New York One Of The Hottest Real Estate Markets In The US: Report

NEW YORK — New York state was one of the hottest real-estate markets in the country in 2023, ranked 12th among the states, according to a new report from Construction Coverage.

After the homebuying frenzy of the COVID pandemic, "the U.S. residential housing market experienced a rapid cooldown throughout the latter half of 2022 and the early months of 2023," the report said. That left the market struggling: prices up 50 percent, higher interest rates and inflation making it more difficult to build up savings.

The volume of home sales declined sharply and has yet to fully recover; however, some geographies are seeing more activity than others, the report said.

To examine the trends, researchers developed a composite score using key indicators from Redfin about different local markets for "Hottest Real Estate Markets of 2024." They took into account:

• One-year change in median sale price (Dec 2022–Dec 2023)
• Share of homes that sold above asking (2023)
• Median number of days on the market (2023)
• Average sale-to-list percentage (2023)
• Share of listings with price drops (2023)

Notably, the Northeast and California have some of the hottest housing markets. New York State's housing market ranks 12th out of 49 U.S. states, a steep rise from its ranking in 2023 and 2022 at No. 30.

Key takeaways from the report for New York State:

• As of December 2023, the median home sale price in New York State was $502,200, representing an increase of 6.4% from one year prior.
• 39.8% of New York State homes sold over their asking price last year, after spending a median 42.0 days on the market.

Methodology: The data used in their analysis is from Redfin’s Data Center.

MORE READING: Hudson Valley Home Sales Decline Sharply In 2023: HGAR Report