The year-over-year median price for a home on Long Island — excluding the Hamptons and North Fork — had not dropped in 10 years. Until last quarter.
But the peninsula is still no picnic for homebuyers, as the market there and on the East End remains tight and rife with bidding wars, according to a quarterly report published in the Real Deal. But the Long Island peninsula is still no picnic for homebuyers, as the market there and on the East End remains tight and rife with bidding wars, according to the report,
Sammuel Miller stated in the report, “The market is levelling off as it’s coming out of the pandemic-era housing boom.” He when on to say “When we look at median pricing, [it’s] 27.8 percent higher than pre-pandemic, which in three years shows you how much housing prices have expanded on Long Island.”
The median and average sale prices on the North Fork were $935,000 and $1.2 million, respectively, the third highest in history. Listing inventory surged year-over-year but remained down more than 50 percent from before the pandemic, leading to 28 percent of homes undergoing a bidding war. That’s down from nearly 41 percent last year, but still high.
“Supply is still struggling to keep up,” said Miller. “We need to see inventory pick up faster to enable more activity to occur.”
