New York residential median sales price rises slightly

In January 2023, the regional median closed sales price in New York City, United States was $575,000, an increase of 0.90% compared to the $570,000 reported in December 2022.

Regional sales transactions closed between December 2022 and January 2023, including residential, condo and co-op sales, decreased to 3 thousand 551 from 4 thousand 363, which represents a monthly change of -18.60%, reported OneKey MLS.

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Three of the nine counties saw their median closed sales price increase on a month-over-month basis, while six counties saw their median sales price decrease, according to the statement picked up by PRNewswire.

Rockland (+5.90%), Nassau (+1.20%) and Westchester (+0.50%) counties reported monthly increases in median closed sales price. Queens (-0.70%), Suffolk (-0.90%), Orange (-1.30%), Putnam (-4.10%), Sullivan (-4.40%), and Bronx (-6.80%) counties all showed month-over-month decreases in the price.

“Regionally speaking, January median closed home prices have held up. However, closed and pending transaction activity has been on a downward trend since late last year, the cumulative effect of rising mortgage rates and the Inflation has left out many potential homebuyers,” said Richard Haggerty, the company’s chief executive.

Said he expects demand from home buyers to pick up as winter ends and sellers begin to put their homes on the market. Spring usually gets people moving.