top of page

Navigating Staten Island's Real Estate Market: Trends and Predictions


Attractive room in a home with accent pieces in front of a pretty wall.


Navigating Staten Island's Real Estate Market: Trends and Predictions

Introduction


Navigating Staten Island's real estate market is always a dynamic adventure, reflecting the unique character of the borough. As we delve into the third quarter of 2023, a robust increase in activity marks a significant shift from previous trends. With 919 homes sold, this quarter signals a notable climb in sales volume. However, this surge comes with its nuances, which are crucial for both buyers and sellers to understand.


Current Market Overview:


The Q3 report highlights a slight recalibration in the market. Despite the uptick in sales, average sale prices have softened, with a 2.2% year-over-year decrease to $698,000, and the median price has retreated by 1.4% to $669,000. This adjustment suggests a more discerning buyer market, leading to an average of 77 days on the market (DOM) for listings and an average discount of 6% off listing prices. Interestingly, the absorption rate has accelerated to 1.4%, indicating that Staten Island's real estate market remains predominantly a seller's market.


Mortgage Rate Trends:


Mortgage rates have been a hot topic, fluctuating significantly during the quarter. Rates peaked over 8% but then retracted to around 7.5% for a typical 30-year conventional loan and approximately 6.7% for a 30-year FHA. This stubbornness around the 7.5% mark is worth noting, as future predictions suggest that a drop back into the 5-6% range could dramatically energize the market.


Sales by Beds and Type:


The report shows a clear preference for 3-bedroom homes, which dominate sales with 446 transactions, boasting a significant value jump from 2-bedroom houses and only a 3% average discount. Interestingly, studio apartments saw a spike in average prices due to a single outlier sale. In terms of property types, single-family homes continue to be the cornerstone of the market with 695 sales, while two-family homes, with 193 transactions, command the highest prices and demonstrate consistent demand.


Conclusion:


The current landscape of Staten Island's real estate market offers a mixed bag of opportunities and challenges. The slight dip in prices coupled with steady sales volume and mortgage rate fluctuations presents a unique scenario for potential buyers and sellers. As the market continues to evolve, staying informed and adaptable will be key to successfully navigating these trends.



Contact us today to start your journey towards homeownership.


Ready to learn more? Enroll in our HOMESEEKERS ACADEMY!




0 views0 comments

Recent Posts

See All
bottom of page