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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Riverhead is a buyer's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Riverhead, NY

How much do homes in Riverhead, NY cost?

Median Sold Price

$559,625

$343/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$10,625(+1.9%)

Key Takeaway

Homes in Riverhead have sold for 1.9% more than they did a year ago.

Summary: The median home sold price in Riverhead was $559,625 in February 2024, up 1.9% from last year, and the median price per square foot was $343.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $345K$384.5K
+11.4%
2 $395K$440K
+11.4%
3 $560K$575K
+2.7%
4 $685K$715K
+4.4%
5+ $735K$770K
+4.8%

Summary: Riverhead housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 4.8%.

Median Sold Price Compared To Nearby Cities

Brookhaven
+6.4%
Southold
+5.9%
Riverhead
+1.9%

Housing Supply in Riverhead, NY

How many homes are available in Riverhead, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
163158-3.1%

Summary: The Riverhead real estate market had 158 homes for sale in February 2024, a 3.1% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 54
-20.0%
2 3734
-8.1%
3 6971
+2.9%
4 4343
0.0%
5+ 96
-33.3%

Summary: The Riverhead housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 8.1%, 3 bedroom homes increased by 2.9%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3218-43.8%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Riverhead, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 18 homes were sold or pending in Riverhead in February 2024, down by 43.8% month-over-month. Of the 18 sold homes, 56% were sold under asking, 17% were sold at asking, and 28% were sold over asking.

Days on Market for Riverhead, NY

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

Average Sale Time

Feb 2023Feb 2024CHANGE
60 Days76 Days+26.7%

Summary: Homes in Riverhead had an average of 76 days on market in Feb 2024, up by 26.7% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 18 homes were sold in Riverhead; 39% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 28% 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

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