New York Single Family Home Market Up by Double Digits

According to OneKey® MLS (which covers southern regions of New York State such as Long Island, NYC and Westchester County), the regional, single-family, closed median sale price was $650,000 in February 2024, a year-over-year 10.5% increase over the price of $588,500 from February 2023. 

Further details:

  • For condominiums, OneKey MLS reported a closed median sale price of $469,414 in February 2024, an increase of 4.3% over $450,000 reported in the prior year. 
  • The closed median sale price of co-ops rose as well, reportedly increasing 5.5% from $275,000 in February 2023 to $290,000 in February 2024.  
  • For single-family homes, there were reportedly 2,166 closed sales transactions and 2,722 pending sales transactions in February, representing a 3.6% decrease in closed sales (up from 2,246) and a 2.1% increase in pending sales (up from 2,667) as compared to the prior year.
  • There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions (up from 379) and a 23.0% increase in pending sales transactions (up from 496) from the prior year.
  • Regarding co-op sales, 532 transactions were reported on the MLS in February 2024, down 4.7% from 558 closed sales transactions in February 2023. Pending co-op sales increased by 43.5%, reportedly 890 in February 2024, up from 620 the prior year.

These figures may indicate that buyers will continue to explore their housing options as high mortgage rates and rising home prices continue to present affordability challenges, the MLS concluded.

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