Recent Staten Island Real Estate Trends

Posted by Dil Gillani on Wednesday, August 22nd, 2012 at 7:10am

Staten Island is the most suburban of New York City's boroughs, which means there is always demand for Staten Island real estate. This demand provided Staten Island with a cushion during the housing collapse as evidenced by the fact home prices are down only 11.9 percent from the peak of the crash, which is significantly less than the drop in housing values other areas of the country experienced. Those who chose to buy a home on Staten Island can rest assured their home will likely maintain its value and appreciate in the years to come.

Currently, the average listing price of Staten Island homes is $475,905 and the median sales price is $375,000, which is an increase of 1.3 percent as compared to last year at this time. The recent price trends of Staten Island show a gradual but steady increase, making the market favorable for both buyers and sellers. There are currently 3,242 homes for sale on Staten Island as well as over 1,000 short sales and foreclosures on the market. These distressed properties provide extraordinary value for investors, cash buyers, and first time homebuyers who have guaranteed financing.

Current listings include multimillion-dollar estates, land and newly constructed homes, multi-family homes that can serve as residences as well as income properties, and reasonably priced existing single-family homes. Homes in need of some tender loving renovation and restoration are also available for sale in the Staten Island real estate listings. Those looking for investment properties will find homes and multi-family homes that are affordable. The current monthly rental rate for apartments and townhouses on Staten Island range from $1,200 to $14,750, which translates into a positive cash flow for most residential real estate investors.

Homes located on Staten Island have a variety of architectural styles and price points so most prospective homebuyers can find a home that fits their lifestyle and their budget. The most popular neighborhoods on Staten Island include Tottenville, Rossville, Todt Hill, Great Kills, Dongan Hills, and Woodrow. Whether you prefer a luxurious waterfront home, a sophisticated townhouse, or a modest cottage, you can find the home of your dreams in the Staten Island real estate listings.

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