February 2024 Suffolk County New York Housing Market Trends

The real estate market in Suffolk County, New York is currently marked by a strong demand and a low inventory, with a "months supply of Inventory" at 2.25. In February 2024, there were only 1816 homes for sale in Suffolk County. This limited housing selection resulted in faster sales and higher prices. For comparison, in February 2020, just before the COVID lockdowns, there was almost a year's worth of inventory available in Suffolk County.

February 2024 Suffolk County New York Months Supply of Homes For Sale

 

The Suffolk County housing market is characterized by limited inventory and strong demand, resulting in homes being sold rapidly, typically within a median of 36 days. Home buyers in Suffolk County often face frustration due to the need for urgency and the possibility of submitting "best and final" offers, which forces them to participate in a silent auction-like competition for homes.

The percentage of the listing price that homes in Suffolk County are being sold for is 99.1%. This suggests that, on average, homes in Suffolk County are being sold very close to their listing price, with many even surpassing the list price. Due to the limited number of available properties and the high demand, sellers in Suffolk County are in a favorable position to receive competitive offers.

 

In general, the Suffolk County real estate market with low inventory and high demand greatly benefits sellers. Sellers have the opportunity to capitalize on the current market situation to optimize their selling price. The median estimated value of single family homes in Suffolk County, NY has risen to $738,740. Prior to the covid lockdowns, the median estimated value in Suffolk County was just $570,000.

February 2024 Suffolk County New York Median Home Values