New York’s Staten Island. You should budget at least $700,000 if you wish to purchase a home in Staten Island. The median sales price in the borough is currently that amount, which has been constant since December 2023, according to a recent study from the Staten Island Board of Realtors (SIBOR).
According to Sandy Krueger, CEO of SIBOR, the Staten Island market in 2024 was nearly identical to the one in the year before. The median and average sale prices increased by almost four percent, while new listings and closed transactions increased by two to three percent. In the upcoming year, we anticipate a more active market. The market is transitioning to a post-COVID norm as the pandemic draws to a close.
According to the recently released statistics, pending sales on the Island jumped by 22.5% to 289 last month, while new listings in the borough increased by 18.3% to 246 compared to December of the previous year. However, inventory levels dropped by 27.5% to 859 units, while the days-on-market figure decreased by 11% to 65 days.
According to data from the National Association of Realtors, existing-home sales in the United States increased 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, marking the second consecutive month of improvement.
Additionally, nationwide sales increased 6.1% from the same period the previous year, the most year-over-year growth since June 2021.
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