Staten Island Real Estate Market Trends

Staten Island Real Estate Market Trends

The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers.

Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR).

As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

The Latest Numbers for July 2022 [as compared to July 2021]

• New Listings on Staten Island were down 12%  to 546 homes available for sale.
• Pending Sales plunged 32% down to 327 homes under contract.
• Closed Sales were down by 5.5% to 460 
• Inventory levels decreased by  more than 15% to just 1,569 listings available for sale
• The Median Sales Price increased 10% to $690,000 as prices continue their ascent
• Days on Market was down 21% to 59 days.
• Sellers have become concerned as the Months Supply of Inventory was Up 2% to 3.9 months supply.

A few highlights of the current Staten Island, NY Housing market are shown below and represents properties available for sale, in contract and that have sold/closed.

This Month’s Most Expensive - The most expensive of all Staten Island, NY homes sold for sale this month was

60 Louise Lane which sold for  $3,000,000.  An exquisite custom and secluded home sitting on an 18,000+ sq ft oasis. 

Click here to see it >> 60 Louise Lane.

This Month’s Least Expensive - The least expensive of all Staten Island, NY homes SOLD in July was for $130,000.   

An updtated 3 bedroom townhouse. Click here to see >>302 Skyline Drive

Go to Staten Island Real Estate Update access the entire report.

Data provided by SIBOR.