Homes are selling faster than ever, with the average time on market decreasing significantly.
Low inventory continues to drive competition among buyers, benefiting sellers.
Homes are selling above asking price on average, with multiple offer situations common.
Understanding the current market dynamics
Long Island remains a strong seller's market with more buyers than available homes. This creates ideal conditions for sellers to command premium prices.
Homes with modern kitchens and bathrooms are seeing a 10-15% premium over original condition homes.
Properties in top-rated school districts command 20-30% higher prices than comparable homes in other areas.
The spring months (April-June) see the highest buyer activity, making now an excellent time to list your home.
Experts predict 5-8% price appreciation over the next 12 months.
New listings will continue to be absorbed quickly by eager buyers.
Mortgage rates stabilizing will bring more buyers into the market.