OneKey MLS: Regional Residential Closed Median Sale Price Falls Slightly; Sales Drop Nearly 8%
Real Estate In-Depth | January 20, 2023
FARMINGDALE, NY—For December 2022, OneKey MLS reported today a regional closed median sale price of $570,000, representing a 0.90% decrease as compared to the reported $575,000 in November 2022.
Between November and December 2022, closed regional sales transactions in the nine-county OneKey MLS region, including residential, condo, and co-op sales, decreased to 4,270 from 4,620, representing a -7.60% month-over-month change.
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. The Bronx, $590,000 (+9.30%); Sullivan, $261,500 (+4.20%) and Putnam, $432,500 (+0.80%) counties reported month-over-month increases in closed median sale price. Suffolk, $542,500 (-0.50%); Queens, $675,000 (-0.70%); Orange, $377,500 (-1.30%); Westchester $600,000,(-1.60%); Nassau, $655,000 (-1.90%) and Rockland, $538,450 (-2.10%) counties reported month-over-month decreases in closed median sale price.
Richard Haggerty, CEO of OneKey MLS, said, “We are seeing transactional activity slow and prices leveling out across the region. People are patiently watching as interest rates and inflation pressures seem to be stabilizing.”
He added, “I have seen these housing conditions before, especially at this time of the year and expect that by springtime, sales activity will pick back up as sellers make their move and buyers get back into the market.”
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 50,000 Realtor subscribers and 4,500 participating offices throughout Long Island, Manhattan, and the Hudson Valley. OneKey MLS provides monthly statistics for residential real estate transactions from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains.