Staten Island has historically been considered an area where homes were much more affordable than surrounding areas. As the national real estate market is incredibly turbulent, it's natural to wonder what the local real estate market is like in Staten Island.
The Staten Island real estate market has also fluctuated greatly in the past year. A study completed by Property Shark found that while demand dropped in most New York City neighborhoods, Staten Island, Queens, and Brooklyn suffered the biggest declines. Their data shows that these areas had up to 40% fewer sales during the first quarter of 2023 compared to the same timeframe in 2022. The Dongan Hills neighborhood fell by 85.77 in this study, which is the biggest drop across all NYC markets.
While the data from the previous year doesn't look great for Staten Island, its future looks very bright. Many plans for Staten Island will likely make this neighborhood far more desirable. For instance, $1 billion in private investment is lined up just on the North Shore, bringing new industry and jobs. Additionally, where the landfill used to be in mid-island, there is a planned park, which will be one of the city's largest.
There are also many major public works projects in progress, including the massive reconstruction of the Staten Island Expressway and other transit improvements, the NY Wheel and Empire Outlets mall, the reconstructed Bayonne and Goethals bridges, the reconstruction of Lighthouse Point and additional rental, retail, and hotel development.
From a community planning perspective, Staten Island has tons of potential. There will be an influx of jobs and tax revenue, along with activating the waterfront and additional transit options. Additionally, its proximity to New York City has always made this community attractive to home buyers. When combined with its prospects, you can easily see that Staten Island homes may become highly sought-after in the next few years. It offers a suburban feel while close to Manhattan and all the city's amenities.
Many experts in the community feel that these changes can stop the 'brain drain' that has been occurring for decades in Staten Island, where young and bright professionals leave in favor of more attractive prospects. It will be able to offer amenities that appeal to younger demographics, such as a nice mix of retail and residential offerings, all within a walkable distance. Plus, there will be additional housing inventory, which can help to make the area more affordable for first-time home buyers.
A recent report published by the Office of the New York State Comptroller shows that consumers may be picking up on the increasing desirability of Staten Island homes. Despite lower sales numbers than in recent years, the median market values of homes grew in Staten Island between 2022 and 2023. Taken together, this data indicates that the tide may be turning. While the rest of the country struggles with a tumultuous real estate market, the Staten Island real estate market will likely have plenty of interest.
Many savvy consumers may already be looking for their next home. Despite high-interest rates, it may be worth it to snag that home now while the prices stay low and refinance into a better rate when interest rates drop. To learn more about homes available in Staten Island, contact the team at Wonica Realtors 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.