What has been a wild year in Long Island real estate has slowed down these last few months, albeit very gradually.

In September, following a record-breaking summer, housing prices dropped slightly, due to several factors, including a low supply of homes for sale, rising prices, and construction delays. This means that things are quieting down following the initial drop-off that occurred during 2020.

Nassau, Suffolk numbers drop, Levittown stays busy

According to reports from OneKey, October statistics showed that median sales prices in Nassau were $650K, and $520K in Suffolk. That is down from September’s prices of $661K and $525K. July and August were extremely busy, with prices topping out at $670K in Nassau and $530K in Suffolk.

So why did this occur? Homes available to purchase across the region dropped to an all-time low—6,615 units. This is the third-lowest statistic since 2003, and this also pushed home prices to the highest level in nearly two decades.

In contrast, Levittown is staying busy. The median sale price for a single-family home in this municipality was $542K from the start of July to the end of September, which equals an increase of 12% over last year’s prices.

Long Island Home Inventory Hits Record Lows

Home prices remain high across Long Island due to an overall lack of inventory. In Nassau County, a total of 1,325 homes were sold in October, a decrease of around 18% from this time last year. Numbers in Suffolk County also dropped, with 1,639 homes sold in October, which was down 21% from 2020.

Supply in the Hamptons is also critically low, with 1,081 homes available. The same goes for the North Fork, which had only 124 homes on the market in October.

What is causing this slowdown? A country-wide shortage in supplies like lumber, windows, and doors is likely to blame.

Interestingly, buyers seeking property in Long Island have not been wasting time. The average period between listing and selling a home was a mere 45 days. So things are still busy all around. If you are thinking about buying an available home, now is a perfect time!

Are you pondering your real estate options in Long Island? Keep up to date on the current state of the housing market. At Lynx Mortgage Bank LLC, we can help you apply for the right mortgage so you can get into your ideal home in this stunning region of New York State.

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