2023 was another interesting year in Long Island real estate! The year started with robust predictions for the housing market that faltered under increased rate hikes as we headed toward summer, before picking up steam again to close the year right about where those expert predictions thought we’d land. As 2023 draws to a close, we’re now looking to 2024 and what’s ahead for the Long Island housing market.
What Long Island Home Sellers Can Expect in 2024
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.
At the Pesce & Lanzillotta Team, we specialize in helping our clients get the maximum price for their homes, no matter the market conditions. Our proven experience, strategy, and innovative marketing techniques allow us to set neighborhood records year after year. Contact us to find out more about what we will do to get your home sold on your terms in 2024.
What Long Island Home Buyers Can Expect in 2024
In the last week, there have been rumblings that the Federal Reserve will cut interest rates in 2024—perhaps as much as 6 times over the course of the year! While only time will tell if that prediction bears out, Long Island home buyers should expect some relief in the New Year. Realtor.com is forecasting that the “average mortgage rate in 2024 is expected to be 6.8%, and the 30-year may fall to as low as 6.5% by the end of the year.” After a year where we saw rates touching 8%, this is great news for buyers who might have been priced out of the Long Island neighborhood they really wanted to be in and so sat on the sidelines to wait for things to change.
As far as inventory, some experts are predicting our already low inventory will decrease again while others expect overall home sales nationwide to tick up in 2024. No matter which way inventory lands, who you work with will be more important than ever. Our inventory on Long Island won’t drastically grow in 2024. Finding the perfect home means working with an agent who has the true pulse of the market and the network to get you in to see a property as soon as it’s listed. We’ve invested thousands in our digital marketing campaigns to create a database of over 100,000 potential Long Island buyers and sellers. We’re often able to matchmake a deal within our own contacts. If you’d like to learn more about being part of our network, click here to get in touch with us.
Whether you’re thinking of selling or buying in 2024, work with the #1 Berkshire Hathaway Team on Long Island and in the state of New York. From the Hamptons to Manhattan, and everywhere in between, our team will help you achieve success in 2024. Get in touch with us today to take the next steps!