New York Metro Area Real Estate Market Saw Rising Home Prices, Low Inventory in 2024
The highest number of closed sales occurred in Suffolk County with 12,913, followed by Nassau County with 9,748, and Westchester County with 7,127.
The Northeast PHSI rose 3.0% from last month to 65.5, a decline of 0.3% from June 2023.
Sales were down in all counties in the Hudson Gateway Association of Realtors market area, with Orange County posting the largest decline in single-family home sales at 26.9%.
“The struggle to create housing that is affordable for people across the entire spectrum of income will be the defining civic issue for this generation of leaders in the Hudson Valley,” Pattern CEO Adam Bosch said.
Data shows that from 1996-2021, the Hudson Valley region lost a net total of 146,763 people to out migration, which calculates out to 5% of the Hudson Valley’s population.
“2023 was a difficult year for Realtors due to high mortgage rates and low housing inventory, which significantly impacted home sales volume,”
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6% gain.
The goal of the Summit was to build curiosity while exploring the understanding of diversity, equity, and inclusion within personal and professional careers.
The big winner in terms of property value was Manhattan’s District 10, coming in with $1.182 million for the median property value.
Hours after the incident, Kessler shared via social media that that plane dropped approximately 6,000 feet in seconds.
Research by Pattern for Progress indicates that taxes alone in Connecticut and Pennsylvania are 20% to 40% lower than in New York, and 50% to 80% lower in the Carolinas and Florida.
The New York metro region’s median listing price of $789,000 in May 2024 was 34% higher than in May 2019.
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