New York Housing Market: September 2024 Analysis
The New York housing market in September 2024 presents a complex landscape characterized by rising prices and fluctuating sales dynamics. The Median Sales Price for homes in New York reached $555,700, marking a modest year-over-year increase of 0.9%. This suggests a steady appreciation in home values, albeit at a slower pace compared to the previous year.
In contrast, the Median List Price surged to $676,000, reflecting a significant year-over-year increase of 25.6%. This sharp rise indicates that sellers are optimistic about the market's potential, possibly driven by limited inventory and increased demand. The median Price Per Square Foot also saw an uptick, reaching $469, which is a 4.4% increase from the previous year. Meanwhile, the Median List Price per square foot climbed to $512, up by 13.7% year-over-year.
Despite the rising prices, the number of Homes Sold in September 2024 was 10,932, representing a 6.9% decline from the previous year. This decrease in sales volume could be attributed to affordability challenges or a shift in buyer sentiment. Pending Sales also fell by 3.8% year-over-year, totaling 11,468, indicating a potential slowdown in future transactions.
New Listings, however, increased by 8.8% year-over-year, reaching 15,929. This influx of new properties entering the market may provide some relief to the tight inventory situation, which saw a 4.3% decline from the previous year, with a total of 36,117 homes available. The Months of Supply rose by 10.0% to 3.3 months, suggesting a slight easing in market conditions, although it remains a seller's market.
The Median Days on Market remained relatively stable at 34 days, with a marginal year-over-year increase of 1.0%. This indicates that homes are still selling relatively quickly, despite the higher prices. The average sale to list ratio was 101.6%, a slight decrease of 0.2% from the previous year, suggesting that homes are selling close to their asking prices.
The percentage of Homes Sold above list price was 43.8%, down by 1.2% year-over-year, indicating a slight cooling in competitive bidding. Price Drops were observed in 24.7% of listings, a 3.3% increase from the previous year, which may reflect sellers adjusting expectations in response to market conditions. Additionally, 26.2% of homes went off the market within two weeks, a slight decrease of 0.7% year-over-year, suggesting a steady demand for well-priced properties.
Overall, the New York housing market in September 2024 is characterized by rising list prices and a decrease in sales volume, with New Listings providing some relief to inventory constraints. Buyers and sellers alike must navigate these evolving dynamics as they make informed decisions in this competitive market.
