According to the latest report from the Weekly Real Estate News, New York State’s housing market ended 2023 with a significant shortage in inventory. The median sales price for homes in December 2022 was $345,000, while in December 2023, it soared to $380,000, showing a substantial 10.1% increase.

Here are the key takeaways from the report:

– New York State experienced a record-low home inventory at the end of 2023.
– The median sales price for homes in December 2023 reached $380,000, representing a 10.1% surge compared to December 2022.
– This significant increase in median sales price indicates rising demand in the state’s housing market.

These findings highlight the challenges faced by buyers in New York State due to limited housing supply, leading to higher prices. It also suggests a favorable market for sellers, as they may be able to fetch higher prices for their properties.

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