Current Market Overview

Seller's Market Continues - Suffolk County remains a seller's market with significant demand outpacing supply. As of April 2024, the months of inventory stand at 2.81, indicating a competitive market for buyers. This represents a 7.9% decrease from the previous month and a substantial 29.9% decrease over the past year.

Median Sold Price on the Rise

The median sold price for properties in Suffolk County is $615,000, reflecting a 2.93% month-over-month increase and an annual appreciation rate of 8.3%. This consistent upward trend underscores the robust nature of the local real estate market.

List to Sold Price Ratio

Homes are selling for more than their list price, with a list-to-sold price ratio of 101.4%, up by 0.47% from the previous month. This indicates strong competition among buyers, often leading to bidding wars.

Market Activity Breakdown
New Listings - April saw a surge in new listings, with 1,783 properties hitting the market, an 18.1% increase from the previous month. The median list price for these new listings is $674,999, up 3.8% from March. The median price per square foot for new listings is $380, a 2.4% month-over-month increase.

Active Listings - Active listings have also increased, totaling 3,042, which is a 7.1% rise from the previous month. The median list price for active listings is $850,000, with a median price per square foot of $468. Notably, the median days on the market for active listings have climbed to 48 days, a significant 28.4% increase, suggesting that properties are taking slightly longer to sell.

 

Pending listings are showing a healthy momentum, with 3,022 properties under contract, a 13.3% increase from March. The median list price for these properties is $620,000, with a median price per square foot of $356. The median days on the market for pending listings are 33 days, which is a 10% increase from the previous month.

Sold Listings - In April 2024, 884 properties were sold, marking a 12.8% increase from March. The median sold price per square foot is $369, up by 6.6% from the previous month. Properties sold in a median of 30 days, showing a quicker turnover compared to active and pending listings.

 

Investment Insights

Price Appreciation - The median estimated property value in Suffolk County is $631,610, reflecting a monthly increase of 0.8% and a 12-month increase of 8.3%. This consistent appreciation highlights the county's strong market fundamentals and potential for investment growth.

Market Volume - The total volume of new listings in April reached approximately $1.98 billion, an 11.1% increase from March. The active listings volume hit $5.94 billion, a 14% month-over-month increase, and the pending listings volume amounted to $2.62 billion, up by 12.1%.

 

Conclusion

Suffolk County's real estate market remains vibrant and dynamic, characterized by strong price appreciation and robust demand. With inventory levels low and properties selling quickly and often above list price, it's an opportune time for sellers to capitalize on market conditions. Buyers, while facing competition, can still find value in a market that continues to appreciate.

For those looking to invest, the sustained price growth and high market activity offer promising opportunities. As always, staying informed and working with a knowledgeable real estate professional can help you navigate this competitive landscape effectively.

 

Feel free to contact an Educators Realty associate for any specific inquiries or further assistance in your real estate journey in Suffolk County.

 

 

This market report utilizes data from the Realtors Property Resource® as of April 2024, covering single-family homes, condos, townhouses, and apartments in Suffolk County, New York.

 

Suffolk County Homes For Sale
Recently Sold Suffolk County Homes
Suffolk County Market Data