Port Washington Real Estate Update: October 2024
The Port Washington, NY, real estate market has seen remarkable growth and transformation over the past 12 years. Once a balanced market with moderate activity, it has evolved into a thriving seller’s market with high demand, rising property values, and shorter listing times. This shift demonstrates the appeal of Port Washington as a desirable place to live and invest.
Let’s explore the key metrics highlighting this transformation and what it means for homeowners and potential buyers.
Median Sales Price: Rising Value for Homeowners
One of the most significant changes over the last decade is the median sales price, which has more than doubled, increasing by 125%. In 2012, homes in Port Washington sold for approximately $700,000. Fast-forward to 2024, and the median sales price is $1,575,000.
This steep appreciation is a testament to the area’s growing desirability. With its scenic waterfront views, excellent school districts, and vibrant community, Port Washington has become a sought-after destination for families and professionals alike. This means significant equity gains for homeowners, offering a golden opportunity for those considering selling.
Average Market Time: Faster Sales
In 2012, homes in Port Washington spent an average of 64 days on the market before finding a buyer. Today, that figure has been cut in half, with homes selling in just 32 days on average—a 50% reduction.
This quick turnover reflects the strong demand for homes in the area. Buyers are eager to secure property in Port Washington, leading to faster negotiations and fewer days on the market. This heightened demand ensures that well-priced homes are snapped up quickly, often at or above the asking price.
Inventory of Homes: A Tight Market
Another critical factor in Port Washington’s market transformation is the drastic reduction in housing inventory. In 2012, inventory levels were around 8 months, representing a balanced or slightly buyer-friendly market. By 2024, this figure has dropped to just 3.59 months, a clear indicator of a strong seller’s market.
Low inventory means fewer homes are available, driving up buyer competition. For sellers, this translates to a favorable environment where demand outweighs supply, enabling them to negotiate better terms and achieve higher sale prices.
Why Port Washington is Thriving
The growth of Port Washington’s real estate market is no surprise, given the area’s many attractions. Nestled on the North Shore of Long Island, this waterfront community boasts breathtaking harbor views, charming downtown areas, and excellent connectivity to New York City. The Long Island Rail Road (LIRR) provides a direct route to Manhattan, making Port Washington an ideal choice for commuters.
Beyond its location, the community offers top-rated schools, beautiful parks, and a rich cultural scene. Residents enjoy access to Sands Point Preserve, a historic estate with nature trails, stunning vistas, and various waterfront activities such as boating, fishing, and kayaking. These amenities make Port Washington a highly desirable place to call home.
What Does This Mean for You?
The Port Washington real estate market is vibrant and dynamic and grows substantially yearly. This is the perfect time for homeowners to capitalize on rising property values and strong demand. If you’ve been considering selling your home, now is an opportune moment to achieve maximum value.
The reduced inventory and shorter market times underscore the importance of acting quickly for buyers. Working with a knowledgeable agent can help you navigate the competitive landscape and secure the home of your dreams.
Take Action Today
Don’t wait to take advantage of this incredible market! Whether you’re considering selling or curious about your home’s current value, I’m here to help. Contact me, Rachel Doppelt, at 646-780-9190, or visit https://bit.ly/HomeSnapShotCMA for a FREE Market Analysis. Let’s work together to maximize today’s real estate opportunities.
Port Washington’s transformation over the past 12 years is a testament to its appeal and growth. Make sure you’re a part of its vibrant future. Call today!
