The Northport real estate market has shown remarkable dynamics in April 2024, with significant trends that indicate a robust seller's market. This comprehensive report provides an in-depth analysis of the key statistics and trends that are shaping the residential property landscape in Northport, New York.

Market Overview

Northport's residential market, encompassing single-family homes, condos, townhouses, and apartments, is currently a seller's market. This means that the demand for properties exceeds the supply, giving sellers the upper hand. Let's dive into the key metrics that define the market's current state.

Inventory and Sales Metrics

  • Months of Inventory: The market has just 2.2 months of inventory, a slight increase of 2.8% from the previous month but still indicative of a tight market. This figure has dropped by 39.1% over the past year, highlighting the increasing demand for homes in Northport.
  • Median Days on Market: Properties in Northport are selling rapidly, with a median of only 25 days on the market, a substantial decrease of 60.32% from last month.
  • List to Sold Price Ratio: Homes are selling for 101.2% of their listing price, up by 1.58% month-over-month, showcasing the competitive nature of the market.

Pricing Trends

  • Median Sold Price: The median sold price for properties in April 2024 is $807,500, reflecting a modest increase of 0.62% from the previous month.
  • Median Estimated Property Value: Estimated property values have climbed to $895,000, showing a 1.6% rise from last month and a robust 9% increase over the past year.
  • Median List Price: New listings have a median list price of $999,000, up by a significant 23.2% month-over-month, indicating sellers' confidence in the market's strength.

Activity Insights

  • New Listings: There were 33 new properties listed in April, a whopping 120% increase from the previous month. This influx of new listings could help balance the supply-demand dynamics in the coming months.
  • Active Listings: The number of active listings increased by 5.9% to 36 properties, with a median list price of $1,099,000, up by 8.4% from the previous month.
  • Pending Listings: The market saw a surge in pending listings, with 44 properties under contract, up by 15.8% from March 2024. The median list price for these properties is $987,000, a 9.7% increase month-over-month.

Market Volume

Total Sales Volume: The total sales volume for the month was $12,095,000, reflecting a 38.8% increase from the previous month. This uptick in volume underscores the heightened activity and value within the market.

Conclusion

The Northport real estate market in April 2024 is clearly thriving, with strong indicators of a seller's market. Properties are selling quickly and often above their list price, suggesting high demand and competitive buyer activity. With median prices on the rise and an increase in both new and active listings, Northport remains an attractive market if you are looking to sell your home.

For potential sellers, now is an opportune time to list properties, given the high demand and favorable pricing trends. Buyers should be prepared for a competitive market, with swift transactions and potentially above-list price offers being common.

Stay tuned for more updates and detailed market analysis to help you navigate the Northport real estate landscape effectively. Whether you're looking to buy, sell, or invest, the current trends highlight Northport as a hotspot for real estate activity.

 


 

For more detailed insights and personalized advice, feel free to contact us at Educators Realty. We are here to help you make the most informed decisions in this dynamic market.

See Northport homes for sale here.

See recently sold Northport homes here.