Staten Island. It is a small borough near New York City and one where the real estate demand is red hot. Over the last five years, the average price of Staten Island homes has increased by 31.2%.
For those that are interested in moving to this borough, you may be curious if the Staten Island real estate market will slow down anytime soon.
Well, this guide should give you the latest information on Staten Island housing.
Listings and Sales
The Staten Island Board of Realtors puts out a report on the area's housing market every month. One of the most recent full reports to come out at the time of writing was from June 2022.
This report noted that 15.5% fewer listings were available in June 2022 compared to June 2021.
The report also notes a 27% decrease in pending sales for June 2022 vs. June 2021 and just over a 3% decrease in closed sales.
However, the days on the market took a staggering hit in June 2022 compared to the same time last year. The days went from 81 to 53, meaning there was a 33.9% decrease.
As mentioned above, Staten Island housing has seen a bigger and bigger rise when it comes to home sale prices. Two of the biggest metrics to represent this are median and average sales prices.
The median sales price went from about $605,000 in June 2021 to $685,000 in June 2022. That is a 13.2% increase.
As for the average sales price went from about $660,000 in June 2021 to about $725,000 in June 2022. That resulted in a 9.8% increase.
The final part of this sales price equation is determining what percentage of the listing price the home sellers get. In 2022, home sellers got almost all the money they asked for.
It was determined that in Staten Island, homeowners received 99.3% of their listing price. That percentage has gone up from 96.3% at this time last year.
Affordability and Inventory
The last part of the Staten Island real estate market that you need to be aware of is the affordability and number of houses actually available.
For affordability, Staten Island scored 38 in June 2022 on the Housing Affordability Index. They scored a 55 in June 2021. That is a staggering drop considering that a higher number means a more affordable housing market.
As for inventory, that has also seen a significant decline in Staten Island. The homes for sale in June 2022 decreased by 22.3% compared to June 2021.
The real estate market also measures inventory by months of supply to determine how long they can keep going before the supply dries up. Here, the supply decreased from 3.8 months in June 2021 to 3.4 months in June 2022.
Follow the Staten Island Real Estate Market
It is no secret that the Staten Island real estate market is somewhat expensive right now. However, with the supply of houses available not looking much better, you may consider buying a house here while you still can.
Are you ready to take that next step?Start searching for your dream home today.
Wonica Realtors & Appraisers are Staten Island's #1 independent full-service real estate firm, serving the needs of the community for over 30 years. Whether you are buying, selling, renting, or relocating, our staff of highly trained professionals will provide quality realty services with personal attention to your individual real estate needs.