Melville, NY: A Thriving Suburban Hub with a Hot Real Estate Market

Nestled in the heart of Long Island, Melville offers a perfect blend of suburban comfort and business-centric amenities. With its competitive real estate market and strategic location, Melville has been attracting attention from homebuyers and investors alike. Let’s dive into what makes Melville an appealing place to call home in 2024.

Melville’s Booming Real Estate Landscape

According to Redfin’s latest data, the Melville housing market is very competitive, showing strong growth and demand.

Key real estate trends in Melville include:

• Median sale price: $920,000 (July 2024), up 17.5% from last year
• Median price per square foot: $489, up 23.0% since last year
• Average time on market: 22 days, down from 35 days last year
• Number of homes sold in July: 24, up from 16 last year

Market Competitiveness

The Melville market is characterized by:

• Many homes receiving multiple offers, some with waived contingencies
• Average homes selling for about 2% above list price
• Hot homes selling for about 9% above list price and going pending in around 13 days

Living in Melville: Community and Education

While specific information about Melville’s community activities wasn’t provided in the search results, we can infer that as a major suburban center, it likely offers various amenities and events.

Schools

Melville is served by local school districts. Some notable schools in the area include:

• Sunquam Elementary School (Public, K-5, 503 Students)
• Birchwood Intermediate School (Public, 3-5, 633 Students)

Migration Trends

Melville is experiencing interesting migration patterns:

• 3% of homebuyers searched to move into Melville from outside metros
• 69% of Melville homebuyers searched to stay within the Melville metropolitan area
• Top inbound metros: Sheboygan, Pittsburg, and Visalia
• Top outbound destinations: Miami, Philadelphia, and Boston

Climate Considerations

When considering real estate in Melville, it’s important to be aware of potential environmental factors that could impact homes in the area, such as floods, fires, wind, and heat.

Looking Ahead: Melville’s Future

As we look to the future, Melville seems poised for continued growth. Its competitive housing market, strategic location, and business-friendly environment make it an attractive option for a diverse range of residents and investors.

However, potential residents and investors should be aware of some considerations:

• The highly competitive real estate market may require quick decision-making and strong offers
• Rising home prices may impact affordability for some buyers
• As with many suburban areas, reliance on personal transportation may be necessary

Conclusion

Melville offers a compelling blend of suburban living with a hot real estate market and strategic location. Whether you’re considering a move to Melville or looking to invest in the area, this Long Island community provides a balance of residential comfort with potential for growth and development.

From its booming real estate market to its well-regarded schools and proximity to various Long Island attractions, Melville remains an area to watch for those interested in Long Island real estate and community development. As it continues to evolve, Melville may offer increasing opportunities for both residents and investors looking for a suburban Long Island experience with easy access to business centers and urban amenities.