SIBOR report shows the median sales price of homes in the borough increased 3.7 percent to $700,000 in September, as measured against the same month last year

STATEN ISLAND, N.Y. (Oct. 25, 2024) – Staten Island home prices are continuing to rise, according to the latest report from the Staten Island Board of Realtors® (SIBOR).

The newly released SIBOR statistics show the median sales price of homes in the borough increased 3.7 percent to $700,000 in September, as compared to the same month last year.

“The continuing rise in prices shows an unfortunate lack of entry level inventory; some policy changes are necessary to assist that end of the market,” said Sandy Krueger, CEO of SIBOR. “I wouldn’t expect much to happen until this year’s election season is over.”

Staten Island’s rising home prices reflect an upward trend of prices nationwide, with the National Association of REALTORS® (NAR) reporting a median sales price of $416,700 as of last measure, a 3.1 percent increase from the same time last year and a new high for the month.

When compared to September 2023, the latest SIBOR data show New Listings on the Island increased 2.7 percent to 420; pending sales were up 2.4 percent to 302, and inventory levels fell 16.7 percent to 1,195 units.

The days on market statistic was down 5.9 percent to 62 days, and sellers were encouraged as the “months supply of inventory” was down 19.5 percent to 3.9 months.

NATIONAL TREND

U.S. existing-home sales slid 2.5 percent month-over-month and 4.2 percent year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to NAR.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7 percent increase from the previous month and a 22.7 percent jump from the same time last year. While monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

About the Staten Island Board of Realtors® (SIBOR)
and Staten Island Multiple Listing Service (SIMLS)

Established in 1915, the Staten Island Board of Realtors® (SIBOR) is the largest professional association in Staten Island, N.Y.

SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.

Comprised of approximately 2,300 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.

SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 275 local real estate firms exchange information on properties they have listed for sale or rent. Together, its members participate in approximately 5,000 real estate transactions every year.

SIMLS is the premier source for real estate listings and market information on Staten Island, providing real estate professionals and the community with a comprehensive platform for property listings, market data, and professional development opportunities.

All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

SIBOR and the SIMLS may be reached at 718-928-3220 and viewed online at MLSsiny.com. SIBOR may also be visited on Facebook at Staten Island Board of Realtors, Twitter via @SIBOR, LinkedIn (Staten Island Board of Realtors) and Instagram at SIBOR REALTORS (siborrealtors).

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Media Contact: Barton Horowitz
Relevant Public Relations, LLC
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