Long Island, NY Housing Market *

Long Island, NY Housing Market *

The median sale price of a home in Long Island was $700K last month, up 8.5% since last year. The median sale price per square foot in Long Island is $447, up 6.9% since last year.

The longer you wait to purchase a home the higher they are going! There are good deals for 1st time homebuyers.

Home Sellers and Their Selling Experience

• The typical age of home seller was 63 this year, the highest ever recorded.”
• For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (23%), followed by home was too small (12%), home was too large (11%), and the neighborhood was becoming less desirable (10%).
• The median number of years a seller owned their home was 10 years, the same as last year. That number was higher than reported from 2000 to 2008, when the tenure in the home was only six years.
• 36% of sellers traded up and purchased a home that was larger in size than what they previously owned, 30%bought a home that was similar in size, and 32% traded down and purchased a home that was smaller in size.
• For recently sold homes, the final sales price was a median of 100% of the final listing price. This continues to be the highest recorded median since 2002.
• For all sellers, time on the market this year was a median of three weeks, one week longer than last year.
• 68% of sellers were very satisfied with the selling process. 22% were somewhat satisfied.

Home Selling and Real Estate Professionals

• 66% of recent sellers used an agent that was referred to them or used an agent they had worked with in the pastto buy or sell a home.
• 81% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home.
• 50% of sellers used the same real estate agent to represent them when purchasing or selling their home. That number jumps to 71% for sellers within 10 miles of their home purchase.
• Sellers place a high priority on the following three tasks: help market the home to potential buyers (22%), price the home competitively (20%), and sell the home within a specific timeframe (18%).
• The real estate agent’s reputation remains the most important factor when sellers select an agent to sell their home (35%), and an agent’s trustworthiness and honesty (21%).
• Most sellers—87%—said that they would definitely (72%) or probably (15%) recommend their agent for future services.

For-Sale-by-Owner (FSBO) Sellers

• 90% of sellers sold with the assistance of a real estate agent, up from 89% last year, and only 6% were FSBO sales. The share of FSBO sellers was a historical low.
• For 38% of all FSBO sellers, the main reason to sell via FSBO was because they sold to a relative, friend, or neighbor.
• Getting the price right (17%), selling within the length of time planned (13%), and understanding and performing the paperwork (10%) were the most difficult steps for FSBO sellers.
• FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $380,000 in 2023 (up from 310,000 in 2022), still far lower than the median selling price of all homes, which was $435,000.