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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Riverhead is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Riverhead, NY

How much do homes in Riverhead, NY cost?

Median Sold Price

$584,375

$347/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$18,687(+3.3%)

Key Takeaway

Homes in Riverhead have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in Riverhead was $584,375 in October 2024, up 3.3% from last year, and the median price per square foot was $347.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $364K$422.5K
+16.1%
2 $430K$450K
+4.7%
3 $569K$599.5K
+5.4%
4 $725K$750K
+3.4%
5+ $720K$847K
+17.6%

Summary: Riverhead housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.1%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 17.6%.

Median Sold Price Compared To Nearby Cities

Brookhaven
+12.9%
Riverhead
+3.3%
Southold
0.0%

Housing Supply in Riverhead, NY

How many homes are available in Riverhead, NY?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
188203+8.0%

Summary: The Riverhead real estate market had 203 homes for sale in October 2024, a 8.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 03
+100.0%
2 5964
+8.5%
3 5768
+19.3%
4 5349
-7.5%
5+ 1919
0.0%

Summary: The Riverhead housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 19.3%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2636+38.5%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

11 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. 50% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in Riverhead in October 2024, up by 38.5% month-over-month. Of the 36 sold homes, 50% were sold under asking, 19% were sold at asking, and 31% 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

Oct 2023Oct 2024CHANGE
43 Days54 Days+24.7%

Summary: Homes in Riverhead had an average of 54 days on market in Oct 2024, up by 24.7% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Riverhead has remained consistent over time.

Summary: During October 2024, 36 homes were sold in Riverhead; 33% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 22% 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 16 Days Ago

Newest Listings in Riverhead, NY

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