dsgetreasf

Long Island homes sold at a record pace in the third quarter


If you wanted to buy a home this summer on Long Island, you had to act fast, as houses stayed on the market for the shortest amount of time since real estate brokerage Douglas Elliman and appraisal firm Miller Samuel began tracking the stat in 2002.

WHAT TO KNOW

  • Long Island home sales in the third quarter occurred at the fastest pace since data started being collected in 2002, according to a new report from brokerage Douglas Elliman and appraisal firm Miller Samuel 
  • The median sales price in the third quarter was $670,000 in Nassau County and $514,000 in Suffolk County, excluding the Hamptons and the North Fork
  • Prices rose 15.5% in Nassau and 18.2% in Suffolk, excluding the East End, in the third quarter compared to the same period a year ago
  • Source: Miller Samuel/Douglas Elliman

The Long Island real estate market continued to set new all-time highs in terms of both prices and speed of sales. The third quarter was the sixth in a row that home prices reached record highs, according to data being released Thursday by Douglas Elliman and Miller Samuel.

The median sale price was $585,000 for homes sold in Nassau and western Suffolk County in the third quarter, which represented a 17% jump from the same quarter in 2020. Even a few months made a difference. The median sales price was 5.4% higher from July to September than it was for sales recorded from April to June.

The median sales price in Nassau County was $670,000 during the third quarter, or 15.5% higher than during the same period in 2020. In Suffolk, excluding the Hamptons and the North Fork, the median price increased by 18.2% year-over-year to $514,000.

Homes appreciated in value in the pricey East End of Long Island as well. The median sales price in the Hamptons was $1.3 million in the third quarter, which was up 8.3% from $1.2 million last year. On the North Fork, the median sales price rose 13.9% to $800,000.

The low supply of houses for sale — the third-lowest recorded in nearly 20 years — and low mortgage rates that have stoked demand have conspired against homebuyers. The weekly average mortgage rate for a 30-year fixed-rate loan was 3.09% as of Oct. 21, the highest it has been since April, according to mortgage giant Freddie Mac.

“The people who got hurt in this the most are first-time homebuyers,” said Ann Conroy, Long Island CEO for Douglas Elliman. “They have great low interest rates and want to buy a house, and with a lack of…



Read MoreLong Island homes sold at a record pace in the third quarter

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

0
Would love your thoughts, please comment.x
()
x