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The Cost Of Living On Long Island Has Increased

Jan 31

In 2020, the average selling price of homes for sale on Long Island was $515,000, up 8.4% from 2019.

Last year was the first time in more than 40 years of supplying Long Islanders with local real estate information that the median price for completed house transactions topped $500,000. The yearly median house selling price in Nassau County was $575,000, up 7.5 percent from $535,000 in 2019.

Nassau's typical house selling price in 2020 was $130,000 more than Suffolk County's $445,000, while Suffolk's median sale price of $399,900 was up 11.3 percent from 2019. The typical house price in Queens County increased by 6% from the previous year, to $615,000 in 2020.

"What's interesting about the 2020 housing numbers, and what speaks to our market's resilience, is that despite being off on the year-end closed sales transactions, the number of yearly contracted sales on Long Island ended up 2.5 percent higher than in 2019," according to Jim Speer, CEO of OneKey Multiple Listing Service.

According to October figures from OneKey MLS, the median selling price for properties in Nassau County grew 9.3% year over year to $590,0000 in October. According to data, property prices in Nassau reached a new high of $595,000 in August.

Anthony Piscopio, a senior executive manager of sales for Douglas Elliman, said it was first astonishing to see how many properties were selling throughout Nassau County, and that one of the driving forces has been the desire for residences near to New York City.

"We were able to sell a significant number of residences." "Seeing how many we alone sold was really rather unexpected at first," Piscopio remarked. "The demand has been tremendous." Multiple offers have been submitted for various price ranges and locations over Long Island."

The coronavirus epidemic, according to Phil Raices, owner of Turn Key Real Estate in Great Neck, will be a deciding factor if those who migrated to Long Island from New York City decide to return.

Raices predicts that roughly 400,000 individuals want to leave New York City, based on his data, and hopes that people stay wise and upgrade to properties that have been on the market but haven't sold yet.

"Those 400,000 plus families that left NYC to travel to Long Island and other states had a ravenous thirst for buying their 'next place to call home,' whether it was for a long-term stay or vacation house," Raices said. "If you can identify key elements involving rentals, return on investment, and forecasting future occurrences, which is never an easy process when you don't have a guaranteed crystal ball supporting you, the city may be an incredible purchase right now."