April 2023 Suffolk County Home Sale Prices Market Update
As Suffolk County Sale Prices continue to fluctuate I am expecting yet another little jump in sale prices upcoming. As with Nassau, little inventory is still on the market but Im also expecting a jump in inventory as well. Usually Supply and Demand runs the market, but this is a very strange time and all though inventory will increase I believe for a few months so will home prices but leveling off quickly.
Interests rates are playing a very big part in this game but I believe everyone is starting to realize this is the norm for a while at 6-7%.
Suffolk County Market Update will come out each month with statistics to keep you up to date. This is very useful information if you are buying or selling and will give you advantages over other buyers and sellers. The below information, provided from the Long Island Board of Realtors is usually very accurate. I advise everyone always to do their own research so you are knowledgeable.
*Suffolk County reported a residential closed median sale price of $545,000 in April 2023, which represents a an increase of less than 1.00% from the $540,000 reported the prior year in April 2022. There were 861 closed sales transactions and 1,207 pending transactions reported in April 2023, following 950 closed and 1,347 pending transactions reported in the month prior.
The OneKey MLS Regional Area reported a closed median sale price of $575,000 in April 2023, representing a decrease of less than 1.00% as compared to the reported $580,000 in April 2022. Across the regional coverage area, there were 3,160 closed residential transactions and 4,759 pending transactions, following the reported 3,612 closed and 5,203 pending the month prior
*Suffolk County Market Update statistics provided from LIBOR