Among the five boroughs of New York City, Staten Island has a high proportion of single-family homes and offers a suburban living environment, attracting families who prioritize larger living spaces over proximity to Manhattan.

According to Zillow, the average home value in Staten Island, or Richmond County, is currently around $655,000. This represents an increase of about 36% over the past five years compared to the market value of around $480,000 at the beginning of 2021.

When compared to the national average increase of 35 to 45 percent, Staten Island appears to be on the lower end of that range. It has shown a relatively stable trend among the boroughs of New York City.

Looking at specific time periods, from 2021 to 2022, demand for larger living spaces surged during the pandemic, leading to rapid price increases. From the second half of 2022 to 2023, the rate of increase slowed due to rising interest rates, and in the past year or two, there has been a gradual increase of about 3 to 5 percent amid low inventory levels.

Factors supporting the price increase in this area include relatively reasonable prices compared to Manhattan, commuting convenience via ferry, and recent inventory shortages. Recently, inventory has significantly decreased compared to the previous year, resulting in a seller's market.

While it is cautious to make definitive predictions about the future, as long as inventory shortages continue, it seems more likely that there will be a gradual increase or stabilization rather than a sharp decline.

If Korean households are considering purchasing in Staten Island, it is advisable to experience the commuting times via ferry or bridge before making a decision. If larger space is a priority, it can still be an attractive option.

If you are considering selling, keep in mind that the recent inventory shortage has created a favorable environment for sellers, so it may be beneficial not to delay your timing significantly.