Median price of a Staten Island home jumped to $725K as inventory shrinks, report says

New York’s Staten Island. Last month, the median price of a Staten Island property sold for $725,000, a 3.6% rise over the previous year’s figures.

The price increase is consistent with national real estate trends, per a recent report released by the Staten Island Board of Realtors (SIBOR): According to a recent National Association of Realtors (NAR) survey, the typical home price in the United States is $407,200, which is 4% more than it was in 2023.

However, the borough’s inventory levels have drastically decreased. There are presently only 1,031 units for sale, a 25.6% decrease from the previous year. However, pending sales increased 35.8% to 296 while new listings stayed same at 323.

According to a news statement from SIBOR, which cited NAR statistics, U.S. existing-home sales increased 3.4% month over month and 2.9% year over year to a seasonally adjusted annual rate of 3.96 million units, surpassing economists’ forecasts for the month and representing the first annual rise since July 2021.

According to the research, lower mortgage rates in the late summer and early fall contributed to a rise in sales in each of the four regions.

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