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STATE OF THE MARKET - STATEN ISLAND AND NYC- FEBRUARY 2024

What’s going on in the Staten Island/NYC Real Estate world this month?




Staten Island real estate news newspaper


Happy February!


It's already a new month in the new year! Going by quick as it always does. A switch has been flipped and that is still carrying over into February. Buyers are out there and properties are trading. This month brings our investor group meeting RElaunch- make sure to come check it out! Have a great month, and Happy Valentines Day!



JANUARY 2024



The Staten Island real estate market has greeted the new year with positive momentum, demonstrating robust growth and increased activity which bodes well for both sellers and investors.


  • January's statistics show a healthy increase in property values, with the average price of homes reaching $714,000, up by 6% year-over-year (YOY). This growth is even more pronounced in the median price, which saw an 8% YOY increase to $681,000, highlighting a strong upward trend in property valuation across the board.

  • In terms of discounts, buyers are finding less room to negotiate, with the average discount dipping to 5.6%, a reduction of 3% from the previous year. This suggests sellers are holding firmer on their listing prices, reflecting confidence in the market's strength.

  • Inventory levels have seen a significant surge, with available properties jumping to 797, marking a remarkable 29% YOY increase. This suggests that sellers are becoming more eager to list their properties, potentially due to the attractive price increments. *I would like to say that the number appears to be skewed- I believe that there was a mishap with January 2023’s recorded numbers. Nonetheless inventory does appear to be increasing

  • Sales activity remains steady, with 240 homes sold, a slight improvement of 2% YOY. This modest rise indicates a consistent demand and a stable pace in the Staten Island housing market. The January 2024 statistics point to a market that’s gaining steam, with rising property values and an expanding inventory, offering ample opportunities for sellers to capitalize on their investments and for buyers to find their desired homes amidst a wider selection of listings.


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Average SI apartment prices:


Studio: $1,200

1 Bedroom: $1,600

2 Bedroom: $2,100

3 Bedroom: $2,800



Staten Island market highlights




Let’s sign off this month with a couple pieces of information!


-I closed on a deal in Pennsylvania! I told you- thanks to my great group REFER, I am able to help you anywhere in the USA and Canada. I referred a friend of mine looking to sell his Poconos house to our agent in PA and BAM- deal is done! Let me know if you need help anywhere at all!


-With all of the action that this new year brought in, of course some of it was bound to backfire. Some deals have fallen apart at the last possible second! That is the roller coaster that is Real Estate though- ups and downs beyond your imagination!! Everything is still trending upwards.


-Our next Ready For Launch meetup is this month. Monday 2/26. Hope to see you there!


-Check out my recently finished website at ranolarealestate.com


-I created a BUYERS course and a SELLERS course. Sign up- they’re free, and I need feedback!


-Just a reminder- I’m licensed in Life Insurance as well. If you need any protection, please let me know! I work with the best Life Insurance Broker in America 😎


-If you know anyone looking for a BANK, please let us know! There is a beautiful ex-bank for rent or sale here on Port Richmond Avenue. So much history, so many cool possibilities!



COMING SOON



-2,200 SF LOFT (Flex4) in Manhattan, W 29 and 6th. Will be asking $14,999/month


-4 family in Brooklyn, Sunset Park. Will be asking 2.6MM. Possibly March.


-Bungalow in New Dorp Beach. More info to come.


-2 Family in Canarsie in the mid-high 800’s. More info to come.



Remember, knowledge is your compass in the realm of Staten Island Real Estate- and that’s exactly what we aim to provide in our Sunday News snippets.


Stay informed, stay empowered, and navigate the New York market with confidence!


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