Is Melville, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Melville was a Seller's Market.
Key Takeaway
Melville is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Melville, NY
How much do homes in Melville, NY cost?
Median Sold Price
$805,000
$420/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Melville have sold for 1.8% less than they did a year ago.
Summary: The median home sold price in Melville was $805,000 in March 2024, down 1.8% from last year, and the median price per square foot was $420.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $601K | $618.5K | +2.9% |
| 3 Bedrooms | $775K | $800K | +3.2% |
| 4 Bedrooms | $850K | $865K | +1.8% |
| 5+ Bedrooms | $1.4M | $1.3M | -8.5% |
Summary: Melville housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.9%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes decreased by 8.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Wheatley Heights | $600K | $652.5K | +8.8% |
| South Huntington | $600K | $643.5K | +7.2% |
| Melville | $820K | $805K | -1.8% |
Housing Supply in Melville, NY
How many homes are available in Melville, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 66 | 73 | +10.6% |
Summary: The Melville real estate market had 73 homes for sale in March 2024, a 10.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 18 | 21 | +16.7% |
| 3 Bedrooms | 16 | 13 | -18.8% |
| 4 Bedrooms | 13 | 18 | +38.5% |
| 5+ Bedrooms | 19 | 21 | +10.5% |
Summary: The Melville housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes decreased by 18.8%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 10.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 6 | -45.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Melville, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Melville in March 2024, down by 45.5% month-over-month. Of the 6 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for Melville, NY
How long does it take to sell a home in Melville, NY?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 70 Days | 44 Days | -37.6% |
Summary: Homes in Melville had an average of 44 days on market in Mar 2024, down by 37.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Melville are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 6 homes were sold in Melville; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% 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.