Staten Island home prices rise due to limited inventory

Staten Island’s housing market is feeling the effects of low inventory and rising prices. A new report from the Staten Island Board of Realtors (SIBOR) shows that the median home price has reached $727,500. This marks an 11.9% increase from February 2024. The report highlights that the number of homes available for sale in the borough has dropped by 29% since last year. Currently, there are only 887 homes on the market. Pending sales are also down, declining by 9.5% to 239 units. These local trends mirror what is happening across the country. The report notes that the national median existing home price has increased by 4.8% to $396,000. Existing-home sales in the U.S. have fallen for the first time since September, decreasing by 4.9%. High home prices and rising interest rates are affecting buyers in Staten Island and nationwide, making it a challenging time to purchase a home.