Navigating the real estate market throughout the COVID-19 pandemic has been challenging for buyers. Falling inventory and rising interest rates mean that it is a seller's market.
More people are working remotely and there has been a renewed interest in the suburbs ever since COVID-19.
"We were hoping it was going to level off and there'd be more properties — and there aren't," Colon said. Experts predict a tight spring and summer market. Market analyst Jonathan Miller of Miller Samuel Real Estate Appraisers said the issue isn't unique to"Even if inventory doubled or tripled, it would still be low — that's how much inventory has come down," he said. "Basically, there's a massive distortion in the market making it extremely unpleasant for homebuyers."
More than half the houses in 36 communities on Long Island sold above the asking price last year, according to the data compiled. Communities in the towns of Brookhaven, Babylon, and Islip, where the median sale price last year was less than $500,000, had the most competition. Advertisement
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