The Long island Multiple Listing Service reported that homes in Suffolk county sold for a median price of $390,000 in July 2018, a 6.8% increase from the previous year.
A scare inventory of homes on the market and the fear of rising interest rates drove up Long Island's home values significantly. Buyers are rushing to lock in a deal asap. For Nassau County median price is now at $540,000 which is about 3.8% higher. In both counties buyers are having bidding wars especially for entry level real estate properties.
Home buyers need to react quickly enough whenever a new listing lands on the market. Some properties may not even last a single day on the market therefore if you like it then don't miss a minute before reaching out to a licensed agent to close in your deal.
Since private home prices are high some folks are also settling for a condo which has increase condo transactions as well. The number of houses listed for sale dropped down by 3.2% in Suffolk and went up by 7.9% in Nassau. At this rate it is predicated that in less than five months all the homes listed for sale in both counties could be sold if they had clean titles. Most brokers say a balanced market has a 6 to 10 months supply of homes. On top of that rising interest is making things tougher for the buyers in the market.