The New York metropolitan area’s real estate market saw rising home prices and continued inventory shortages throughout 2024, according to data from OneKey MLS. While total closed sales declined slightly, strong demand pushed prices higher across all property types.
The region’s median sale price reached $637,500, marking a 9.5% increase over the previous year. Single-family homes led the price gains with a 9.4% rise, followed by condominiums at 6.3%, while co-ops saw a modest 0.7% uptick.
Despite affordability concerns, 48,857 home sales closed in 2024, a 2.5% decrease from 2023. Suffolk County recorded the highest number of closed sales with 12,913, followed by Nassau County with 9,748 and Westchester County with 7,127.
Inventory constraints remained a defining factor in the market, with the total number of homes for sale dropping 6.8% to 13,091. However, pending sales showed a 1.5% increase to 51,060, signaling continued buyer interest as the market moves into 2025.
Richard Haggerty, CEO of OneKey MLS, stated that the 2024 housing market was shaped by rising prices and tight inventory, which presented challenges for affordability and buyer choice. However, steady demand and an increase in pending sales suggest a more active market ahead, with the potential for a better balance between buyers and sellers in 2025.
As one of the nation’s leading Multiple Listing Services, OneKey MLS provides extensive market insights covering Long Island, New York City, and the Hudson Valley.
