Smithtown, NY Real Estate Market
Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Date(s) & Update Frequency:
- Home Values, Rents: Reflects Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Smithtown, NY Housing Market Trends
With 25,629 people, 8,421 houses or apartments, and a median cost of homes of $857,331, Smithtown house prices are not only among the most expensive in New York, Smithtown real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Smithtown, accounting for 88.26% of the town's housing units. Other types of housing that are prevalent in Smithtown include large apartment complexes or high rise apartments ( 6.68%), row houses and other attached homes ( 2.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.68%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Smithtown. Owner-occupied housing accounts for 86.70% of Smithtown's homes, and 75.55% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Smithtown's housing was primarily built during this period, from the '40s through the '60s. A full 56.42% of the town's housing hails from this era. Other housing ages represented in Smithtown include homes built between 1970-1999 ( 30.41%) and housing constructed between 2000 and later ( 7.84%). There's also some housing in Smithtown built before 1939 ( 5.34%).
Smithtown Home Appreciation Rates
Smithtown's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Smithtown during the period has been just 5.34%, which is lower than 70% of US communities.
Appreciation rates are so strong in Smithtown that despite a nationwide downturn in the housing market, Smithtown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Smithtown appreciation rates continue to be some of the highest in America, at 8.19%, which is higher than appreciation rates in 72.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Smithtown. Smithtown appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New York, our data show that Smithtown's latest annual appreciation rate is higher than 60% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Smithtown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Smithtown - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Smithtown real estate investment or home purchase decisions.
Median Home Value
$857,331
Very High
for New york
Very High
for nation
Number of Homes And Apartments:
8,421
NY
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$4,296 / per month