New York Housing Market Analysis - August 2024
The New York housing market in August 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. The Median Sales Price for homes in New York stands at $550,300, reflecting a slight decrease of 1.4% year-over-year (YoY). Similarly, the Median List Price has also seen a decline, now at $540,000, down by 2.4% YoY.
Despite these declines, the median Price Per Square Foot has experienced a modest increase of 0.6% YoY, now at $381. Conversely, the Median List Price per square foot has surged significantly by 13.4% YoY, reaching $387. This indicates a potential shift in market dynamics, where sellers are listing properties at higher prices per square foot, even though overall list prices have decreased.
The volume of Homes Sold has dropped to 12,831, marking an 8.7% decline YoY. Pending Sales have also decreased by 9.7% YoY, now totaling 12,878. New Listings have seen a smaller decline of 3.8% YoY, with 14,105 new properties entering the market. Inventory levels have also contracted, down by 6.9% YoY, now at 33,754 homes. The Months of Supply remain unchanged at 2.6 months, indicating a balanced market between buyers and sellers.
The Median Days on Market remain steady at 31 days, showing no change YoY. The average sale to list ratio has slightly increased by 0.1% YoY, now at 102.3%, suggesting that homes are selling slightly above their list prices. The percentage of Homes Sold above list price has also seen a minor increase of 0.4% YoY, now at 46.6%.
Price Drops have increased marginally by 0.6% YoY, now at 21.5%, indicating that some sellers are adjusting their expectations to align with market conditions. The percentage of homes going off the market within two weeks has decreased by 1.5% YoY, now at 29.4%, suggesting a slight slowdown in the speed at which homes are being sold.
Overall, the New York housing market in August 2024 shows a mix of stability and slight declines in several key metrics. While median sales and list prices have decreased, the Price Per Square Foot metrics indicate that sellers are still optimistic about the value of their properties. The market remains balanced with steady inventory levels and Months of Supply, although the decrease in Homes Sold and Pending Sales suggests a cooling trend.
