Home prices on Long Island have been defying the odds, despite the odds being stacked against them, breaking records and becoming one of the hottest real estate markets in the United States right now.
Real estate sales on Long Island have soared since last summer when sales resumed after pandemic closures in the spring. Since then, housing prices have been on the rise and inventory has remained low, creating a booming seller’s market.
Nassau Home Prices Slip While Suffolk Prices Soar
According to OneKey MLS, the current median sale price for Nassau County was $670,000—a 12.9% increase from this time the previous year—and the median sale price for Suffolk County was $535,00, which is a 17.6% increase from the previous year.
Of the available inventory, Suffolk saw 1,723 properties sold in August (a 15.7% increase from the previous), and Nassau sold 1,573 properties which is a 51.5% increase from August 202. Nassau’s housing prices have stayed at the historical highs set in July, while Suffolk’s prices kept growing in August.
Moreover, while the price of median home sales went up in both counties—compared to the height of the pandemic a year ago—the balance of power could shift back to buyers. For the past four months, homes going into contract on Long Island have been experiencing a downward trend in terms of median price with a 13.2% decrease in July and a 6.4% decrease in August.
Housing Options Shrinking in Suffolk County
President and CEO Peter J. Elkowitz Jr. of the Long Island Housing Partnership had said that finding affordable housing in Suffolk is becoming a greater obstacle. One reason prices are so high is because inventory is low.
With restrictions easing and vaccinations being rolled out, areas in Suffolk and Nassau may see more people flock back to New York, which can help with inventory demands and prices. We can even see a downward trend of pending sales in Nassau and Suffolk, with 19.4% fewer houses pending in July, and 12.1% fewer homes pending in August compared to the same time the previous year. However, as of right now, demand remains strong as buyers continue to seek out suburban homes.
Keep up to date on the current state of the housing market on Long Island so you have the information you need to decide when it is time to invest in real estate. At Lynx Mortgage Bank LLC, we can help you apply for the right mortgage so you can get into the house of your dreams on Long Island.
