NY Area Home Prices Drop Slightly in September

FARMINGDALE NY — OneKey MLS, which provides data on NY metro area real estate prices, reported a regional median sale price of $630,000 in September, a slight 0.80% decrease as compared to the $635,000 reported in August 2023. Buyers are still finding a short supply of homes available for purchase.

In a year-over-year comparison, the closed median sale price increased 5.00% from $600,000, reported in September 2022. Between August 2023 and September 2023, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 4,245 from 5,344, representing a month-over-month decrease of 20.60%. Year over year, transactions were down 21.20% from September 2022.  Across the region, pending sales transactions also decreased 11.20% in a month-over-month comparison, reportedly 4,240 in September 2023 as compared to 4,775 in August 2023.

OneKey MLS aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented. The infographic above demonstrates month-over-month closed median home price comparisons for the region.

Four of nine counties reported an increased closed median sale price in a month-over-month comparison, while five counties reported a decreased median sale price. Putnam (+15.50%), Queens (+6.20 %), Suffolk (+1.20 %), and Nassau (+1.00%) Counties reported month-over-month increases in closed median sale price. Rockland (-1.40%), Orange (-2.3%), Sullivan (-3.7%), Bronx (-5.80%), and Westchester (-6.8%) Counties reported month-over-month decreases in closed median sale price.

The fact that prices are rising shows that there is still interest from homebuyers but there isn’t enough supply to satisfy them, said Richard Haggerty, CEO of OneKey MLS. “Buyers are willing to buy even with interest rates where they are,” he continued. “There’s just nothing for them to buy.”