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Updated 3 months ago,
Suffolk County (Long Island NY) 1-4 Family Q3 Market Update
Hello & thanks for reading!
If there are any NY market stats/comparisons, you'd like to see in the future, post a reply or shoot me a PM.
Below is a quick Q3 comparison between this year and '23 for Suffolk County:
Summary:
- - Single Family values continue climbing
- - Multifamily Properties are selling faster than last year
- - Market activity (sold properties) has remained steady
Multifamily sale prices have (slightly) dropped despite sales activity remaining similar to Q3 last year.**Not sure if this graph loaded properly** The main factor leading to the drop in multifamily sales prices could be the increase in inventory (33%) in 2024 compared to last year.
However, there has been an adverse effect in the Average Days on Market (DOM) for 2+ family residential properties. Multifamily properties in Suffolk are selling nearly 2 weeks faster than last year.
With respect to single family properties in Suffolk, there has been a 5% jump in sales activity (# of homes sold). Inventory has shot up by 33% since last year so we could see an even greater disparity by end of year.
- Abel Curiel