Discovering a house on the market on Lengthy Island could be difficult, to say the least, with a housing market as tight because it has been in a long time.
William Levin, a dealer with ReMax Metropolis Sq. in East Meadow, has been warning potential patrons: They must determine in a short time in the event that they discover a residence on the market they like.
“Chances are if it’s a nice property, it’s not going to be there a week from now,” he mentioned. “Once a listing hits the market, you usually have a bidding war if it’s priced right.”
The reason for the frenzy? Easy economics, actually — a shrinking stock of homes on the market, and loads of demand.
In accordance with the Elliman Actual Property report, solely about 3,200 Lengthy Island houses had been in the marketplace within the final quarter of 2024. That is the lowest determine since 2003.
The end result: The median residence worth on Lengthy Island has jumped to $700,000.
“What you’re seeing is record prices, and supply or choices for consumers [being] very limited,” mentioned Jonathan Miller, the creator of the Elliman Report.
The restricted housing stock is a nationwide drawback, which Miller mentioned is pushed by greater rates of interest.
“Consumers locked into a mortgage rate of three or four percent from four or five years ago aren’t selling,” mentioned Miller.
He notes that often when rates of interest enhance, residence costs drop — however the low stock of houses on the market has turned that on its ear.
“I’ve been doing this for 40 years and have ever seen a phenomenon like this that’s this extreme,” Miller mentioned.
“You do want to have more of a balance of sellers looking to sell, and buyers looking to buy,” Miller mentioned.
