OneKey MLS: NY Regional Residential Closed Median Sale Price Increased by 3.40% in July
Real Estate In-Depth | August 22, 2023
FARMINGDALE—For July 2023, OneKey MLS reported a regional closed median sale price of $633,000, a 3.40% increase as compared to the $612,000 reported in June 2023. In a year-over-year comparison, the closed median sale price rose slightly as well, increasing 2.10% from the $620,000 reported in July 2022.
Between June 2023 and July 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 4,288 from 4,899, representing a month-over-month decrease of 12.50 %. Across the region, pending sales transactions decreased in a month-over-month comparison, reportedly 4,642 in July 2023 as compared to the reported 5,313 in June 2023, OneKey MLS noted in its report released on Aug. 18.
Seven of nine counties reported an increased closed median sale price in a month-over-month comparison, while two counties reported a decreased median sale price. Putnam (+7.70%), Queens (+6.30 %), Nassau (+4.30 %), Westchester (+4.30%), Orange (+2.10%), Rockland (+2.10%), and Suffolk (+1.80%) Counties reported month-over-month increases in closed median sale price. The Bronx (-4.60%) and Sullivan (-12.30%) counties reported month-over-month decreases in closed median sale price.
According to Richard Haggerty, CEO of OneKey MLS, the current state of the regional market is due to a combination of high interest rates and limited available inventory. CEO Haggerty said, “Homeowners are simply not motivated to put their homes on the market right now.”
OneKey MLS is the one source real estate marketplace for monthly statistics for residential real estate transactions from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains. OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, 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, Manhattan 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