OneKey® MLS, reporting detailed, month-over-month statistical information about residential, condo, and co-op sales transactions in the regional MLS coverage area, reported a slight increase in closed median sale price between July 2023 and August 2023.
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. For August 2023, OneKey MLS reported a regional closed median sale price of $635,000, a 0.80% increase as compared to the $630,000 reported in July 2023. In a year-over-year comparison, the closed median sale price increased 2.40% from the $620,000 reported in August 2022. Between July 2023 and August 2023, closed regional sales transactions, including residential, condo, and co-op sales, increased to 5,243 from 4,383, representing a month-over-month increase of 19.60%. Across the region, pending sales transactions increased by 6.20% in a month-over-month comparison, reportedly 4,848 in August 2023 as compared to 4,566 in July 2023.
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.
Five of nine counties reported an increased closed median sale price in a month-over-month comparison, while four counties reported a decreased median sale price. Sullivan (+23.20%), Bronx (+15.20 %), Suffolk (+2.60 %), Rockland (+0.80%), and Nassau (+0.70%) Counties reported month-over-month increases in closed median sale price. Orange (-1.20%), Westchester (-3.3%), Queens (-4.4%), and Putnam (-6.10%) Counties reported month-over-month decreases in closed median sale price.
According to Richard Haggerty, CEO of OneKey MLS, there is a lack of inventory leading to the current market conditions. “If we can point to anything keeping sellers in place, it’s the current interest rates. There simply isn’t strong enough motivation for sellers to list their properties.” He continued, “After the extremely dynamic swing of the market since 2019, returning to a state of normalcy is clearly a challenge.”
For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics
OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation’s leading Multiple Listing Services, serving over 48,000 REALTOR® subscribers and 4,500 participating offices throughout Long Island, Manhattan, and the Hudson Valley. OneKey MLS is dedicated to providing more comprehensive coverage, up-to-date statistics, and the best real estate tools and resources.