New York Real Estate Market Insights for July 2024
New York Housing Market Analysis - July 2024
The New York housing market in July 2024 presents a complex picture with mixed signals across various metrics. This analysis delves into the key data points to provide a comprehensive overview of the current state of the market.
Median Sales Price
The median sales price in New York for July 2024 stands at $556,900. This figure represents a slight decrease of 0.01% year-over-year (YoY). Despite this marginal decline, the market remains relatively stable in terms of sales prices.
Median List Price
The median list price for homes in New York is $556,100 which has decreased by 5% YoY. This decline suggests that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers.
Price Per Square Foot
The median price per square foot is $390 reflecting a 1% increase YoY. Meanwhile, the median list price per square foot is $411 showing a significant rise of 13% YoY. These figures indicate that while overall prices are stabilizing, the value attributed to each square foot of property is increasing, possibly due to higher demand for smaller, more affordable units.
Homes Sold and Pending Sales
The number of homes sold in July 2024 is 11,888, marking a 3% increase YoY. Similarly, pending sales have also risen by 3% YoY, reaching 13,389. These increases suggest a healthy level of activity in the market, with a steady flow of transactions taking place.
New Listings and Inventory
New listings have seen a 6% increase YoY, totaling 15,224. However, the overall inventory has decreased by 5% YoY, now standing at 34,031. This reduction in inventory, coupled with the increase in new listings, indicates that while more homes are being put on the market, they are being sold relatively quickly, leading to a tighter supply.
Months of Supply
The months of supply metric, which measures how long it would take to sell all the current inventory at the current sales pace, is at 2.9 months. This represents a significant decrease of 20% YoY. A lower months of supply figure typically indicates a seller's market, where demand outpaces supply.
Median Days on Market
The median days on market for homes in New York is 28 days, showing a slight decrease of 3% YoY. This reduction suggests that homes are selling faster than they were a year ago, further emphasizing the strong demand in the market.
Sale to List Price Ratio
The average sale to list price ratio remains unchanged YoY at 1.03. This ratio indicates that, on average, homes are selling for slightly above their list price, which is a positive sign for sellers.
Sold Above List Price
The percentage of homes sold above list price has increased by 2% YoY, now at 48%. This rise indicates that competitive bidding is becoming more common, with nearly half of all homes selling for more than their asking price.
Price Drops
The percentage of price drops remains steady YoY at 24.36%. This stability suggests that while some sellers are adjusting their prices, the overall market dynamics have not shifted dramatically in this regard.
Off Market in Two Weeks
The percentage of homes going off market within two weeks has decreased by 1% YoY, now at 31%. This slight decline indicates that while many homes are still selling quickly, there is a small increase in the number of properties taking longer to sell.
In conclusion, the New York housing market in July 2024 is characterized by a stable median sales price, a slight decrease in median list price, and an increase in price per square foot. The market shows healthy activity with rising home sales and pending sales, despite a decrease in overall inventory. The reduced months of supply and median days on market suggest strong demand, while the steady sale to list price ratio and increase in homes sold above list price indicate a competitive market environment. Overall, the New York housing market remains robust, with a few areas of adjustment as it continues to evolve.
