Throughout New York, particularly New York City, the real estate market has begun to cool. Sales in the other boroughs have continued to drop throughout 2018, but Staten Island has remained a hot spot in an otherwise slowing real estate market. According to the Real Estate Board of New York’s Residential Sales (REBNY), sales of homes in Staten Island increased 16% in the second quarter of 2018.
What is helping to keep this real estate market moving in an upward direction? Here are 5 key reasons why it is continuing to grow.
Prices Are High, But Still Lower Than Other Boroughs
The reality is that living in the New York metropolitan area is not cheap. For those that want to own a home, then price can play a role in the amount of home you can buy. Staten Island offers an affordable alternative to other boroughs, providing opportunities for working class New Yorkers to own a home.
Development in the North Shore is Drawing Homebuyers
The idea that retail will be developing in the North Shore area has become a draw for individuals who live in other boroughs. It means that individuals can buy a nice home in an up and coming area. That means if you are selling your home in Brooklyn, you can make a profit and buy a lot more for a lot less.
Prices and Sales Are Increasing
What makes this borough even hotter is that it is bucking the trend throughout the rest of New York in terms of pricing. In fact, the second quarter of 2018 saw an 8% increase in prices, while the rest of the city saw an 8% decrease. Clearly, that jump in home prices makes it attractive to buyers who are looking to invest in a home that will go up in value.
Rising Interest Rates Are Driving Purchases
For homebuyers who are on the fence, the rising interest rates and decreasing inventory are sending them to Staten Island, where buyers can find an affordable option to moving to New Jersey. Therefore, homebuyers find their dollar goes further in Staten Island, where there is still inventory available.
The Peak Is Not Here Yet
While other areas have reached their market peak, Staten Island is not yet at its peak. The slowdown in other boroughs demonstrates that buyers are looking for other alternatives in terms of housing and lifestyle, as well as value. At the same time, the prices are not expected to rise outrageously, thus leveling out and keeping Staten Island real estate as a great place to find your next home.
If you are looking for a home in Staten Island, then contact us today to find out what options are available in the current inventory. Our experienced team can help you through the process of finding your next home.
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’re 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.