New York Metro Area Housing Market: November 2024 Analysis
The New York metro area's housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price has seen a modest increase of 0.7% year-over-year, reaching $735,000. This indicates a slight upward pressure on home prices, despite a decrease in the Median List Price by 1.2% to $790,000, suggesting potential buyer negotiation leverage.
In terms of Price Per Square Foot, the market has experienced significant growth. The median Price Per Square Foot has surged by 8.2% year-over-year to $449, while the Median List Price per square foot has increased even more sharply by 13.5% to $499.40. This indicates a strong demand for space, possibly driven by buyers prioritizing square footage in their purchasing decisions.
Sales activity has been robust, with 4,380 Homes Sold, marking a 1.6% increase from the previous year. Pending Sales have shown a notable rise of 10.1%, reaching 5,002, which could signal continued strong sales in the coming months. New Listings have also increased by 1.9% to 5,137, contributing to a slight inventory growth of 1.4%, totaling 19,871 homes. Despite these increases, the Months of Supply remains unchanged at 4.5 months, indicating a balanced market.
The Median Days on Market have decreased significantly by 14.0% to 54 days, suggesting that homes are selling faster than they were a year ago. This is complemented by a stable average sale to list ratio of 99.7%, up by 0.2%, and a slight increase in the sold above list ratio to 31.3%. These metrics reflect a competitive market where buyers are willing to meet or exceed asking prices.
Price Drops have decreased by 4.4% to 16.1%, indicating fewer sellers are reducing prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has risen by 5.3% to 18.7%, further emphasizing the quick pace of sales.
Overall, the New York metro area housing market in November 2024 is characterized by steady price growth, increased sales activity, and a competitive environment for buyers. While the market remains balanced, the trends suggest a strong demand for homes, particularly those offering more space, as evidenced by the rising Price Per Square Foot.
