In Suffolk County, the median sale price for residential properties reached $595,000 in September 2023, marking an 8.2% increase from the previous year's reported price of $550,000 on the MLS. The number of closed and pending residential transactions in September 2023 were 1,136 and 1,091 respectively. This is a decrease from the previous month's 1,363 closed transactions and 1,270 pending transactions.
In the OneKey MLS Regional Area, the median sale price for closed residential properties was $630,000 in September 2023. This shows a 5% increase compared to the reported price of $600,000 in September 2022. Across the regional coverage area, there were 4,245 closed transactions and 4,240 pending transactions. These numbers indicate a decrease from the previous month's 5,344 closed transactions and 4,775 pending transactions.
The rise in mortgage rates, which have climbed over 7%, has caused potential buyers to delay their home purchase plans. Additionally, existing homeowners are hesitant to list their homes for sale because they don't want to give up their low-rate mortgages from a few years ago when rates were much lower. It is this lack of inventory contributes to the sustained rise in home values despite the climbing interest rates.
