The New York housing market continues to show dynamic changes, with the latest data from July 2024 revealing significant trends. Whether you are a potential homebuyer, a seller, or an investor, understanding these trends is crucial to making informed decisions. The latest report from OneKey MLS sheds light on how the real estate landscape is evolving in the Hudson Valley and the broader New York metro region.
Housing Market Overview In July 2024, the regional single-family home market experienced a strong uptick, with the median sale price increasing by 8.9% year-over-year to $718,750. This reflects the continued demand for single-family homes despite fluctuations in inventory levels. The condo market also saw growth, with a 3.9% increase in the median sale price, bringing it to $480,000. Co-ops saw more modest growth, with the median price rising by 1.5% to $279,750.
On the transaction side, closed sales for single-family homes and condominiums were up by 4.4% and 6.8%, respectively, while co-op sales saw a 6.4% decrease. The inventory played a pivotal role in shaping these figures. While new listings for single-family homes increased slightly compared to last year, listings for condos and co-ops decreased significantly.
Market Insights According to Richard Haggerty, CEO of OneKey MLS, the rise in median sale prices highlights the strong demand, particularly in the single-family home segment. Despite inventory fluctuations, the market remains resilient. Haggerty also mentioned that potential decreases in mortgage rates could reignite buyer enthusiasm, further boosting activity across various property types.
So the July 2024 housing market data suggests that New York’s real estate market is still competitive, especially for single-family homes. With changes in mortgage rates on the horizon, the coming months could bring even more activity. Whether you’re buying, selling, or investing, staying informed about these trends can help you navigate the market successfully.
source: http://www.homesinwestchester.com/blog-homes/2024/8/23/whats-shaping-new-yorks-housing-market