A company that tracks data on closed median sale prices on residential homes in New York reported that price changes on Long Island were a mixed bag between October and November 2022.
OneKey® MLS, a real estate marketplace for monthly statistics for residential real estate transactions from Montauk to Manhattan, reported that, month-over-month, the median price in Suffolk County was down .9% while it increased in Nassau County by 1.9%.
Nassau County reported a residential closed median sale price of $688,000 in November 2022. That is also an increase of 5.60% from $651,500 the prior year in November 2021. There were 939 closed sales transactions in November 2022.
Suffolk County reported a residential closed median sale price of $545,000 in November 2022. A 4.80% increase from the $520,000 reported the prior year in November 2021. There were 1,225 closed sales transactions in November 2022.
Richard Haggerty, Presumptive CEO OneKey MLS, said that the median sale price over the entire region at his company covers declined by 1.70% in month-over-month comparison. That region includes the area north of New York City to Hudson Valley and the Catskill Mountains as well as Long Island and New York City.
“I believe that we are seeing a return to seasonality in the marketplace,” said Haggerty. “The post-pandemic recovery that occurred in the second half of 2020 and reached a frenzied pitch in 2021 was not sustainable at that pace. Buyers and sellers appear to be taking a pause as we reach the end of 2022.”
