Suffolk County’s real estate market in 2024 showcased dynamic changes that have set the stage for an exciting 2025. For homeowners planning to sell next year, understanding these shifts is crucial to making the most of market conditions. Below, we’ll explore 2024’s key trends, forecast the market’s direction for 2025, and offer actionable strategies for sellers to maximize their home’s value.
2024 Suffolk County Real Estate Market Recap
Single-Family Homes
Suffolk County’s single-family home market remained active in 2024, with several notable trends:
- Increased Listings
New listings rose by 9.2%, with 14,611 homes listed through October compared to 13,385 in 2023. This influx provided more opportunities for buyers but kept competition steady due to high demand. - Slight Drop in Closed Sales
Despite higher inventory, closed sales fell by 2.6%, with 10,728 homes sold compared to 11,011 in 2023. However, this minor decline didn’t dampen the market’s momentum. - Steady Price Growth
Median sales prices climbed 11.2%, reaching $645,000. This strong appreciation reflects sustained demand and limited inventory in high-demand neighborhoods. - Shorter Days on Market
Homes sold faster in 2024, averaging just 50 days on the market compared to 55 days in 2023, signaling high buyer activity. - Percent of List Price
Sellers received an average of 101% of their original list price, underscoring strong demand and competitive bidding.
Condos
The condo market showed robust activity, especially for buyers looking for affordable alternatives to single-family homes:
- New Listings: Up 5.7%, with 1,723 condos listed.
- Median Sales Price: Increased 11.4% to $479,000, reflecting growing demand.
- Inventory Growth: Inventory rose slightly (+1.1%), providing more options for buyers.
- Days on Market: Condos sold in an average of 48 days, a 7.7% improvement.
Co-Ops
Co-ops saw significant growth in activity, but challenges remain:
- New Listings: Increased significantly (+16.9%) to 491.
- Median Sales Price: Rose by 10.9% to $255,000.
- Fewer Closed Sales: Sales dipped by 11.2%, reflecting a mismatch between supply and demand.
- Days on Market: Improved by 14.8%, with units selling in 46 days on average.
Key Market Trends in 2024
1. Rising Prices Across All Property Types
Strong demand drove significant price growth in single-family homes, condos, and co-ops. This trend created opportunities for sellers to capitalize on high equity gains.
2. More Listings in a Competitive Market
An increase in new listings, particularly in condos and co-ops, gave buyers more options. However, demand remained strong, keeping pressure on prices.
3. Faster Sales
Properties sold faster across the board, with shorter days on market for single-family homes, condos, and co-ops. This reflects the ongoing competitiveness of the Suffolk County market.
4. High Demand for Affordable Alternatives
Condos and co-ops became attractive options for buyers priced out of single-family homes, driving growth in these segments.
What to Expect in 2025
If you’re planning to sell your Suffolk County property, here’s what you can anticipate for 2025:
1. Sustained Price Growth
While price increases may moderate compared to 2024, limited inventory and steady demand will likely continue driving appreciation. Sellers should feel confident about achieving favorable returns.
2. Market Adjustments
The rise in inventory, particularly in condos and co-ops, may temper some of the competitive dynamics. However, single-family homes in sought-after neighborhoods will likely remain hot commodities.
3. Interest Rate Impacts
High mortgage rates may influence buyer affordability, especially for first-time homebuyers. Sellers should be prepared for some price sensitivity among buyers.
4. Early 2025 Opportunities
The spring market remains the busiest, but listing your home early in 2025 could offer advantages. With less competition and motivated buyers, sellers can maximize their opportunities.
How 2025 Market Conditions Will Affect Sellers
For Sellers of Single-Family Homes
Single-family homes will remain in demand, particularly in Suffolk County’s desirable neighborhoods. Focus on strategic pricing and minor updates to attract competitive offers.
For Condo Sellers
As inventory grows, highlighting your condo’s unique features and amenities will be critical. Competitive pricing and showcasing the low-maintenance lifestyle will appeal to buyers.
For Co-Op Sellers
With limited inventory and rising prices, co-op sellers have an opportunity to command strong offers. Marketing your property effectively will be key to standing out.
Tips for Selling Your Home in 2025
1. Prepare Your Home Early
Begin making updates and staging your home now to maximize its appeal in the competitive market.
2. Leverage a Local Expert
A knowledgeable real estate agent can guide you on the best pricing and marketing strategies based on Suffolk County’s market conditions.
3. Price to Sell
Set a competitive price to attract serious buyers and potentially spark a bidding war.
4. Focus on Presentation
Invest in curb appeal and interior staging to create a strong first impression.