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West Sayville: Rising Home Values and Stable Ownership in a Small New York Suburb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
West Sayville, located in New York, is a charming coastal community with a population of 4,995 as of 2022. The city has experienced fluctuations in homeownership rates and housing prices over the past decade, with a general trend towards increased average home values and relatively stable ownership percentages.
Homeownership rates in West Sayville have remained relatively steady, ranging from 83% to 89% between 2013 and 2022. The average home prices have shown a significant upward trend, particularly from 2016 to 2022. In 2016, the average home price was $390,035, which increased to $572,701 by 2022, representing a 46.8% increase over six years. This substantial rise in home values did not significantly impact homeownership rates, which remained at 86% in both 2018 and 2022, suggesting a resilient local housing market.
Federal interest rates have played a role in shaping homeownership trends in West Sayville. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates increased from 84% to 89%. As interest rates began to rise in 2016 (0.40%) and continued to increase in subsequent years, homeownership rates experienced a slight decline but remained relatively stable, hovering around 85-86% from 2018 to 2022. This stability in homeownership, despite rising interest rates, indicates a strong local real estate market and sustained demand for homeownership in West Sayville.
Renter percentages in West Sayville have fluctuated inversely to homeownership rates, ranging from 11% to 17% between 2013 and 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,667, which increased to $1,904 by 2022, representing a 14.2% increase over nine years. Notably, there was a significant jump in average rent from $1,942 in 2020 to $2,120 in 2021, a 9.2% increase in a single year, before dropping back to $1,904 in 2022. These rent price fluctuations appear to have had minimal impact on the overall renter percentage, which remained relatively stable at 14-15% from 2020 to 2022.
Looking at the most recent data, the average home price in West Sayville was $567,051 in 2023, showing a slight decrease from 2022. However, in 2024, the average home price rebounded to $600,724, indicating continued growth in the local real estate market. Concurrently, federal interest rates increased to 5.02% in 2023 and further to 5.33% in 2024, reaching levels not seen since 2007. Despite these higher interest rates, the housing market in West Sayville appears to remain robust, with average home prices continuing to rise.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in West Sayville will continue to increase, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $650,000 to $700,000 by 2029. Rent prices are also expected to follow an upward trajectory, potentially reaching an average of $2,200 to $2,400 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, West Sayville has demonstrated a stable housing market with consistently high homeownership rates despite rising home prices. The community has shown resilience to fluctuations in federal interest rates, maintaining strong demand for homeownership. While both average home prices and rent have increased over time, the rate of increase for home prices has outpaced that of rent. Looking forward, West Sayville is likely to continue experiencing growth in both home values and rent prices, reflecting its desirability as a residential area.
