Suffolk County (Long Island NY) 1-4 Family Q3 Market Update

[Abel Curiel]

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.