The median sale price for Suffolk County residential real estate fell by 0.9% in January 2023, compared to the previous month, as buyers shy away from the market with mortgage rates near 15-year highs.
In January 2023, the median sale price for residential real estate in Suffolk County was $535,000, according to OneKey MLS, compared to $540,000 in December 2022.
The median sale price for residential homes, condos, and co-ops in Suffolk County peaked at $575,000 in July 2022. They saw their fastest growth earlier that year, rising by 12.6% in April and May 2022 compared to the same months in 2021.
As median sale prices level off, property sales have declined sharply. Sales of residential properties in Suffolk County fell by 36.1% in January 2023 compared to the same month last year. That drop comes after a decline of 32.6% in December 2022, compared to the previous December.
According to OneKey MLS, Suffolk County saw 894 closed residential sales transactions in January 2023, compared to 1215 closed in December 2022, reflecting a 26% drop. Median sale prices also increased by just over 1 percent on a month-over-month basis.