The median closed sales price for real estate sold in the region from Montauk to Manhattan, north through the Hudson Valley and the Catskill Mountains increased by 0.90% in January to $575,000, up from $570,000 in December 2022, according to OneKey MLS. 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 a -18.60% month-over-month change.
Table showing Month over Month change in closed median sale price for Residential Real Estate in the NY Regional coverage area of OneKey MLS.
OneKey MLS aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented.
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.
“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,” said Richard Haggerty, CEO OneKey MLS. “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!”
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