The year-on-year trend in home sales prices continued in Jericho, where the median sales price rose 3.2% over last year’s numbers last month. Also on the rise were the number of homes that sold above list price, while the average number of days homes stayed on the market dropped. What else is happening? Welcome to this week’s Long Island HOME Market Flash as we head to Jericho, NY.
Jericho homes sold for a median price of $873,000 this past November, an increase over the $843,000 we saw in 2020, according to Redfin. Five years ago, the average median price was $740,000—the lowest point it has reached in the past half-decade other than April of 2018, when it hit $685,000. In 2021, the median price has not gone below $832,500 in any month (hitting that number in October), while reaching a 2021 high of $988,000 in July.
Jericho Median Home Sales Price Since 2016
November 2016 $740,000
November 2017 $830,000
November 2018 $879,000
November 2019 $804,000
November 2020 $846,500
Among all the Jerichohomes that sold in November 2021, the sale-to-list price of 100.2% represents an increase of 6.4% over 2020—and the highest such number during the prior five-years. A year ago it was 98.3%, and the low during the last half-decade low of 89.7% in February 2017.
Homes for sale in Jericho stayed on the market for a median average of 29 days, a 70% drop from the 99-day average we saw in a year ago. In February 2021 the number was 133 days, the most in 2021, while in April 2017 the average days on market was 168 days, the highest number at any time in the past five years.
Fewer homes were sold in Jericho year on year—14 homes sold in November 2021, a decrease of 17.6% versus the 17 in same time period last year. The number of homes showing a drop in price was 12.5%, a decrease of 8.8% year on year, while the number of homes selling above list price rose 50% year on year—another high-water mark over the past five years in Jericho real estate.