Imagine a nice beach town on Long Island with cute houses and friendly neighbors, plus a booming real estate market. That’s what you’ll feel while residing in East Rockaway. This little area has grown to be the leading choice of people eyeing a house to buy in 2024. Why? It gives you the small-town coziness with the convenience you need close by. And, if you ever wanted to live by the water, beautiful houses for sale in East Rockaway await. Let’s check out what makes East Rockaway such a great area to live in!
An Overview of East Rockaway Homes for Sale
The housing market in East Rockaway has steadily trended upwards; the average price per home sale was $633,000 as of March 2024. It has dipped by 10.9% when compared to the previous year. However, this slight decline in prices has not affected the demand for them since the market continues to be very active.
Currently, there are many homeowners selling homes for sale in East Rockaway for around 4% higher than the asking price and going pending in 17 days. In the last 3 months, a home has been sold at 1% below the list price and went pending in about 41 days, affirming the current strong market.
Relocation Trends: East Rockaway Attracts Homebuyers
The properties offered by East Rockaway real estate are not limited to the residents only, as more and more people are searching for homes for sale in this town. Based on the information gathered, 3% of home buyers searched to buy homes to move to East Rockaway from other metros and the three most sought-after metros were Peoria, Walla Walla, and Lincoln. Notably, 69% of the buyers looking for homes for sale in East Rockaway carried out their search to purchase homes in the East Rockaway metropolitan region.
Housing Supply and Demand: A Balanced Market
The availability of homes for sale in East Rockaway, NY has not seen extreme variations in supply and demand. There were 53 homes for sale in January 2024, showing an increase of 3.9% from the previous month.
The inventory by bedroom type has also shown some changes; 2 bedrooms have been reduced by 27.3%, while the price of 3-, 4-, and 5+-bedroom homes all experienced increases ranging from 14.3% to 15.4%.
From the sales perspective, the number of homes sold in East Rockaway decreased by 20% from December 2023 to January 2024, Among them, 50% were sold below the asking price and the remaining were sold over the asking price.
Days on Market: A Faster Selling Environment
The most prominent trend in the real estate market of East Rockaway, NY, is a dropping average sale time. As of January 2024, the days on the market for homes in East Rockaway averaged 29 days, showing a decline of 56% from last year. This quicker selling environment is further supported by the fact that of the homes sold in January 2024, 75% were under contract within 30 days, with 25% remaining selling within 30 to 90 days.
Climate’s Impact on East Rockaway Housing
As good as these statistics are for the East Rockaway homes for sale market, it is necessary to keep in mind possible natural hazards or environmental risks that can occur. Events such as floods, fires, wind, and heat may all be continuous variables of the long-term viability of a housing market. Homebuyers and investors should research the risk factors surrounding the localities and consider what this could do to their investment.
Conclusion
2024 has proven to be the real estate jackpot for East Rockaway, as it became the most opportune time when homebuyers could afford to put their investments forward in a growing coastal community. Sporting a competitive market, robust relocation trends, and enhanced pricing, East Rockaway ticks all the boxes for people looking for small-town charm with modern amenities.
With the town still carving its way through to the consciousness of buyers from all over the country, East Rockaway shall continue being in demand for years to come. By knowing how the real estate trends may be waiting up ahead for the market, smart homebuyers or investors can take advantage of opportunities in this coastal beauty during 2024.
Don’t let this chance slip through your fingers! Contact Kaya Homes today to view East Rockaway homes for sale, or to discuss selling your existing property. Allow us to help you understand the market and find the perfect home that fits your budget and needs.