Spring 2021 Long Island Housing Trends

The Long Island Spring Housing Market continues to rally towards Sellers where 2,575 homes were contracted for sale in both Nassau and Suffolk Counties in March, which is about four percent higher than the 2,473 homes contracted for sale in February (OneKey MLS).

Pending Sales of Long Island homes was also 9 percent higher then the previous month. Demand from homebuyers continues to remain strong, despite decreases in the amount of inventory to historically low numbers.

Statistically speaking, Spring (real estate's busiest season) brings about an increase in the number of homes being listed for sale. However, this season both Nassau and Suffolk County have had 73.2% fewer listings available, which has not occurred in over 40 years! This is due in part to Sellers opinions that market prices will continue to rise due to Covid as well as the fear that they will not be able to find another place to live once their home is sold. 

With interest rates slowly rising, while remaining historically low, our prediction is that the Sellers market will continue into the Summer season, with homes selling anywhere from $10,000 to $80,000 dollars over list price. Real Estate agents are responsible for educating their clients on what offers will have the best chance of being considered with all of the increased competition. The Nociforo Team has combined expertise of over 40 years and continues to get families all over the Long Island/Queens/NYC area into the homes of their dreams! 

Please do not hesitate to reach out if you have any questions or concerns about anything pertaining to buying, selling or investing real estate!