OneKey MLS expands north with acquisition of Mid-Hudson MLS
Illustration showing the home page of OneKey MLS. Credit: Newsday
OneKey MLS, the Farmingdale-based multiple listing service that allows real estate agents to share property listings, has acquired Mid-Hudson MLS, adding properties in Dutchess County to its platform.
With the acquisition of Mid-Hudson MLS, which serves 1,400 agents across 350 real estate offices, OneKey MLS has nearly 50,000 real estate professionals as subscribers.
The platform includes listings on Long Island, in New York City except Staten Island, as well as Westchester, Rockland, Orange, Putnam and Sullivan counties. The MLS grew substantially in 2018 after the Long Island Board of Realtors and Hudson Gateway Association of Realtors agreed to create a regional MLS, which it later named OneKey.
For Long Island real estate agents, the acquisition could help connect them with agents in Dutchess County, which includes Poughkeepsie, offering the chance for referral fees.
“I don’t anticipate Long Island brokers coming up and showing [homes] in Dutchess County, but I could definitely see them referring, so it creates a stronger referral network,” said Richard Haggerty, CEO of OneKey MLS.
Long Island has suffered from a near-record low number of homes for sale, which has boosted home prices. More Long Islanders might be looking outside the region to find affordable options, Haggerty said.
The median home price in Nassau County was $710,000 last month, or 6.8% higher than a year earlier. In Suffolk County, the median matched a record $600,000, which was 10.1% higher than November 2022.
Prices are rising in Dutchess too. The median price among 129 sales of single-family, detached homes in the county was $440,000 in November, which was 5.3% higher than in the previous year. Since November 2019, before the pandemic, the median sale in the county has increased nearly 52% from $290,000, according to the New York State Association of Realtors.
With the deal, Dutchess County agents will no longer have to subscribe to two different multiple listing services to view homes in the broader Hudson Valley and will get access to broader listing data.
“With our operating system due for an upgrade and the challenges facing our industry across the country, the timing of the acquisition works well for us,” said Brian Engles, executive officer of Mid-Hudson MLS.
For OneKey, the acquisition improves its consumer-facing website, adding more properties for prospective homebuyers.
Haggerty declined to disclose how much OneKey paid to acquire Mid-Hudson, citing non-disclosure agreements. The deal will be finalized in January.
Jonathan LaMantia covers residential real estate and other business news on Long Island. He previously covered the business of health care for Crain's New York Business.
