Jan 26, 2025
New York Housing Market Update: Steady Price Growth in November 2024
The New York housing market continues to show resilience as we close out 2024, with steady growth in property values across key sectors. According to the latest data from OneKey® MLS, November 2024 highlighted healthy price increases in single-family homes and condominiums, while co-op prices held steady. Here’s a closer look at what the numbers mean for buyers, sellers, and real estate professionals.
The median sale price for single-family homes in November 2024 reached $700,000, marking a 7.7% year-over-year increase from $650,000 in November 2023. This significant jump underscores the ongoing demand for single-family properties, even in the face of shifting economic conditions.
For realtors, this trend presents an opportunity to work with sellers who may be considering listing their homes in a market that is clearly valuing single-family properties. For buyers, it emphasizes the importance of acting quickly and strategically in this competitive segment.
Condominium prices saw a slight rise, with the median sale price increasing to $500,000 from $499,000 in 2023. While the growth is modest, it reflects a stable interest in condos as an alternative to single-family homes, particularly for buyers seeking affordability and lower maintenance options.
Real estate professionals should highlight the value of condos as a viable choice for first-time buyers or those looking to downsize. The modest price growth suggests that this market segment remains approachable, even as other sectors experience steeper increases.
The median sale price for co-ops held steady at $295,000, unchanged from November 2023. This consistency reflects the unique appeal of co-ops, particularly in New York City, where they offer a more affordable entry point into homeownership.
For realtors, the co-op market remains an essential area to target, especially for budget-conscious buyers. Highlighting the advantages of co-op ownership, such as community amenities and lower price points, can help clients see their potential.
While prices have shown resilience, transactional activity dipped across all property types.
These declines reflect broader economic factors and seasonal trends. Realtors should prepare clients for reduced inventory and potentially longer timelines
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
