“Forgotten borough” no more: Staten Island homes are pricier than ever

Median sales prices eclipsed $600K for the 2nd straight month as inventory remains scant

New York /
Jul.July 12, 2021 02:30 PM
National trends of low interest rates and shrinking inventory has led to record median home prices in Staten Island (iStock)

National trends of low interest rates and shrinking inventory has led to record median home prices in Staten Island (iStock)

Homes in Staten Island continue to command record sums.

After reaching an all-time high of $610,000 in May, the median monthly sales price in the borough remained above $600,000 for the second consecutive month in June — a 2.3 percent increase over June 2020, the previous record high, and a nearly 10 percent jump from the same month in 2019, according to data from the National Association of Realtors.

Although the median sales price is not as high as it is in Brooklyn or Queens, the Staten Island Board of Realtors said that eager buyers are making offers well above the asking price and sight unseen, consistent with anecdotal accounts in markets across the country.

Homes spent an average of 82 days on the market in June, a nearly three-year low for the borough, compared to 108 days the month before and 96 days in June 2019. Like in other markets, low mortgage rates and shrinking inventory has led to sharp increases in Staten Island home prices.

After suffering declines in 2020, pending sales and closed sales increased 113 percent and 68 percent year-over-year in June, respectively. But new listings declined by 8 percent over the same period, and inventory tumbled 36 percent.

In a statement, SIBOR CEO Sandy Krueger said numbers indicate “an overheated market that doesn’t clearly identify where things are going in the future” and encouraged both buyers and sellers to take advantage of the uncertainty.

It would take three months to sell all available inventory in Staten Island, the data suggests, compared to more than eight months in June 2020.





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