Long Island Real Estate Statistics

Long Island Real Estate Statistics 2023-2022

  • Long Island’s median home price reached a record high of $560,000 in 2022, up 15% from the previous year.
  • Home sales on Long Island totaled 9,408 in 2022, a 17% increase from the prior year.
  • The average home value on Long Island is $541,700, up 14.5% from the previous year.
  • The median price of luxury homes on Long Island increased by 29.3% in 2022.
  • Homes on Long Island are selling on average for 6.8% above their asking price.
  • The average rent in Long Island NY was $2,292 in December 2021

Key Long Island Real Estate Stats Explained

Newsday.com reports that Long Island’s median home prices have reached a record high of $560,000 in 2022, an increase of 15% from the previous year. This statistic suggests a strong demand for housing on Long Island, driven by low-interest rates, an influx of homebuyers from New York City, and limited housing inventory. This trend may significantly impact affordability and the overall housing market on Long Island.

LIBN.com highlights the increase in home sales on Long Island, with 9,408 sales in 2022, a 17% increase from the previous year. This statistic suggests that the real estate market on Long Island is thriving, with a higher demand for homes and more buyers entering the market. However, this may also lead to a need for more available housing options and increased buyer competition.

Long Island’s average home value is $541,700, an increase of 14.5% from the previous year. This statistic suggests that Long Island’s real estate market is a strong seller’s market, with high demand and limited supply. It may also impact Long Island’s overall economy, as a strong housing market can lead to increased economic activity.

Other sources also provided valuable insights into Long Island’s real estate market in 2022. For example, a Douglas Elliman Real Estate report suggests that the median price of luxury homes on Long Island has increased by 29.3%, indicating a strong demand for high-end properties. Meanwhile, a report by Redfin.com shows that Long Island’s housing market has become increasingly competitive, with homes selling 6.8% above their asking price on average.

Long Island’s real estate market in 2023 is thriving, with a record-high median home price, increased home sales, and a strong seller’s market. While this may be good news for sellers and the local economy, it may also lead to affordability concerns and limited housing options for buyers. As such, it will be necessary to closely monitor Long Island’s real estate market trends in the coming years.

Cited sources:

  1. https://www.newsday.com/
  2. https://libn.com/
  3. https://www.zillow.com/long-island-ny/home-values/

More Facts About Long Island NY Real Estate Market Trends

  1. The median home value in Long Island, NY, is $542,876 as of December 2021. This suggests that the real estate market in Long Island remains strong. (Source: Zillow)
  2. Redfin found that the median home sale price in Long Island was $509,000 in December 2021, up 26.6% from the previous year. This highlights the trend of rising home prices in the area. (Source: Redfin)
  3. The number of homes sold in Nassau County, Long Island, increased by 29.5% from 2020 to 2021. This suggests that the real estate market in the area is experiencing growth. (Source: Long Island Board of Realtors)
  4. The average rent in Long Island was $2,292 in December 2021, up 4.4% from the previous year. This highlights the trend of rising rental prices in the area. (Source: RentCafe)
  5. The number of building permits issued in Long Island in 2021 was the highest in a decade, suggesting a growing demand for new construction. (Source: Newsday)
  6. The luxury real estate market in Long Island saw a surge in sales in 2021, with 248 homes priced at $2 million or more sold in the first three quarters of the year. This suggests that high-end real estate in the area is in demand. (Source: The Real Deal)
  7. A study by DataUSA found that the most common type of housing in Long Island is single-family homes, which comprise 61.3% of all housing units in the area. This suggests that single-family homes are a popular choice among homebuyers in the area. (Source: DataUSA)

Long Island Business News found that the commercial real estate market in the area is experiencing a surge in demand for industrial and warehouse space, driven by the growth of e-commerce. (Source: Long Island Business News)

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