Median Home Price Exceed $400,000 in Suffolk County, NY

The median home price for pending home sales exceeded $400,000 in Suffolk County, New York for the first time in over a decade. In May, the median home price for all residential property types in Suffolk County, NY was $405,000. This is a 3.8% increase from May 2018 when the median home price for houses in contract was $390,000. (This includes single and multi property residences i.e. co-ops, condos, HOAs.)

Removing condos, co-ops and HOAs from the criteria result in an increase in the median home price to $418,000 in Suffolk County, NY.

Some areas in Western Suffolk County that exceeded the $400,000 mark in median home price for pending sales include:

Babylon, NY, 11702 – With a median home price of $458,000 in May (excluding co-ops, condos, HOAs), Babylon, though still above the $400,000 mark, actually experienced an 11.2% decrease compared to May of last year.

West Islip. NY 11795 – West Islip recorded an increase of 9.5% in pending home sale prices, an increase from $447,450 to $490,000 in May.

North Babylon, NY 11703 – With a median home price of $415,000 for pending home sales in May, North Babylon reported a 8.7% increase over last May’s median home price of $393,454.

Deer Park, NY 11729 – Deer Park reported a median home price of $430,000 which is an increase of 7% from last May’s $402,000 for 1-2 family pending home sales.

Amityville, NY 11701 – Comprising of Amityville and Amity Harbor, there was a 9.1% increase in median home price for pending home sales. In May the median home prices for pending sales in Amityville was $410,000, up from last May’s $369,000.

Is the upward trend in home prices expected to continue? Consistent with the National trend, Suffolk County is beginning to see a slow down. The excessive bidding wars for listed homes for sale is seeing a cool down.
CoreLogic Deputy Chief Economist Ralph McLaughlin foresees a shift in the housing market. “… the great cool down of 2018-2019 might be coming to an end. Coupled with mortgage rates falling to 18-month lows, it seems the housing market frost is poised to thaw quickly this summer.” Corelogic

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