Staten Island's housing market saw a notable shift with a 30% drop in new home listings, resulting in only 385 listings in May. Pending sales decreased by 27.5%, totaling 266 transactions. Available housing stock fell by 35.4%, leaving just 932 units on the market. Consequently, the month's supply of inventory decreased by 38.1%, favoring sellers. Meanwhile, the median sales price rose 4.5%, reaching $687,500, and properties sold faster, with average days on market reducing by 5.8% to 70 days compared to last year.
"Modest price growth and quicker sales times reflect a market that, while constrained, is still moving forward," said Sandy Krueger, CEO of the Staten Island Board of Realtors. "Whether buying or selling, having the right guidance is more important than ever in response to today's conditions."
New home listings in Staten Island fell 30% to 385 in May compared to stats from 2024, while pending sales dropped 27.5% to 266 transactions.
The inventory squeeze continued as available housing stock plummeted 35.4% from last year's levels, with just 932 units on the market.
The median sales price increased 4.5% to $687,500, while average days on market decreased 5.8% to 70 days compared to the same period last year.
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