The housing market is currently a very volatile one. Some things have even gone south, and new construction is in a downward direction. The good news is that it is still in the early stages and the prices will eventually come back to normal.
I was recently looking at the latest housing market report and saw that the median asking prices of homes in the market were up 2% over the last week. The sales numbers were a little worse, but that’s to be expected. At the same time, the median asking price of new homes was up 0.6% over the same period. The median price of existing homes for sale was down 0.6% over the same time period.
The median price of homes for sale in Long Island was down 0.7 over last year and the median price of homes for sale in the town of Huntington was down 0.5. Overall, the median price of new homes was up 0.6 over last year. The median price of existing homes for sale was down 0.4 over last year. So all in all, the market is still improving.
Let’s not forget that the long-term trend is still improving. The recent median price of homes for sale in Long Island actually increased from $125,000 in 2017 to $131,000 in 2019. The median price of homes for sale in Huntington rose from $115,900 in 2017 to $118,900 in 2019.
The Long Island housing market still appears to be a long way from hitting the bottom. Median home values in Huntington have increased more than five percent since the beginning of the year, so it seems to be moving in the right direction. As for Long Island, the housing market is still improving. Still, we can’t really see any long-term bottom or even a peak.
The Long Island housing market isn’t so great right now, but it will get much better in a number of years as more and more units are built. Long Island is already seeing a slight decline in the number of households with families. I’m not sure how long this dip is, but it’s not that long.
One thing that Long Island housing prices are doing to improve is the price gap between single-family and multi-family homes. With more multi-family properties being built, the price gap is now much narrower, so more families are being built that are just as comfortable as single-family homes. Also, the number of sales to families is also on the rise.
Not sure how much of a long-term downward trend the number of sales to families is, but it is a clear indication that more families are becoming available in Long Island. But what should be said about the decline in multi-family properties, the price gap, and the rising number of sales to families is that it seems that Long Island is becoming a much more expensive place to live.
The Long Island multi-family trend is a bit like the Long Island housing bubble. It may have hit bottom last year, but it’s not a thing of the past; there have never been truly cheap Long Island real estate. If you’re thinking of buying a new home, I’d recommend going to your local real estate broker. Many of them are very good and have a great track record.
In many ways, Long Island real estate is a similar thing to Long Island housing. You can pick from a wide variety of styles and prices. But there is just one thing that sets it apart from the rest. It is the fact that Long Island is one of the most affordable places to buy a home in the nation. In fact, The Wall Street Journal recently reported that Long Island was ranked as the most affordable in the country.