The Long Island housing market isred hot. And homes are flying off the market. (For perspective,the average house stays on the market for 1.7 months today,which is a dramatic drop from the usual five months.)
What’s going on with the Long Island real estate market?
Pending median home prices for Nassauand Suffolkcounties peaked in May and closed median prices reached all-time highs in July. Since that time home prices have been returning to more expected levels. The Long Islandreal estate market is headed toward a more balanced market that still favors sellers because of the limited supply of inventory.
What is the median sale price on Long Island?
The Long Island residential closed median sale price for September 2022 is $625,000, a 4.2% increase over the price reported in September 2021 of $600,000. Nassau County reported a closed median sale price of $695,000, representing a 5.2% increase over the prior year’s reported median price.
Will home prices decline in Westchester and Long Island?
The home prices will likely decline in Westchester and Long Island as they are overvalued housing markets. As a result of the present housing bubble, homes in some areas of downstate New York are deemed “overvalued.” A separate report from Moody’s Analytics is more pessimistic.
Is New York’s real estate market overvalued?
Specifically, in downstate New York, Suffolk, Nassau, and Westchester counties have been identified as “overvalued,” according to the research. Other upstate counties likewise received this distinction, although the markets in the remainder of the state have stayed substantially intact.
How do I find the perfect home in Long Island?
To find the perfect home in Long Island, you can research the current market trends and home values, what schools and school districts are in the area, and what homes are on the market all on realtor.com®.
Top Schools in Long Island, ME
Long Island, ME hosts 1 public school rated good and higher by GreatSchools. Here are the best public schools in Long Island, ME:
Amenities near Long Island, ME
You can find dozens of grocery stores, and hundreds of cafes and restaurants in Long Island, ME. We will soon provide other points, such as parks and gyms.
Explore Long Island, ME
04105 has a median listing home price of $700K, making it the most expensive city. Brunswick is the most affordable city, with a median listing home price of $319K.