New York Metro Area Housing Market Shows Signs of Stabilization in 2026
New York, Wednesday, 28 January 2026.
OneKey MLS reports that the New York metro housing market is stabilizing, though unevenly. While Manhattan struggles, Long Island and the Hudson Valley show strength, with some sellers getting over 100% of their asking price in 2025.
Key Findings from 2025
OneKey® MLS’s annual report, released today, January 28, 2026, offers a detailed look at the residential real estate trends across the New York Metropolitan Area [1]. In 2025, the New York metro area saw 50,541 pending sales, a 0.7% increase from the previous year, while closed sales decreased slightly by 0.6% to 48,833 [1]. The median home price in the area rose to $675,000, marking a 5.9% increase year over year; however, inventory dropped 8.2% to 12,794 active listings [1].
Regional Performance Disparities
The performance varied significantly across the region [1]. Manhattan faced considerable challenges in 2025, with closed sales plummeting 77.7% year over year and a substantial inventory buildup reaching a 22.3-month supply [1]. In contrast, the Bronx demonstrated resilience, achieving a 12.3% increase in median sales price, bringing it to $410,000 [1]. On Long Island, Nassau County reported 9,799 closed sales, which remained nearly unchanged, while median prices increased by 5.9% to $805,000 [1]. Suffolk County saw a slight dip in sales of 0.4%, but sellers there benefited from averaging over 100% of the original list price [1].
Hudson Valley’s Strong Performance
The Hudson Valley showed notable gains in real estate activity during 2025 [1]. Putnam County experienced a 15.6% surge in closed sales, while Ulster County saw an 8.3% increase [1]. Median prices in Putnam and Rockland Counties grew by 7.6% and 7.3%, respectively [1].
2026 Outlook and Expert Commentary
Looking ahead to 2026, OneKey® MLS anticipates a continued gradual improvement in the New York metropolitan area housing market [1]. Mortgage rates are projected to remain near 6% [1]. According to Richard Haggerty, CEO of OneKey® MLS, the data indicates that the market is ‘adjusting rather than declining,’ with local markets progressing at varying speeds toward a more balanced state [1]. In 2025, sellers in the region averaged 99.2% of the original list price, with single-family homes receiving 99.6%, condominiums 98.3%, and co-ops 97.4% [1]. Transactions for homes priced at $849,000 or more saw an increase of 11.4% in 2025 [1].