Introduction

Welcome to the latest real estate market report for Suffolk County, NY. Keeping up-to-date with current market trends is essential for both home sellers and buyers to make informed decisions. This report provides a comprehensive overview of market conditions, price analysis, sales trends, inventory levels, and expert tips from Educators Realty.

Market Overview

As of May 2024, the Suffolk County real estate market is categorized as a seller's market. This means demand for homes is high relative to the supply, which is evident in the key market indicators below:

  • Median Sold Price: $649,000 (up 5.53% month-over-month)
  • Months of Inventory: 3.07 (down 1.6% month-over-month)
  • Median Days on Market: 27 days (up 10% month-over-month)
  • List to Sold Price Ratio: 102% (up 0.57% month-over-month)

Price Analysis

The median sold price in Suffolk County has increased to $649,000, reflecting a 5.53% rise from the previous month and a significant annual growth. This price increase can be attributed to a combination of factors including limited inventory and strong buyer demand.

Sales Analysis

In May 2024, the number of properties sold was 1,042, marking a 14.3% increase from the previous month. The average list-to-sale price ratio remains strong at 102.02%, indicating that homes are selling very close to their listing prices.

  • Median List Price of New Listings: $674,990 (up 0.1% month-over-month)
  • Median List Price of Active Listings: $850,000 (up 3% month-over-month)
  • Median List Price of Pending Listings: $629,000 (up 1.5% month-over-month)

Inventory Analysis

Inventory levels have been a critical factor in the market's dynamics. Currently, the months of inventory stand at 3.07, which is a slight decrease from the previous month and a substantial drop of 26.6% over the past year. This low level of inventory contributes to the competitive nature of the market.

Seasonal Fluctuations

Historically, the real estate market in Suffolk County experiences seasonal fluctuations with increased activity during the spring and summer months. This pattern holds true in 2024, with higher numbers of new and pending listings observed in May.

Supply and Demand

The current market conditions in Suffolk County are heavily influenced by the supply and demand dynamics. With inventory levels remaining low and the number of active buyers high, the competition for homes is intense, driving up prices and reducing the time properties spend on the market.

Seller Tips

For home sellers in Suffolk County, here are some practical tips to maximize your success in the current market:

  1. Price Strategically: Set a competitive price based on recent comparable sales.
  2. Enhance Curb Appeal: First impressions matter. Invest in landscaping and exterior improvements.
  3. Work with a Realtor: Partnering with a knowledgeable real estate agent from Educators Realty can provide invaluable insights and marketing strategies to sell your home quickly and at the best price.

Buyer Tips

If you're looking to buy a home in Suffolk County, consider these tips to navigate the competitive market:

  1. Get Pre-Approved: Secure financing before you start your home search to streamline the buying process.
  2. Act Quickly: Homes are selling fast, so be prepared to make swift decisions and strong offers.
  3. Hire a Realtor: A professional agent from Educators Realty can help you understand the market conditions, find suitable properties, and negotiate effectively.

Forecast and Predictions

Looking ahead, the Suffolk County real estate market is expected to remain robust, with continued demand driving price increases. However, potential buyers may find some relief as new listings enter the market during the summer months. It's crucial for both buyers and sellers to stay informed and work with experienced real estate professionals to navigate these trends.

Conclusion and Call to Action

In summary, Suffolk County's real estate market is currently very favorable for sellers, with rising prices and strong demand. Buyers need to be prepared to move quickly and competitively. For professional assistance and expert advice on selling or buying a home in Suffolk County, contact Educators Realty today. Our experienced agents are here to help you navigate the market and achieve the best results. Visit educatorsrealty.com or call (516) 517-2400 to get started.