Is Island Park, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Island Park is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Island Park was a Seller's Market.

Key Takeaway

Island Park is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Island Park, NY

How much do homes in Island Park, NY cost?

Median Sold Price

$642,500

$354/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$23,500(+3.8%)

Key Takeaway

Homes in Island Park have sold for 3.8% more than they did a year ago.

Summary: The median home sold price in Island Park was $642,500 in February 2024, up 3.8% from last year, and the median price per square foot was $354.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $475K$630K
+32.6%
3 $619.5K$640K
+3.3%
4 $622.5K$630K
+1.2%
5+ $759.5K$830K
+9.3%

Summary: Island Park housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 32.6%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 9.3%.

Housing Supply in Island Park, NY

How many homes are available in Island Park, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2630+15.4%

Summary: The Island Park real estate market had 30 homes for sale in February 2024, a 15.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 33
0.0%
3 1011
+10.0%
4 89
+12.5%
5+ 57
+40.0%

Summary: The Island Park housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
23+50.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Island Park, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Island Park in February 2024, up by 50.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.

Days on Market for Island Park, NY

How long does it take to sell a home in Island Park, NY?

Average Sale Time

Feb 2023Feb 2024CHANGE
30 Days50 Days+64.8%

Summary: Homes in Island Park had an average of 50 days on market in Feb 2024, up by 64.8% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Island Park are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 3 homes were sold in Island Park; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

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