OneKey® MLS: Residential Real Estate Market Overview July 2024
FARMINGDALE, NY, UNITED STATES, August 19, 2024 /EINPresswire.com/ — OneKey® MLS, the leading real estate marketplace that provides monthly statistics on residential real estate transactions from Montauk to Manhattan and across the Hudson Valley to the Catskill Mountains, reported significant trends in July 2024 that bode well for the region’s real estate market.
In July, the regional median sales price for single-family homes was $718,750, up 8.9% from the same period last year, from $660,000 in July 2023. Condos also saw an upward trend, with a median sales price of $480,000, up 3.9% from $462,000 a year ago. The median sales price for co-ops rose to $279,750, a modest 1.5% increase from $275,500 in July 2023.
Looking at transaction volume, completed sales of single-family homes and condominiums increased year over year, while sales of cooperative apartments declined. In July 2024, there were 3,625 completed transactions for single-family homes, an increase of 4.4% from July 2023. Completed sales of condominiums reached 533, up 6.8%, while completed sales of cooperative apartments decreased 6.4% to 528.
Inventory continues to play a critical role in the real estate market, influencing prices, buyer demand, and the pace of sales. In July 2024, new listings for single-family homes increased compared to the same period last year, with 4,634 new listings compared to 4,424 in July 2023. In contrast, new listings for condominiums and cooperative apartments decreased, with 773 condominium listings (down 14.4%) and 819 cooperative listings (down 16.8%) compared to the previous year.
Richard Haggerty, CEO of OneKey® MLS commented on the current market dynamics: “The increase in median sales prices reflects strong demand, particularly in the single-family segment, despite fluctuations in inventory. Looking ahead, falling mortgage rates could reignite buyer enthusiasm, especially among those who have been undecided due to higher borrowing costs. A drop in rates could bring more buyers back into the market and boost activity across various property types.”
OneKey MLS, the largest MLS in New York, aggregates real estate transaction data from 12 counties that make up the MLS regional service area and reports individually on each county within it. For more information and detailed regional and county-level statistics on residential, condominium and cooperative sales transactions, visit https://marketstats.onekeymls.com/
Tricia Chirco
OneKey MLS
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