Staten Island real estate market trends and analysis 2023

Prepping to buy or sell Staten Island real estate? Continue reading to learn about prevailing

trends and what to expect in the market this year.

2022 IN RETROSPECT

For Staten Island real estate, the year started on an optimistic note. For the first time since

2006, the market saw an uptick in existing home sales. 2021 recorded an 8.5% year-on-year

change, with home buyers motivated by the historically low mortgage rates. There was an

expectation that such a trend would continue in 2022, but certain challenges were identified as

early as January 2022:

• The year started with only 910,000 existing homes in the inventory, which is the record

lowest since 1999.

• By the end of the month, only 433 new listings entered the Staten Island real estate

market. While this was significantly more than what was recorded in December 2021,

It still reflected a 19.7% year-on-year decrease.

• On the flip side, sellers in Staten Island were incentivized. The median sales price in

January 2022 rose by 12.1%, from $580,000 to $650,000. The inventory was also

down to 1,019 units or 2.2 months. Buyers also continued to swoop onto the market,

which shortened average days spent from 99 days to 74 days— a 25.6% year-to-date

Decrease.

Mortgage interest rates increased

In the end, 2022 proved to be a challenging year not only for Staten Island real estate but the

national housing market as well. Mortgage interest rates increased, as did sales prices. The

effects of inflation were also widely felt throughout the country. Here are some of the key

takeaways from the Staten Island Board of Realtors’ (SIBOR) December 2022 report:

• Market activity was severely affected by the rising home prices. December only saw

212 listings enter the market, 22.6% less than December 2021. Pending sales also fell

by 41.8%, from 385 to 224. Only 338 home sales were closed.

• With less buyers, properties spent a longer time on the market— 78 days, which was

9.1% more year-on-year. And although the inventory only had 1,202 homes for sale,

there was a supply of at least 3.5 months. This tipped the market in buyers’ favor, as

supply outstripped demand and there was a wider selection of homes to choose from.

• In terms of real estate prices, the median fell by 0.6% from $620,000 in December

2021 to $616,500 by the year’s end. The average sales price also slightly decreased,

from $661,201 to $659,204 year-on-year.

WHAT ARE THE TRENDS LIKELY TO AFFECT STATEN ISLAND REAL ESTATE IN 2023?

Based on 2022 data, it’s reasonable to expect that the market will continue to slow down this

year. This may result in further price reductions, particularly in more expensive parts of the

country. Buyer demand may prevent significant decreases, however, but it remains to be seen if

buying activity will pick up in the next few months. For now, Staten Island real estate is a

balanced market, neither favoring buyers or sellers.

2023 is shaping to be even more ambiguous. Experts can’t agree whether home prices will

increase by 5% nationally or decrease by as much as 22%. What happens in the broader

economy, not to mention mortgage interest rates and housing supply levels will definitely

shape which way 2023 swings. As it’s only the first few months of the year, it’s still a little too

early to tell.

On the bright side, mortgage rates are likely to become stabler this year. While there is no

going back to the glory days of 3% rates, housing economists predict rates to settle at around

8%. This will depend, however, on inflation.

No matter the market trends or economic forces, the fact remains that people will still need to

buy or sell homes in their respective areas. One of the best things to do to ensure a successful

real estate transaction is to work with a local Realtor with a deep understanding of how Staten Island real estate

works and moves.

Staten Island real estate market, has been on a steady rise in the past few years. With the influx of new residents,

businesses, and job opportunities, it is no surprise that the real estate market has seen increased demand. From

single-family homes to multifamily dwellings, Staten Island offers a variety of housing options for potential

buyers.

Staten Island and the demand for housing

The area also boasts numerous parks, beaches, and cultural attractions, which make it an attractive place to live.

As more people move to Staten Island and the demand for housing continues to grow, it is essential to stay up-

to-date on the current real estate trends to make informed decisions when buying or selling property. By

understanding the current trends in real estate on Staten Island, buyers will be able to make the most of their

potential purchases, and sellers will be able to maximize sales. Premium Market TrendsIn the past few years,

Staten Island has seen increased demand for housing options. The need for properties has created a market for

high-end homes.

Buyers now face competition with higher prices that reflect this increased demandStable Market TrendsThe real

estate market on Staten Island is currently stable with a low vacancy rate and steadily rising prices. A low

unemployment rate also contributes to stability.

One of New York City’s five boroughs, Staten Island, is attracting more attention for its real estate market. The

island’s diverse neighborhoods, picturesque waterfront views, and convenient location to Manhattan make it an

attractive option for home buyers looking for a suburban escape. In recent years, Staten Island has seen an influx

of new residents and businesses due to its affordability compared to other parts of the city. As such, the real

estate market in Staten Island has been growing steadily over the past few years, with prices increasing and new

construction popping up throughout the borough. In this article, we’ll look at some current trends in Staten

Island’s real estate market and how they could shape future development.

Staten Island is one of the hottest real estate markets in the United States.

The borough has seen an influx of buyers and investors due to its proximity to Manhattan and its affordability compared to other areas in New York

City. Staten Island’s real estate market has been on a steady rise for the past few years, with prices increasing

significantly since 2018.

Both buyers and investors must stay current on the most recent trends in the Staten Island real estate market as

more individuals move to the borough searching for housing. From new construction projects to rising demand,

understanding these trends can help you make informed decisions about buying or investing in Staten Island real

estate.

The Staten Island real estate market, has been booming over the past few years. With its proximity to Manhattan

and various amenities, it’s no wonder why so many people are looking to purchase homes in this borough.

Staten Island offers a variety of housing options, from luxury condos to single-family homes. Prices have been

steadily increasing as more people move into the borough and demand for housing grows.

In addition, Staten Island is home to several up-and-coming neighborhoods that offer great potential for

investors. With its diverse population and numerous cultural attractions, Staten Island is an attractive place to live

for those looking for a unique lifestyle experience.