Real estate is an unpredictable industry that can be affected by many factors. One factor that has the power to turn the housing market on its head — a global pandemic.
It's no secret that the COVID-19 pandemic wreaked havoc on the real estate market. After the initial downturn, the market bounced back in a big way and is hotter than ever. Home prices are up, mortgage rates are down, and everyone is looking to buy.
These national real estate trends are also being seen at the local level. The Staten Island real estate market has been just as hot as these national trends would suggest, with median sale prices continuing to rise.
Whether you're buying or selling, it's important to work with real estate professionals who are well-versed in local market trends. Read on to learn more about current trends in the Staten Island real estate market.
Sale Prices Are Increasing
Staten Island's median sale price for Q1 of 2022 was $640,000. This was a 14% increase year over year. The median price per square foot was $414, an 11% increase year over year.
Staten Island's median sale price was just below the NYC median. Staten Island prices are also middle of the road when compared to other boroughs. The median sale price is higher than in The Bronx and Queens and lower than in Brooklyn and Manhattan.
A Seller's Market
As of April 2022, Staten Island is a seller's market. This means that more people are looking to buy than homes available. Homes in Staten Island sold for approximately the asking price about 99% of the time.
On average, homes in Staten Island spent 94 days on the market in April 2022. Days on the market plunged in February 2022, with the average going as low as 29 days. There was a sharp increase in March, and the average has been climbing steadily since then.
Is the Market Cooling Off?
After two years of a hot real estate market, there are signs that it may be starting to cool down. High home prices and an increase in mortgage rates are making potential buyers rethink whether now is the right time for them to buy a home.
In May 2022, new listings in Staten Island decreased by 1.8%, and pending sales decreased by 16.7%. This decrease in sales has provided a boost to the housing supply, with inventory levels increasing by 10.8%.
Navigating the Staten Island Real Estate Market
Even though there are signs that the Staten Island real estate market is cooling off, the housing market is unpredictable and can be difficult to navigate on your own. Wonica Realtors & Appraisers are here to help prepare your home for sale and provide expert advice throughout the buying process.
No matter whether you're buying or selling,Wonica Realtors & Appraisers are the Staten Island home experts you need. Check out our exclusive listings, or contact us 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.