New York Housing Market: November 2024 Analysis
The New York housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the state stands at $524,900, reflecting a slight decrease of 0.9% compared to the previous year. Similarly, the Median List Price has also seen a decline, now at $612,200, which is down by 1.4% year-over-year. These figures suggest a modest cooling in the market, potentially offering opportunities for buyers.
Despite the decrease in overall prices, the median Price Per Square Foot has increased significantly, reaching $439, which is an 8.7% rise from last year. This increase indicates that while overall prices have dipped, the value of space itself has appreciated. The Median List Price per square foot has also surged by 13.3%, now at $455, highlighting a strong demand for quality space.
In terms of sales activity, the number of Homes Sold has decreased by 3.1% year-over-year, with 10,366 Homes Sold in November 2024. However, Pending Sales have risen by 7.2%, totaling 10,955, suggesting a potential uptick in future sales. New Listings have decreased by 3.3%, with 10,136 new properties entering the market, while inventory has slightly increased by 0.6% to 32,851 homes. This slight increase in inventory, coupled with a 10% rise in Months of Supply to 3.2 months, indicates a more balanced market.
The Median Days on Market have decreased by 7%, now averaging 37 days, which suggests that homes are selling more quickly than they did a year ago. The average sale to list ratio remains stable at 100.9%, with a slight increase of 0.1% year-over-year, indicating that homes are generally selling at or near their asking prices. The percentage of Homes Sold above list price has also seen a minor increase of 0.3%, now at 41.8%.
Price Drops have decreased by 2.7%, with 19.4% of listings experiencing a reduction in price, which may reflect sellers' confidence in the market or a strategic adjustment to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 1.7%, now at 22.3%, suggesting a slight slowdown in the pace at which homes are being snapped up.
Overall, the New York housing market in November 2024 exhibits a mix of declining prices and increasing value per square foot, alongside a stable sales environment with quick turnover. These dynamics suggest a market that is adjusting to new economic conditions while maintaining a steady demand for quality housing.
