Homeowners on Long Island are seeing their home values go up this year. 



With a low supply of homes, buyers are competing over homes for sale, driving sale prices up for residential, condo, and co-op properties. A shortage of listings not only increases sale price, but decreases time on the market. 



Take a look at the OneKey MLS October 2020 Market Statistics in Suffolk and Nassau Counties to learn more!



Suffolk County Market Statistics

Residential, Condo, and Co-op Properties

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The number of residential homes listed for sale in Suffolk County dropped by 37% compared to this time last year. Even with a shortage of listings, both pending and closed transactions increased. Closed transactions increased by 24.5%, with 1,991 sales in October 2020, and pending transactions increased by 34.2%, with 2,148 properties going under contract last month. 




This activity drove up the closed median sale price to $470,000, a 16% increase from last October. In addition, Suffolk County is currently experiencing two months of inventory, which means it would take two months to sell all the homes listed in the county if no other properties came on the market. A balanced market in real estate is six months of inventory.




Nassau County Market Statistics

Residential, Condo, and Co-op Properties

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Nassau County saw similar results in October 2020. With a 19% decrease in residential listings, we saw an increase in sale prices, closed transactions, and pending transactions. In October 2020, 1,571 properties sold, an 18.9% increase from the previous year. There was a 39% increase in pending transactions, with 1,675 properties going under contract. 




With buyers competing for homes, the closed median sale price jumped to $590,000, a 10.3% increase in October 2020. With 2.6 months inventory, properties are moving quickly. 




Selling this Winter




The fall market activity shows that winter will continue to be an excellent time to sell on Long Island. If you have been thinking about selling, there is no need to wait! With the limited supply of homes for sale, your property will be noticed by eager buyers. 




Interested in learning how much your home is worth? Contact us today!