Market Flash: Malverne Real Estate Market on the Move

Malverne Home For Sale Sign

Malverne real estate is still going strong as we enjoy the final days of September here on Long Island. The median sales price of homes in Malverne was up year on year, as was the total number of houses sold, the sale-to-list price and the number of homes that were sold above the list price, from a look at the real estate numbers that came in for last month. Welcome to this week’s Long Island HOME Market Flash as we head to Malverne, NY.

Malverne homes sold for a median price of $625,000 this past August, an increase of 9.2% year on year, according to Redfin. Five years ago, the average median price was $490,000, a number that stayed steady for a year and then dropped in 2018, only to rebound each of the following two years:

Malverne Median Home Sales Price
August 2016 $490,000
August 2017 $490,000
August 2018 $471,000
August 2019 $544,000
August 2020 $572,500

Home sellers in Malvernereceived an average sales price above what they listed for—103.9% of the list, which is an increase of 6.7% over prior year and the highest such number in the past five years aside from the 106.1% of January 2020. In addition, 66.7% of the homes that sold in August went for more than the list price, an increase of 566.7% over last year’s activity, and a number reached only in October 2018, when it was also 66.7%.

The average home in Malverne stayed on the market for 21 days, down from the 35.5-day average a year ago. (In May 2020, the average days on market was 156 days, which marks the highest number in the past five years). More homes were sold as well year on year—15 homes sold in August 2021, a bump of 50% over the same period of time last year.

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