Proximity to the waters of Long Island Sound, the Three Village School District, Stony Brook University and its renowned hospital, a charming village with shopping and the Long Island Museum, the Reboli Center for Art & History and the Jazz Loft, historic touchstones such as the Culper Spy Ring…and homes ranging from quaint Cape Cods to magnificent mansions. Welcome to this week’s Long Island HOME Market Flash as we step inside the world of Stony Brook real estate.
Stony Brook encompassed a market that was up and down through the year when it came to median sales price but entered the new year on the rise. Year on year, the average number of days that homes stayed on the market was up, as was the sale to list price percentage, while the number of homes that sold above list and the total number of homes sold both dropped.
Stony Brook homes sold for a median price of $577,500 in December, an increase of 8.1% over the $534,000 from the same time a year ago, according to Redfin. Five years ago, the average median price was $466,000. Over the past year, the median price showed monthly fluctuations as high as $610,000 in April and as low as $514,850 in May 2021.
Stony Brook Median Home Sales Price Five-Year Snapshot
December 2016 $466,000
December 2017 $415,300
December 2018 $489,000
December 2019 $440,750
December 2020 $534,000
Among all the Stony Brook homes that sold in December 2021, the sale-to-list price of 101.3% represents an increase of 2.5% over 2020. That stat had been above 100% all year with the exception of 98.6% in April, hitting highs of 104.2% in August and 104.7% in September, which marked the five-year high.
The number of homes showing a drop in price was 30.8%, an increase of 15.6% year on-year. And overall, fewer homes were sold in Stony Brook year on year—14 homes sold in December 2021, a decrease of 50% versus the 28 in same time period last year, which matched the five-year high also reached in October 2018.
As in many hyperlocal Long Island real estate markets, inventory is still moving quickly in Stony Brook, although houses stayed on the market a bit long than a year prior. Homes remained on the market for a median average of 38 days, up from the 30-day average we saw a year earlier, and double the time from the 19 days in August 2021. This matched May 2020 for the five-year low, while the longest stay was mark was 146 days in December 2018.