A new report on prices of homes predicts a continued, though more modest, rise in prices.
The Pesce & Lanzillotta Team at Berkshire Hathaway Home Services wrote, “In 2023, home prices nationwide rose a modest 3.32%. In 2024, they’re expected to grow another 2.17%. While this might not seem like much, 2024 will continue a 5-year trend of overall home price growth, with prices rising higher in 2025, 2026, and 2027.
“Does this mean you should wait until 2027 to sell your home? Not necessarily. The right time to sell your home is the right time for you to sell your home. Timing the market is difficult at best and frustrating at worst. What you can be assured of is that the housing market isn’t expected to crash anytime soon,” the report said.
The firm reported the following numbers on sales in Suffok County:
Median Home Price for a Single Family Home:
$579,000 (Up 3.7% Year Over Year)
Median Home Price for a Condo:
$440,000 (Up 4.8% Year Over Year)
Median Home Price for a Co-op:
$230,000 (Up 9.5% Year Over Year)
Suffolk County Sold Property Count for September 2023:
13,086 (Down 29.7% Year Over Year)