“Prices are rising, but in the second half of the year, the price growth has measurably slowed compared with the first half of the year,” says Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors. “I think in 2019 we may actually have a year where income growth might finally outpace home prices. I expect home prices to soften to only 2.5 percent growth in 2019.In the beginning of 2018 home prices were at a steady rise but towards the end of 2018, with rising interest rates and inventory prices beginning to level. Real Estate market analysts predicted a similar year for 2019, with continued growth, inventory, and interests rates remaining relatively low, the market is slowly starting to cool down.
While affordable housing (under $500,000) on Staten Island has been hard to find things seem to be turning. Inventory, number of homes for sale is rising and interest rates have remained relatively low. This will hopefully create a buying opportunity.
According to Multiple Listing Services Statistics there are currently over 1,800 active homes for sale. 425 of those homes are under $500,000, 350 have 2 or more bedrooms, 206 have 3 or more bedrooms and 68 of them are detached 3+ bedroom homes.
Martino Realty can help you navigate the Home buying and selling process. We are located on the South Shore of Staten Island servicing all of Staten Island and Brooklyn. Call us at (718) 608-9400.