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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Southold is a buyer's market

Buyer's
Market

Difference Since May 2023

Since last year, Southold has remained a Buyer's Market.

Key Takeaway

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

Housing Prices in Southold, NY

How much do homes in Southold, NY cost?

Median Sold Price

$1,052,500

$542/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$77,500(+7.9%)

Key Takeaway

Homes in Southold have sold for 7.9% more than they did a year ago.

Summary: The median home sold price in Southold was $1,052,500 in May 2024, up 7.9% from last year, and the median price per square foot was $542.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $425K$570K
+34.1%
2 $675K$706.2K
+4.6%
3 $906.5K$920K
+1.5%
4 $1.2M$1.3M
+8.0%
5+ $1.8M$2.1M
+18.8%

Summary: Southold housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34.1%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 18.8%.

Median Sold Price Compared To Nearby Cities

Southold
+7.9%
Greenport
+5.7%
Shelter Island
-28.3%

Housing Supply in Southold, NY

How many homes are available in Southold, NY?

Number of Homes For Sale

Apr 2024May 2024CHANGE
208251+20.7%

Summary: The Southold real estate market had 251 homes for sale in May 2024, a 20.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 56
+20.0%
2 3033
+10.0%
3 7899
+26.9%
4 6878
+14.7%
5+ 2735
+29.6%

Summary: The Southold housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 26.9%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes increased by 29.6%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1629+81.3%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Southold, you may be able to get a good deal. 62.1% of homes here sold below asking price last month.

Summary: A total of 29 homes were sold or pending in Southold in May 2024, up by 81.3% month-over-month. Of the 29 sold homes, 62% were sold under asking, 17% were sold at asking, and 21% were sold over asking.

Days on Market for Southold, NY

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

Average Sale Time

May 2023May 2024CHANGE
58 Days67 Days+13.8%

Summary: Homes in Southold had an average of 67 days on market in May 2024, up by 13.8% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

11 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Southold are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During May 2024, 29 homes were sold in Southold; 28% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 38% 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 1 Day Ago

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