Unraveling Patchogue's Real Estate Landscape: October 2023 Insights
Hey there, Patchogue! It's that time of the month when we roll up our sleeves and dive into the latest real estate buzz. As the leaves change color and autumn whispers through the air, October's market statistics are in, and we're here to spill the beans. Grab a cozy blanket, settle in, and let's unravel the intriguing world of Patchogue's real estate trends together!
October brought a blend of excitement and contemplation to our local real estate scene. In this analysis, we're going to explore the latest hyperlocal real estate data. But fear not, we won't drown you in complex figures. Instead, we'll break down these numbers into bite-sized pieces, ensuring you understand the essence of Patchogue's real estate market. So, whether you're a prospective buyer, a curious local, or just someone who loves a good real estate story, you're in for a treat!
Median Sales Price Up 7.0%
Let's kick off with the 7.0% rise in the median sales price, bringing it to a cozy $495,000. Now, before you panic, let's put this into perspective. The median sales price in Suffolk County is $595,000. Patchogue's allure has always been irresistible, and yet you can buy into this community for roughly $100,000 than the median home in the whole county. Despite the increase, there are still fantastic properties within reach, offering great value for your investment. We'll guide you through the neighborhoods and housing options, ensuring you find a place that feels like home without breaking the bank.
Sold Property Counts Down 26.1%
October witnessed a 26.1% drop in sold property counts. This is due to a historic low in listing inventory. We have fewer listings on the market right now than we did during this time in 2020. That's right. We have fewer listings now than we did during the Covid-19 pandemic. But guess what? This isn't a setback; it's an opportunity. For those of you looking to sell your home, your home is at an all-time high in value. You will sell your home for more money than at any point in your life.
Pending Sales Counts Down 18.9%
Lastly, let's talk about the 18.9% dip in pending sales counts. As we talked about above, the historic low in listing inventory will of course affect the amount of homes go to contract. Despite the drastic increase in interest rates over the last 18 months, buyer demand remains high.
And there you have it, Patchogue – a sneak peek into October's real estate story. Despite the uptick in prices and the shifts in property counts, Patchogue remains a stable and inviting community. We hope this analysis has provided clarity and confidence as you navigate your real estate journey. Remember, we're here to support you every step of the way. Your dream home in Patchogue is closer than you think, and we can't wait to help you find it.