A year ago, home sales ground to a halt. No one wanted to buy or sell or even enter a home; but just a few months later, housing hit the gas pedal, and prices followed. In Long Island, home prices in both Nassau and Suffolk counties (both within the Long Island market) remain high, and the number of homes sold is way up.
As we get further into 2021, let us take a closer look at how the Long Island housing market is doing.
Record Highs
Long Island housing prices remained near record-highs in March, with the median home price listed around $567,250 around April 21st, which is a 3.10% change from the previous month, and a 16% change from this time last year!
Low Inventory
The supply of homes for sale dropped to the lowest level on record just as the spring selling season got underway, driving up prices as nearly four in 10 sales ended in bidding wars. Nassau County and western Suffolk County had about 5,500 homes for sale at the end of the first quarter; by contrast, the region had nearly five times as many listings in spring 2008 with more than 26,000!
Homeowners who are in a position to sell should not wait to make their move. There is a light at the end of the tunnel for today’s inventory shortage, so listing this spring will get your house on the market when conditions are more favorable.
Low Mortgage Rates
The most compelling buyer incentive is low mortgage interest rates. The 30-year fixed-rate remains lower than historic norms; while higher than the record-lows from 2020, it is still lower than historic norms, making purchasing a home an ongoing perk for hopeful buyers.
Are you looking to buy a home in the Long Island area? Are you a first-time homebuyer, looking to purchase a second home or an investment property? No matter what route you take, Lynx Mortgage Bank LLC is here to help.
Get in touch with one of our highly qualified loan officers today, and we will help you get into a Long Island home by finding a loan that is right for you.
