Two recent developments at City Hall highlight the ongoing tension between housing affordability goals and policies that risk disrupting the
In its first phase, the Alliance will focus on building a common understanding of Westchester’s economic composition and the key sectors that drive the local economy.
“Our data shows the market is adjusting rather than declining,” said Richard Haggerty, CEO of OneKey MLS.
“Our data shows the market is adjusting rather than declining,” said Richard Haggerty, CEO of OneKey MLS.
FARMINGDALE, NY—OneKey MLS released its annual housing market report on Jan. 28, which detailed a number of residential real estate trends across the New York Metropolitan Area. The analysis noted that inventory shortages are driving up prices in some areas, while other locales are enjoying steadier growth, and buyer activity is returning to pre-pandemic levels.
In 2025, pending sales rose 0.7% to 50,541, and closed sales dipped 0.6% to 48,833. Median home prices increased 5.9% year over year to $675,000, though at a slower pace than in past years. Inventory dropped 8.2% to 12,794 active listings, highlighting ongoing supply constraints.
New York City showed pronounced contrasts. Manhattan faced challenging conditions, with closed sales falling sharply—down 77.7% year-over-year—and inventory swelling to a 22.3-month supply, signaling sluggish demand and prolonged negotiations.
Conversely, the Bronx outperformed with a 12.3% increase in median sales price to $410,000, while Brooklyn and Queens maintained steady buyer interest despite listings spending longer on the market.
Long Island stood out for its stability amid broader volatility. Nassau County’s 9,799 closed sales were virtually unchanged compared to last year, as median prices climbed 5.9% to $805,000. Suffolk County’s sales edged down just 0.4%, but sellers there still averaged more than 100% of the original list price, contrasting with softer conditions in nearby Manhattan and indicating Long Island’s persistent demand for appropriately priced homes.
The Hudson Valley presented yet another picture. Putnam County’s closed sales jumped 15.6%, and Ulster County rose 8.3%. Median prices grew 7.6% in Putnam and 7.3% in Rockland County, highlighting continued strong buyer demand for comparatively affordable communities, in contrast to weak sales growth in parts of Manhattan.
“Our data shows the market is adjusting rather than declining,” said Richard Haggerty, CEO of OneKey MLS. “While Manhattan recalibrates, parts of Long Island and the Hudson Valley display strength, revealing that local markets are progressing at different rates but gradually moving toward balance.”
Sellers across the region performed well in 2025, averaging 99.2% of the original list price. Single-family homes received 99.6%, condominiums 98.3%, and co-ops 97.4% of their original list price. Transactions for homes priced at $849,000 or more increased 11.4%.
Looking ahead to 2026, OneKey MLS anticipates a gradual improvement in the New York metropolitan area. Mortgage rates fell in the second half of 2025 and are expected to remain near 6%, supporting some gains in affordability. Inventory growth will likely continue unevenly by county, with moderate price appreciation expected.
Explore the full report and get more detailed market insights at https://marketstats.onekeymls.com
In its first phase, the Alliance will focus on building a common understanding of Westchester’s economic composition and the key sectors that drive the local economy.
Release Recovery has doubled the size of its facility, now totaling nearly 16,000 square feet: a full floor at 3020 Westchester Ave.
Could the region see these exorbitant prices decline? The report states perhaps.
Four major procurements that comprise the remaining construction packages for the new tunnel are also impacted by the federal funding pause.
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