Construction Coverage has just released a new report about the hottest real estate markets in the U.S.
While 2023 marked a notably more subdued year for real estate compared to the preceding years, recent signs suggest market conditions could be heating up again—though some geographies are seeing more activity than others.
To determine the locations with the hottest real estate markets in 2024, researchers created a composite score equally weighting the following metrics:
- 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)
These are the 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.
- Based on these and other key metrics included in the complete analysis, New York State's housing market ranks 12th out of 49 U.S. states in the ‘Hottest Real Estate Markets of 2024’ report.