New York Residential Closed Median Sale Price Increases by 3.40% Between May and June, and Year-over-Year Price Holds Steady

Posted on July 18, 2023 - Press Release

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 3.40% increase in closed median sale price between May 2023 and June 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 June 2023, OneKey MLS reported a regional closed median sale price of $612,000, a 3.40% increase as compared to the $592,000 reported in May 2023. In a year-over-year comparison, the closed median sale price held steady, decreasing less than 1.00% from the $615,000 reported in June 2022. Between May 2023 and June 2023, closed regional sales transactions, including residential, condo, and co-op sales, increased to 4,747 from 4,063, representing a month-over-month increase of 16.80%. Across the region, pending sales transactions decreased slightly by 1.30% in a month-over-month comparison, reportedly 5,355 in June 2023 as compared to the 5,424 in May 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.

Six of nine counties reported an increased closed median sale price in a month-over-month comparison, while three counties reported a decreased median sale price. Westchester (+14.10%), Orange (+9.50 %), Sullivan (+6.30 %), Nassau (+4.50%), Suffolk (+3.60%), and Rockland (+0.40%) Counties reported month-over-month increases in closed median sale price. Queens (-1.50%), Putnam (-3.90%) and Bronx (-7.20%) Counties reported month-over-month decreases in closed median sale price.

Pointing to the slowing rate of inflation, Richard Haggerty, CEO of OneKey MLS said, “This may be an early sign that we will begin to see mortgage rates decrease in the next several months. Lower interest rates could be a catalyst that boosts market activity, prompting more sellers to list their homes, especially as price increases have softened.”

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.