The median price for a home sold on Long Island, in July 2017 was $450,000 an 8.4% increase over last year. Suffolk County reported a median sale price of $365,000, a 5.8% increase over a year ago. The total number of Long Island residential inventory in July 2017 was 17,252 representing an 10% decrease over last July.
For the second quarter of 2017, home prices across the United States increased 6.2%, according to the latest quarterly report by the National Association of REALTORS® (NAR). The pace outdoes the previous peak observed in the third quarter of 2016.
“The 2.2 million net new jobs created over the past year generated significant interest in purchasing a home in what was an extremely competitive spring buying season,” says Lawrence Yun, chief economist at NAR. “Listings typically flew off the market in under a month—and even quicker in the affordable price range—in several parts of the country. With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”
Single-family home prices went up in 87% of the markets assessed in the report. Thirteen percent of the market areas saw prices up by double digits. At the national level, the median existing single-family home price was $255,600.
For buyers looking to purchase on the North Fork this year, don’t let the lazy days of summer get in the way of your home search! Homes that are properly priced are selling quickly, often within days. So any delay - especially at the entry level of the market - and the home will be gone. There are still great possibilities – look to homes that need updating or smaller homes that can be easily modified or expanded to suit your needs – and make your move! We have a few great values available in this week’s open houses. Come visit our open houses or call us at 631 765 5333, we can help you sort it all out!
References: RIS News, “LI Housing Data for July 2017”; RIS media.com, “Home Prices Surge on Strong Buying Season,” August, 2017.