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STATEN ISLAND, N.Y. – Home prices on Staten Island are continuing to climb, a new report from the Staten Island Board of Realtors (SIBOR) notes, and the median sales price across the borough now hovers at $665,000 — 5% higher than last year’s average.
The data, which was gathered in April, is in line with a national price spike that has continued to keep many prospective buyers on the sidelines, SIBOR reported. The group’s statistics also revealed that borough inventory levels have continued to decline, falling 20.4% since 2023 to just 1,189 available units.
“Current mortgage rates continue to discourage homeowners with existing low-rate mortgages from listing their properties; this results in depressing inventory levels, which tend to push prices higher,” noted Sandy Krueger, CEO of SIBOR. “Over time, however, we should anticipate growing inventories due to influences, aside from mortgage rates, which can spur a desire, or even a need, for some owners to sell.”
Pending sales are down too, but new listings increased 11.8%, the reports showed. The borough’s “days on market” statistic was down 13.7%, to 88 days, and sellers were encouraged as the “months supply of inventory” dipped to about 3.9 months.
According to the National Association of Realtors (NAR), similar numbers are being reported throughout the nation: The median existing-home sales price in the United States hit $393,500 in recent weeks, a 4.8% increase from the previous month.
And on the national scale, total inventory was up 4.7% month-over-month and 14.4% year-over year, for a 3.2 months’ supply at the current sales pace, NAR reported.
Nevertheless, demand continues to outpace supply, SIBOR said, and properties are selling quickly. An average home now spends 33 days on the market nationwide, down from 38 days the month before, data shows.
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