Is Patchogue, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Patchogue is a buyer's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Patchogue, NY

How much do homes in Patchogue, NY cost?

Median Sold Price

$496,666

$320/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$41,666(+9.2%)

Key Takeaway

Homes in Patchogue have sold for 9.2% more than they did a year ago.

Summary: The median home sold price in Patchogue was $496,666 in February 2024, up 9.2% from last year, and the median price per square foot was $320.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $217K$235K
+8.3%
2 $415K$430K
+3.6%
3 $470K$515K
+9.6%
4 $542.5K$565K
+4.1%
5+ $535K$580K
+8.4%

Summary: Patchogue housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 8.4%.

Median Sold Price Compared To Nearby Cities

Patchogue
+9.2%
Brookhaven
+6.4%

Housing Supply in Patchogue, NY

How many homes are available in Patchogue, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
93105+12.9%

Summary: The Patchogue real estate market had 105 homes for sale in February 2024, a 12.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 68
+33.3%
2 1720
+17.6%
3 3640
+11.1%
4 2228
+27.3%
5+ 129
-25.0%

Summary: The Patchogue housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 17.6%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 27.3%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1811-38.9%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Patchogue, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Patchogue in February 2024, down by 38.9% month-over-month. Of the 11 sold homes, 27% were sold under asking, 9% were sold at asking, and 64% were sold over asking.

Days on Market for Patchogue, NY

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

Average Sale Time

Feb 2023Feb 2024CHANGE
33 Days29 Days-10.8%

Summary: Homes in Patchogue had an average of 29 days on market in Feb 2024, down by 10.8% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 11 homes were sold in Patchogue; 55% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 0% 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 18 Days Ago

Newest Listings in Patchogue, NY

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