Kingston and Area Real Estate Association

The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 275 units in July 2024. This increased by 19.6% from July 2023.

Home sales were 12.6% below the five-year average and 16.7% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 1,810 units over the first seven months of the year. This was a gain of 9.8% from the same period in 2023.

“Sales activity continued its steady gains on a monthly basis in July as the market is now clearly on an upward trajectory,” said Erin Finn, President of the Kingston and Area Real Estate Association. “On the supply side we are still seeing incredible strength in new listings as sellers seem really motivated to attract new and returning buyers now that people seem to be more comfortable with the idea that interest rates are indeed on their way down. However, there is still much built-up inventory to work through and our market is only on the verge of moving from buyer’s territory back to a balanced market.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $570,400 in July 2024, up modestly by 1.3% compared to July 2023.

The benchmark price for single-family homes was $586,200, a minor increase of 1.7% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $525,700, a slight reduction of 0.8% compared to a year earlier, while the benchmark apartment price was $433,600, falling by 2.1% from year-ago levels.

The average price of homes sold in July 2024 was $622,117, up modestly by 2.8% from July 2023.

The more comprehensive year-to-date average price was $626,411, essentially unchanged, up just 0.5% from the first seven months of 2023.

The dollar value of all home sales in July 2024 was $171.1 million, a sizable gain of 22.9% from the same month in 2023.

The number of new listings was up by 27.8% from July 2023. There were 639 new residential listings in July 2024. This was the largest number of new listings added in the month of July in more than five years.

New listings were 22.4% above the five-year average and 17% above the 10-year average for the month of July.

Active residential listings numbered 1,167 units on the market at the end of July, an advance of 36.8% from the end of July 2023. Active listings haven’t been this high in the month of July in more than five years.

Active listings were 58.4% above the five-year average and 9.1% above the 10-year average for the month of July.

Months of inventory numbered 4.2 at the end of July 2024, up from the 3.7 months recorded at the end of July 2023 and above the long-run average of 3.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.