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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Patchogue is a seller's market

Buyer's
Market

Difference Since January 2023

Since last year, Patchogue has remained a Seller's Market.

Key Takeaway

Patchogue is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Patchogue, NY

How much do homes in Patchogue, NY cost?

Median Sold Price

$495,000

$318/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$40,000(+8.8%)

Key Takeaway

Homes in Patchogue have sold for 8.8% more than they did a year ago.

Summary: The median home sold price in Patchogue was $495,000 in January 2024, up 8.8% from last year, and the median price per square foot was $318.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $217K$240K
+10.6%
2 $413.4K$423.5K
+2.4%
3 $465K$512K
+10.1%
4 $535K$574.9K
+7.5%
5+ $525K$573.7K
+9.3%

Summary: Patchogue housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.6%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 9.3%.

Median Sold Price Compared To Nearby Cities

Patchogue
+8.8%
Brookhaven
+6.2%

Housing Supply in Patchogue, NY

How many homes are available in Patchogue, NY?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
106100-5.7%

Summary: The Patchogue real estate market had 100 homes for sale in January 2024, a 5.7% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 86
-25.0%
2 2018
-10.0%
3 3940
+2.6%
4 2322
-4.3%
5+ 1614
-12.5%

Summary: The Patchogue housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes decreased by 12.5%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
2118-14.3%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

12 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. 66.7% of homes here sold above asking price last month.

Summary: A total of 18 homes were sold or pending in Patchogue in January 2024, down by 14.3% month-over-month. Of the 18 sold homes, 28% were sold under asking, 6% were sold at asking, and 67% 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

Jan 2023Jan 2024CHANGE
33 Days21 Days-35.3%

Summary: Homes in Patchogue had an average of 21 days on market in Jan 2024, down by 35.3% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

4 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 January 2024, 18 homes were sold in Patchogue; 78% of homes were sold within 30 days, 22% 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 23 Days Ago

Newest Listings in Patchogue, NY

Nearby Markets to Patchogue, NY

What housing markets are near Patchogue, NY?