The Suffolk County real estate market remains highly favorable market for sellers.
Limited Inventory : Suffolk County currently has an absorption rate of 2.67. This means it would take approximately 2.67 months to sell all existing properties if no new listings were added. Over the past year, the Suffolk County month's supply of housing inventory has decreased by -28.61%, indicating a very competitive sellers market. The decreasing inventory easily offsets the slightly lower demand resulting from the interest rate increases this past year.
November 2023 Active Listings
Suffolk County, New York
Pricing Insights: The List to Sold Price percentage is at a healthy 101.7%, indicating homes are still on average selling at or above the asking price. On average, sellers can expect to sell for 1.7% higher than their initial listing price. A homeowner with a properly priced and marketed home in Suffolk County should expect to receive multiple offers and buyers should be prepared to make competitive offers.
Time on the Market: The median days on market is currently 27 in Suffolk County. This means that half of the listed properties are sold within 27 days or less. With a short time on the market, sellers can benefit from a quicker sales process, while buyers need to act swiftly in this fast-paced environment.
Median Sales Price: The median sold price in Suffolk County is currently $610,000, up from $553,000 this time last year, highlighting the value and desirability of properties in Suffolk.
November 2023 Sold Listings
Suffolk County, New York
Looking to buy or sell a home in Suffolk County? These market trends indicate a dynamic and competitive real estate landscape. As an experienced REALTORS®, we can provide expert guidance to help you achieve your goals.
By: Christopher Robson
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