Is Lake Grove, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lake Grove was a Seller's Market.
Key Takeaway
Lake Grove is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lake Grove, NY
How much do homes in Lake Grove, NY cost?
Median Sold Price
$622,000
$322/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Grove have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Lake Grove was $622,000 in May 2024, up 3.7% from last year, and the median price per square foot was $322.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $337.5K | N/A |
| 2 Bedrooms | $460K | $470K | +2.2% |
| 3 Bedrooms | $513K | $570K | +11.1% |
| 4 Bedrooms | $649.5K | $666.2K | +2.6% |
| 5+ Bedrooms | $690K | $632.5K | -8.3% |
Summary: Lake Grove housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes decreased by 8.3%.
Median Sold Price Compared To Nearby Cities
| Brookhaven | $474.2K | $515K | +8.6% |
| Smithtown | $649.9K | $697.2K | +7.3% |
| Lake Grove | $600K | $622K | +3.7% |
Housing Supply in Lake Grove, NY
How many homes are available in Lake Grove, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 51 | 59 | +15.7% |
Summary: The Lake Grove real estate market had 59 homes for sale in May 2024, a 15.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 6 | 9 | +50.0% |
| 3 Bedrooms | 16 | 17 | +6.3% |
| 4 Bedrooms | 20 | 21 | +5.0% |
| 5+ Bedrooms | 9 | 11 | +22.2% |
Summary: The Lake Grove housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 22.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 4 | -42.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Grove, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Lake Grove in May 2024, down by 42.9% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Lake Grove, NY
How long does it take to sell a home in Lake Grove, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 51 Days | +2.5% |
Summary: Homes in Lake Grove had an average of 51 days on market in May 2024, up by 2.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake Grove has remained consistent over time.
Summary: During May 2024, 4 homes were sold in Lake Grove; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.