Staten Island Real Estate Market: Fall 2024 Update

As we move into the fall of 2024, Staten Island’s real estate market continues to be one of the most dynamic and unique in New York City. Known for its suburban feel, green spaces, and strong sense of community, Staten Island has seen significant trends that reflect both broader national patterns and localized factors influencing housing here on the island.

Here’s a look at some key developments in Staten Island's real estate market today:

1. Interest Rates Impacting Buyers

Interest rates remain a critical factor shaping homebuying decisions. Throughout 2024, mortgage rates have stayed higher compared to previous years, leading to more cautious buyers. While this has slowed the overall volume of transactions, it hasn't completely deterred the demand for homes. Buyers looking to move from other boroughs or neighboring New Jersey continue to view Staten Island as a more affordable and desirable place to live, especially for families seeking space, backyards, and good schools.

2. Inventory Levels

Staten Island's housing inventory remains tight. Many homeowners who refinanced their mortgages during the period of historically low rates are hesitant to sell and lose their favorable rates. This has resulted in limited listings, particularly in high-demand neighborhoods like Tottenville, Westerleigh, and Richmondtown. As a result, prices have remained steady, with modest appreciation despite the interest rate environment.

3. Home Values Holding Strong

Despite a national slowdown in housing markets, Staten Island has largely bucked the trend. Average home prices on Staten Island have seen a slight increase year over year. According to recent data, single-family homes have experienced the highest demand, with the average price hovering around $700,000. This is partly due to the island’s suburban appeal and the growing number of buyers who prefer owning a detached home rather than living in a condominium or co-op in Manhattan or Brooklyn.

4. The Rental Market

The rental market on Staten Island is also evolving. With higher mortgage rates keeping some potential buyers on the sidelines, demand for rental properties has increased. This is particularly evident in neighborhoods near the ferry and transit hubs, such as St. George and Tompkinsville. Renters, including young professionals and families, are attracted to Staten Island's lower rental rates compared to the rest of the city, while still being relatively close to Manhattan.

5. Luxury Market and New Developments

Staten Island's luxury market continues to see interest, particularly in areas like Todt Hill and Emerson Hill. High-end buyers appreciate the privacy, larger lot sizes, and custom-built homes that these neighborhoods offer. Additionally, new developments are sprouting up across the island. Mixed-use buildings and new condominium complexes, particularly near the North Shore waterfront, are contributing to the island's growing appeal to both investors and first-time homebuyers.

6. The Rise of First-Time Homebuyers

The island has seen a steady influx of first-time homebuyers, many of whom are millennials. Staten Island's combination of relatively affordable housing, strong community vibe, and proximity to both urban amenities and nature makes it an attractive option. The availability of FHA loans and state-backed assistance programs has helped this demographic enter the market, even with current financial challenges.

7. Sustainability and Green Spaces

Sustainability continues to be a growing trend in Staten Island real estate. Buyers are increasingly prioritizing homes with energy-efficient features, such as solar panels and updated insulation, which provide long-term savings. Staten Island’s abundance of parks and green spaces, such as Clove Lakes Park and the Greenbelt, also makes it a desirable place for those seeking outdoor recreational activities and a healthier lifestyle.

Outlook for 2025

Looking ahead, Staten Island's real estate market is expected to remain stable but competitive. We could see a shift if mortgage rates decrease, potentially unlocking a new wave of sellers and buyers. However, for now, demand is likely to outpace supply, particularly in sought-after neighborhoods, keeping prices resilient.

Whether you’re a buyer, seller, or investor, the Staten Island real estate market offers plenty of opportunities—especially for those who can navigate its unique landscape.

If you're considering buying or selling in Staten Island, working with a local expert who understands the nuances of this market is key to making the most informed decisions.

Christine DeHart, Broker/Owner, Salmon Real Estate