Is Riverhead, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Riverhead was a Seller's Market.
Key Takeaway
Riverhead is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Riverhead, NY
How much do homes in Riverhead, NY cost?
Median Sold Price
$570,000
$349/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Riverhead have sold for 1.6% more than they did a year ago.
Summary: The median home sold price in Riverhead was $570,000 in May 2024, up 1.6% from last year, and the median price per square foot was $349.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $315K | $427.5K | +35.7% |
| 2 Bedrooms | $401K | $450K | +12.2% |
| 3 Bedrooms | $569K | $580K | +1.9% |
| 4 Bedrooms | $695K | $730K | +5.0% |
| 5+ Bedrooms | $745K | $770K | +3.4% |
Summary: Riverhead housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.7%, 2 bedroom homes increased by 12.2%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 3.4%.
Median Sold Price Compared To Nearby Cities
| Brookhaven | $474.2K | $515K | +8.6% |
| Southold | $975K | $1.0M | +7.9% |
| Riverhead | $561.1K | $570K | +1.6% |
Housing Supply in Riverhead, NY
How many homes are available in Riverhead, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 190 | 198 | +4.2% |
Summary: The Riverhead real estate market had 198 homes for sale in May 2024, a 4.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 47 | 50 | +6.4% |
| 3 Bedrooms | 76 | 78 | +2.6% |
| 4 Bedrooms | 54 | 56 | +3.7% |
| 5+ Bedrooms | 10 | 12 | +20.0% |
Summary: The Riverhead housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 30 | -3.2% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Riverhead, you may be able to get a good deal. 43.3% of homes here sold below asking price last month.
Summary: A total of 30 homes were sold or pending in Riverhead in May 2024, down by 3.2% month-over-month. Of the 30 sold homes, 43% were sold under asking, 23% were sold at asking, and 33% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 63 Days | 53 Days | -15.7% |
Summary: Homes in Riverhead had an average of 53 days on market in May 2024, down by 15.7% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Riverhead are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 30 homes were sold in Riverhead; 53% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 
IDX Disclaimer/Disclosure: The data on this website relating to real estate for sale comes in part from the IDX Program of the Multiple Listing Service of the Elmira-Corning Regional Association of REALTORS®, Inc.