A recent report reveals that Staten Island's housing market is thriving, with the median home price reaching $739,950. Despite an 8.2% drop in new listings and a 26% reduction in inventory, pending sales surged over 14%. Notably, homes are selling quicker, averaging 77 days on the market. While the city's prices are significantly higher than the national median of $403,700, the local market remains robust, reflecting a continued high demand amidst tighter supply conditions.
"The Staten Island housing market continues to demonstrate remarkable resilience and strength," said Sandy Krueger, CEO of the Staten Island Board of Realtors, commonly called SIBOR. "With median home prices reaching nearly $740,000 and strong buyer activity pushing pending sales up over 14% last month in comparison to April 2024, it's clear that demand remains robust despite tighter inventory."
According to the report, which uses data from the National Association of Realtors, Staten Island's numbers are in line with national real estate trends - existing-home sales in the United States were down too, decreasing 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units.
But home prices across the nation are not as steep as they are in the NYC area, according to data. The report noted that the national median existing-home price currently hovers at $403,700 - a significant difference from Staten Island's $739,950 median.
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