Let's take a look at the January 2023 Suffolk County real estate market data.

 

The primary factor impacting Suffolk County housing prices is the continued historically low Months Supply of Inventory or Absorption Rate, which is sitting at a low 2.41. This means that there is a limited number of homes available for sale, indicating high demand in the market.
Suffolk County Market Report Month of Inventory

The 12-Month Change in Months of Inventory has decreased by a whopping 39.29%. This significant drop suggests that homes are selling at a faster rate than before, making it a competitive market for both buyers and sellers.

January 2024 Suffolk County Housing Market Report Active Listings

Looking at the Median Days Homes are On the Market, we see that it is just 29 days. This short amount of time indicates that homes are selling quickly, further emphasizing high demand in the market.

January 2024 Suffolk County Housing Market Report Sold Homes

When it comes to the List to Sold Price Percentage, we see that it is at 101.3%. This means that homes are typically selling for slightly above the asking price, showing that sellers have the upper hand in negotiations.

January 2024 Suffolk County Housing Market Report List to Sale Price

Lastly, the Median Sold Price is $600,000, giving us a clear picture of the current pricing trends in the market. This can be a useful reference point for both buyers and sellers when making decisions about buying or selling a property.

January 2024 Suffolk County Housing Market Report Median Sale Price

Overall, these metrics paint a picture of a fast-paced real estate market with limited inventory and high demand. Whether you're looking to buy or sell, it's important to stay informed and work with a knowledgeable real estate agent to navigate these market conditions successfully. Happy house hunting!