Nassau County real estate continues its boom as buyers are now bidding $40K over listing price. House prices rose 82% in the last year.
This drastic surge in prices and demand has some experts scratching their heads. It also has long-time residents ready to put their homes on the market to cash in.
What’s driving these dramatic price increases for Long Island real estate? Read on and find out.
COVID-19 Impact
The increased interest in buying property in Nassau County comes from the COVID-19 pandemic. Wealthy Manhattanites with enough bankroll to leave town during the dark months of the pandemic did so. An estimated 338,386 people left New York City during those months.
Data shows a third of those people moved upstate or to Long Island. New York City’s close quarters and nightlife became a detriment during COVID. Those who didn’t get out are still looking, and Long Island is the perfect location.
Increased Demand and Decreased Inventory
Right now is a great time for selling property in Nassau County. People from the city want to move there and are often willing to pay well over the asking price. Listed properties stay on the market for a matter of days, sometimes hours.
How did this happen?
2020 saw 30-year mortgage rates hit historic lows. As interest rates plummeted, home purchasing increased. Last year, many people took advantage and began buying property in Nassau County.
As demand increased thanks to Covid-19 and low mortgage rates, inventory dropped. As is the case with any product, increased demand combined with decreased availability leads to rising prices.
Nassau County Real Estate Trends
Nassau County real estate marketing experts predict these trends will continue. Buyers face an extremely competitive marketplace where they’ll often overbid based on demand.
Before you begin your search, consult these questions to ask your real estate agent.
A double-bind on this trend is the lack of home inventory throughout the entire country. Long-time Nassau County residents looking to sell in this hot market can’t do it because of their inability to find homes to buy.
As long as interest rates remain low, inventory will stay scarce on Long Island. Now, as the Manhattan exodus continues, people with deep pockets will continue to drive prices sky-high. If you’re a Nassau County resident who can find a place to live, now is the time to sell.
The prices will never be higher, and selling will never be as easy.
Nassau County Real Estate is Hot
Current trends show Nassau County real estate only getting hotter. As wealthy New Yorkers continue to leave the city due to COVID-19, Long Island and Nassau County will only become a more attractive place to live.
If you’re looking for a home on Long Island, be prepared to over-bid. If you’re a resident, now is the best time to sell. Your return will be far more than you could’ve imagined.
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