New York Metro Area Home Prices Rise Amid Inventory Growth

Area home prices in the New York Metro Area rose by 3.6% in September, according to the latest report from OneKey® MLS. This marks the third consecutive month of price growth, driven by a combination of steady price increases and a rise in inventory levels. The median sales price for all property types increased to $720,000, up from $690,000 in the previous year. Single-family homes saw the steepest rise, with prices climbing 4.7% to $785,000, while condo prices increased by 4.2% to $560,000. Co-op prices remained stable at $300,000.

Despite the overall rise in prices, the number of closed sales across all property types declined by 1.7%, to 4,316, while pending sales decreased by 0.8%, to 4,093. However, there was a notable exception in the form of co-ops, which saw closed sales increase by 6.2% and pending sales increase by 11.3%. This inventory growth was largely driven by a 15.9% rise in new condo listings, providing buyers with more options in the market.

The average time it took for a home to sell in the New York Metro Area was 43 days in September, a decrease of three days from the previous year. Despite the rise in prices, well-priced homes continue to sell quickly, with an average selling price of 100.3% of the original list price.

However, affordability remains a significant challenge. The Housing Affordability Index declined by 10.1% from the same period last year, indicating that the cost of purchasing a home has increased relative to income levels. Despite these challenges, the market appears to be finding its balance, with prices still rising and well-priced homes selling quickly, albeit at a slower pace than in previous months.

In contrast, the national housing market saw a decline in existing-home sales, with a 2.0% decrease from August to a seasonally adjusted annual rate of 3.98 million. This marks the first time since June 2025 that the rate has fallen below 4 million. The national median price for existing homes increased by 1.6% to $429,100. The Federal Reserve raised its benchmark interest rate by a quarter point on September 16, marking the first increase since July 2023. The 30-year fixed mortgage rate exceeded 7% in late September, according to Freddie Mac.

The New York Metro Area's housing market is a testament to the broader trends in the national housing market, with inventory levels rising and mortgage rates increasing. Despite these challenges, the market continues to show signs of stability, with prices still rising and well-priced homes selling quickly. As the market adjusts to higher mortgage rates and rising inventory levels, buyers are finding more options in the market, while sellers who price realistically are being rewarded.