The price of buying a home on Staten Island fell slightly last month, as properties available for sale started to shrink, according to a new market report from the New York City borough's real estate agent group.
The median price for the borough dipped 2.9% year over year in July to $684,800, the Staten Island Board of Realtors reported. The number of closed and pending sales also declined in July, the group said.
"While the headlines might focus on declines, Staten Island’s housing market remains fundamentally strong," Sandy Krueger, the board's CEO, said in a statement.
As of August 14, there were roughly 1,070 homes for sale on Staten Island, including single-family, condominium and co-op properties. Some of the listings include a four-bedroom high-ranch for $999,999, a five-bedroom Colonial for $949,500 and a three-bedroom condo for $749,900.
Staten Island is the Big Apple's third-largest borough by size but the smallest in population. New York is known for tall high-rise residences that stretch for miles, but on Staten Island, most housing stock consists of single-family homes. About one-third of the island's acreage belongs to parks and natural lands.
Like the other boroughs, Staten Island faces a severe housing crunch brought on by a rising population and a lag in new housing development. The borough saw its population jump 6.4% from 463,450 in 2010 to 492,925 in 2022, according to U.S. Census Bureau data. However, New York City has only added 800 new homes to Staten Island between 2021 and 2023, according to the latest housing survey.
City officials have said they hope to alleviate some of Staten Island's housing woes with a new development slated for the North Shore area. Hillside Grove will be designed as three-, four- and five-story buildings: one with 90 homes for senior citizens, a second structure of 105 homes for multifamily living and a co-op of 37 units available for purchase.
Richmond County — where Staten Island sits — made the list earlier this year for housing markets at most risk of a downturn, according to real estate analytics firm ATTOM.
Pending sales fell 30% from 349 in July 2024 to 244 last month, while closed sales dipped 27% from 339 in July 2024 to 248 last month, according to the market report. Homes for sale remained on the market for 71 days last month, a slight increase from 69 days during the year prior. Those numbers suggest homebuyers are still purchasing properties on Staten Island "albeit at a more measured pace than in recent peak periods," the real estate agent group said.
The number of new listings on Staten Island fell 32% from 489 in July 2024 to 332 last month while inventory of all housing types fell 39% from 1,422 to 870 last month. There may be fewer homes for sale, but the "continued demand and moderate pricing shifts are helping to stabilize the Staten Island housing sector," the group said.
"Tighter inventory can create an edge for sellers, and buyers have a chance to negotiate more thoughtfully in a less frenzied environment," Krueger said in a statement.
