New York Metro Area Housing Market Analysis - September 2024
The New York metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has slightly decreased to $745,000, marking a 0.7% decline year-over-year. In contrast, the Median List Price has surged by 13.4% to $849,000, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot metrics also reflect this divergence. The median Price Per Square Foot has risen by 7.0% to $445.19, while the Median List Price per square foot has increased by 12.1% to $539.82. This suggests that while sellers are optimistic about pricing, buyers are more cautious, possibly due to economic conditions or affordability concerns.
Sales activity has seen a downturn, with the number of Homes Sold decreasing by 4.7% to 4,799 units. Pending Sales have also dropped by 2.1% to 4,944 units. However, New Listings have increased significantly by 15.4% to 8,287, indicating that more homeowners are attempting to capitalize on the current market conditions.
Inventory levels have decreased by 8.5% to 21,513 units, contributing to a tighter market. The Months of Supply have also contracted by 20.0% to 4.5 months, suggesting a faster turnover of available homes. Despite this, the Median Days on Market have only slightly decreased by 2.0% to 51 days, indicating that while homes are selling, they are not moving off the market as quickly as might be expected in a tighter inventory scenario.
The average sale to list ratio remains nearly unchanged at 99.9%, with a minor decrease of 0.1% year-over-year. The percentage of Homes Sold above list price has slightly increased by 0.2% to 32.5%, reflecting competitive bidding in certain segments of the market. However, the proportion of Price Drops has risen by 2.4% to 21.3%, suggesting that some sellers are adjusting their expectations to align with market realities.
Additionally, the percentage of homes going off the market within two weeks has increased by 6.8% to 21.4%, indicating that well-priced homes are still attracting quick interest from buyers. This trend underscores the importance of strategic pricing in the current market environment.
Overall, the New York metro area housing market in September 2024 is characterized by a mix of rising list prices and declining sales prices, with increased New Listings and reduced inventory. Buyers and sellers alike must navigate these dynamics carefully to achieve their real estate goals.
