtors market area that saw an increase in their median home price were: Rockland County’s closed median sale price rose 7.20% to $570,000 at the end of January 2023; Westchester County’s media increased 3.60% to $603,000 and Orange County’s median home sales price jumped 5.60% to $375,000. The counties in the HGAR region that saw their median sale price decline included: Bronx County, whose median home price fell 6% to $550,000 during the same period, while Putnam County’s median home price fell 2.40% to $415,000 and Sullivan County’s median price dropped sharply by 17.10% to $250,000.
Year-over-year, home sales throughout the region were down significantly as compared to January 2022 when demand was high due to a number of factors, including the effects of the COVID-19 pandemic and low mortgage interest rates. Westchester County’s home sales activity was down 28.50%; Putnam County’s sales volume was 28.10% lower, Orange County saw a 36.80% decline in sales and Rockland County posted a 38.80% decline in January 2023 as compared to January 2022. Rounding out the region, Sullivan County registered a 27.70% decline in home sales and The Bronx posted a 19.50% decrease in sales activity during the same period.
Richard Haggerty, CEO OneKey MLS, said, “Regionally speaking, January closed median home prices have held. However, closed and pending transactional activity has been trending downward since the end of last year, the cumulative effect of rising mortgage rates and inflation that has sidelined many prospective homebuyers.”
He added, “I expect homebuyer demand to increase as the winter thaws and sellers begin to put their homes on the market. Typically, springtime gets people moving.”