New York Metro Area Home Prices Climb 3.6% in September as Buyers Gain More Options
The median sales price for all property types rose 3.6% year-over-year to $720,000.
The September Housing Market Insights from OneKey® MLS report steady price growth, increased inventory, and slower sales activity as mortgage rates rise.
The median sales price for all property types rose 3.6% year-over-year to $720,000. Single-family homes rose 4.7% to $785,000. Condo prices increased 4.2% to $560,000, while co-ops remained at $300,000.
Closed sales across all property types declined 1.7% to 4,316, and pending sales decreased 0.8% to 4,093. Co-ops were an exception, with closed sales up 6.2% and pending sales up 11.3%.
Inventory increased 2.2% to 17,405 homes, driven by a 15.9% rise in new condo listings, providing buyers with more options.
Well-priced homes continue to sell quickly. Single-family homes sold for an average of 100.3% of the original list price and went under contract in 43 days on average, three days faster than last year.
Affordability remains a challenge, as the Housing Affordability Index declined 10.1% from last September.
“September showed a market that is finding its balance,” said Richard Haggerty, CEO of OneKey® MLS. “Prices are still rising, and well-priced homes are selling quickly, but higher mortgage rates are asking for more of buyers’ budgets. With inventory growing, especially among condos, buyers have more options than they’ve had in some time, and sellers who price realistically are being rewarded.”
Nationally, existing-home sales fell 2.0% from August to a seasonally adjusted annual rate of 3.98 million, marking the first reading below 4 million since June 2025, according to the National Association of REALTORS®. The national median price increased 1.6% to $429,100. The Federal Reserve raised its benchmark rate by a quarter point on September 16, its first increase since July 2023. The 30-year fixed mortgage rate exceeded 7% in late September, according to Freddie Mac.
OneKey® MLS is the largest MLS in the New York Metro Area, serving real estate professionals across 11 counties: Bronx, Dutchess, Manhattan (New York County), Nassau, Orange, Putnam, Queens, Rockland, Suffolk, Sullivan, and Westchester.
For the complete September Housing Market Insights, including county-level data, visit https://corporate.onekeymls.com/market-statistics.
Richard Washington
OneKey MLS
+1 516-736-7846
marketing@onekeymls.com
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