What is happening in Staten Island?

by Christine DeHart

What is happening in Staten Island?

In September 2022, the median listing home price in Staten Island, NY was $649K, trending up 10% year-over-year. The median listing home price per square foot was $417. The median home sold price was $635K.

On average, homes in Staten Island, NY sell after 70 days on the market. The trend for median days on market in Staten Island, NY has gone up since last month, and slightly down since last year.

New listings on Staten Island in June fell 15.5 percent from the same month last year to 612, while pending sales were down 27 percent to 379, according to a report from the Staten Island Board of Realtors. Inventory levels fell 22.3 percent to 1,440 units.

Key indicators that have largely evened out to pre-pandemic levels are a promising sign for borough’s the market in the long run, SIBOR CEO Sandy Krueger said, but hopeful buyers face a steep climb.

Nationally, higher prices, coupled with the average 30-year fixed mortgage rate approaching 6 percent, have strained buyers’ budgets and cooled demand, with home sales and mortgage applications falling sharply from a year ago.

For the first time, the U.S. median sale price of existing homes recently exceeded $400,000, up 15 percent from the same period a year ago, according to the National Association of Realtors.

However, as buyers are squeezed out of the market, housing supply is expected to improve. Price growth is already moderating, although at a pace that would have to continue for the rest of the year to reach what used to be normal.