The Suffolk County real estate market continues to thrive in a solid seller territory despite the persistently high interest rates.
While the 30-year fixed mortgage rates remain in the high range of 7%, Suffolk County home prices maintain their steady ascent. Although the rate of increase has slightly decreased, the scarcity of inventory continues to impact the market significantly.
As of October 2023, there were only 3153 homes available for sale throughout Suffolk County. To put this in perspective, in October 2019, there were over 11,000 homes listed for sale. The chart below is a history of Suffolk active listings dating back to October 2018. Over the course of the past year, the available inventory of homes in Suffolk County has remarkably decreased by -25.91%.
Suffolk County Properties for Sale (Active Listings)
The "Months Supply of Inventory" in Suffolk County, also known as the absorption rate, currently stands at 2.86. This metric provides an indication of the length of time it would take to sell all the homes on the market without considering new listings. A lower number suggests a tighter market with high demand and limited supply. A market equilibrium is typically considered to have a 5 to 6 month inventory. Anything higher indicates a buyers market, while anything lower points to a sellers market. Consequently, although interest rates may have deterred some buyers, the diminishing inventory in Suffolk County more than compensates for the reduction in demand.
October 2023 Suffolk County Months Supply of Inventory
Currently, the median days that Suffolk County homes spend on the market is an impressively short 27 days. It is evident that Suffolk homes are selling swiftly.
Furthermore, the Suffolk County list-to-sold price percentage is 101.8%. This figure indicates whether homes, on average, are being sold at, above, or below their listed price. Presently, the aggregate listing price in Suffolk County is slightly lower than the aggregate sales price. This is an indication that many homes are still selling over the asking price as a result of a bidding war. That is not to say that all homes will sell at or above the list price, this number accounts for both overpriced and underpriced listings.
Finally, the median sold price of homes in Suffolk County is $609,000, a significant increase over last year.
Here is a snapshot of the Suffolk County real estate market for October 2024:
Suffolk County median home price: $609,000
Suffolk County average list-to-sale percentage: 101.8%
Suffolk County median days on market: 27
Suffolk County available homes for sale: 3153