Staten Island Real Estate Market Trends For July 2022
The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR).
As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.
The Latest Numbers for July 2022 [as compared to July 2021]
- New Listings in Staten Island decreased 12% to 546.
- Pending Sales were down 32.2 percent to 327.
- Inventory levels fell 15 percent to 1,569 units available for sale.
- Prices continued their ascent upward as the Median Sales Price increased 10 percent to $690,000.
- Days on Market was down 20.6 percent to 59 days.
- Sellers were taught patience as the Months Supply of Inventory increased 2 percent to 3.9 months.
Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year
ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.
One year change in Closed Sales were down 5.5%
One Year Change in Median Sales Price was up 9.9%
One year change in Inventory was down 14.7%
Click links below for detailed housing information on the different geographic areas of Staten Island:
East Shore – Includes data from Arrochar, Grasmere, Old Town, South Beach, Dongan Hills, Dongan Hills below Hylan, Grant City and Midland Beach
Gateway – Includes data from New Dorp, Oakwood, Oakwood Beach, Oakwood Heights, Bay Terrace, Great Kills and Eltingville
Greater St. George – Includes data from Ft. Wadsworth, Concord, Shore Acres, Rosebank, Clifton, Stapleton, Thomkinsville, St. George, Ward Hill, Park Hill and Grymes Hill
Heartland – Includes data from Willowbrook, Manor Heights, Bulls Head, New Springville , Heartland Village, Travis and LaTourette.
North Shore – Includes data from New Brighton, Snug Harbor, Livingston, Randall Manor, West Brighton, Port Richmond, Mariners Harbor, Graniteville, Arlington, Bloomfield and Elm Park
South Shore – Includes data from Annandale, South East Annandale, Arden Heights, Rossville, Woodrow, Huguenot, Princess Bay, Pleasant Plains, Charleston, Richmond Valley and Tottenville
The Hills – Includes data from Emerson Hill, Todt Hill, Lower Todt Hill, Light House Hill, Richmondtown, High Rock, Dongan Hills Colony and Emerson Hill
The Lakes – Includes data from Westerleigh, Sunset Hill, Sunnyside
*Data provided by Staten Island Board of REALTORS