Long Island Housing Market Trends and Forecast for 2024
The Long Island housing market in New York has always been a topic of interest, boasting a unique blend of suburban tranquility and urban accessibility. As prospective homebuyers and real estate enthusiasts eagerly watch the market's dynamics, it's essential to explore the current trends and forecasts that shape this vibrant real estate landscape. Long Island, NY, a renowned residential hub, is witnessing significant growth in its housing market. According to Redfin, with the median sale price of a home soaring to $644,000 last month, marking a 12.0% increase from the previous year, the region showcases a promising trajectory for real estate investors and homeowners alike. The median sale price per square foot stands at $417, reflecting a 10.9% surge compared to the previous year. This substantial appreciation underscores the desirability of Long Island's real estate and the robust demand for properties within the area. Long Island's housing market is characterized by steady growth and increasing demand, making it an attractive destination for prospective buyers and investors. The surge in median sale prices indicates a thriving market environment, presenting opportunities for both sellers and buyers to capitalize on the region's burgeoning real estate landscape. Despite the challenges posed by the broader economic landscape, Long Island's housing market remains resilient, demonstrating resilience and adaptability in the face of external factors. This resilience underscores the region's appeal and stability, making it a sought-after destination for those seeking long-term real estate investments. Fueling Growth: Factors Behind the Surge Economic Factors The economic landscape plays a pivotal role in driving the Long Island housing market's growth. A thriving local economy, coupled with job opportunities and economic stability, contributes to increased demand for housing. This positive correlation between economic health and real estate vitality positions Long Island as an attractive destination for potential homeowners. Investor Confidence The steady increase in home prices and the sustained demand for properties showcase the confidence investors have in the Long Island real estate market. This trust is not only reflected in local investors but also draws attention from those looking to diversify their portfolios in a stable and appreciating market. Market Forecast Looking ahead, experts predict that Long Island's housing market will continue to show resilience and growth. The region's desirability as a suburban retreat, combined with its accessibility to city centers, positions it well for sustained demand. While factors like interest rates and economic conditions will influence the market, the overall trajectory seems positive. The ongoing trend of remote work and flexible arrangements might also play a role in driving demand for Long Island real estate. With more people able to work from home, the appeal of spacious homes and larger properties with outdoor spaces has risen significantly. This shift in priorities favors Long Island's housing market, where such properties are more readily available compared to crowded urban settings. Climate Risks and Considerations Beyond market trends and prices, it's crucial to consider the impact of climate risks on the Long Island housing market. Redfin's data includes insights into the potential hazards and environmental risks that homes in the area might face. These risks range from floods and storms to droughts and heat waves. The assessment provides valuable information about the likelihood of these risks occurring and how they might change by 2050. For instance, the assessment indicates that Long Island's heat risk could increase, leading to a higher number of hot days per year. Similarly, storm risk might elevate, affecting the chances of extreme precipitation events. The analysis also examines fire risk, estimating the likelihood of wildfires based on various factors. Long Island County-Level Housing Market Trends Long Island is physically composed of four counties, namely Queens, Kings (Brooklyn), Nassau, and Suffolk, with Queens and Kings located in the western portion and Nassau and Suffolk to the east. However, from a cultural perspective, Long Island typically includes only Nassau and Suffolk counties, while the western counties of Queens and Kings are not commonly regarded as part of the cultural concept of Long Island. This dual classification underscores the distinction between the geographical and cultural perceptions of Long Island. Exploring the Real Estate Market Trends in Suffolk County, NY Suffolk County, NY, situated on Long Island, is a vibrant and picturesque region known for its beautiful landscapes, coastal charm, and thriving communities. The real estate market in Suffolk County has seen significant shifts and trends, making it an intriguing destination for both homebuyers and investors. A closer look at the data from realtor.com, Suffolk County, NY presents itself as a balanced market as of March 2024, characterized by equilibrium between buyer demand and housing supply. This equilibrium indicates that neither buyers nor sellers hold a significant advantage in negotiations, fostering a fair and competitive landscape for real estate transactions. The median listing home price in Suffolk County, NY soared to $795,000, marking a substantial 17.8% year-over-year increase. This surge indicates a robust demand for residential properties in the area, likely fueled by various factors such as economic growth, desirable amenities, and lifestyle offerings. Despite the significant rise in median listing prices, homes in Suffolk County, NY continue to maintain a balanced market scenario. The median home sold price stood at $597,500, suggesting that properties are selling close to their listed prices. This equilibrium between listing and sold prices indicates a healthy market environment with fair pricing dynamics. The sale-to-list price ratio for homes in Suffolk County, NY remained at 100% in March 2024. This statistic underscores the notion that properties are fetching prices close to their asking rates, reaffirming the stability and efficiency of the local housing market. On average, homes in Suffolk County, NY sell after 46 days on the market. This figure reflects a relatively swift sales cycle, indicating high demand and efficient property turnover in the region. Furthermore, the trend for median days on the market has shown a slight decline compared to the previous month, further highlighting the dynamic nature of the Suffolk County, NY housing market. Nassau County, NY Housing Market Nassau County, New York, is a vibrant and sought-after region with a rich history, diverse communities, and a flourishing real estate market. In March 2024, the housing market in Nassau County, NY continues to exhibit robust growth, with the median listing home price reaching $800,000, marking a significant 9.7% increase compared to the previous year. The median listing home price per square foot stands at $472, reflecting the region's desirability among homebuyers. Additionally, the median home sold price sits at $700,000, further indicating the upward trajectory of the market. The sale-to-list price ratio of 99.23% underscores the competitive nature of the Nassau County housing market, with homes typically selling close to their asking price. This indicates a seller's market, where demand exceeds supply, providing favorable conditions for sellers. One of the key indicators of market activity is the median days on the market, which currently stands at 39 days. This signifies that, on average, homes in Nassau County, NY are selling relatively quickly, reflecting the high demand for properties in the area. Over the past year, there has been a slight decrease in the median days on the market, indicating a trend towards faster sales. Nassau County benefits from a strong local economy, supported by diverse industries ranging from finance and healthcare to technology and education. The presence of major corporations and institutions provides residents with ample employment opportunities, attracting individuals and families to the area. Located in close proximity to New York City, Nassau County offers residents the convenience of urban amenities while maintaining a suburban lifestyle. Access to top-rated schools, cultural attractions, and recreational facilities adds to the region's appeal, making it an attractive destination for homebuyers seeking a high quality of life. Despite the strong demand for homes, Nassau County faces challenges related to housing inventory shortages. Limited supply, coupled with high demand, has contributed to competitive bidding wars and rising property prices. However, ongoing development projects aim to address this issue by introducing new housing stock to meet the growing demand. The Nassau County housing market is expected to continue its upward trajectory in the coming months, driven by sustained demand and favorable economic conditions. While rising prices may pose affordability challenges for some buyers, the region's appeal and strong market fundamentals are likely to attract continued interest from investors and homebuyers alike. Will Prices Drop in Long Island Housing Market? The current state of Long Island's real estate market might lead to concerns about a potential market crash. Given the combination of current inventory levels and the upward trajectory of mortgage rates, the possibility of a market downturn in Long Island, and even across New York as a whole, might not seem far-fetched. However, the likelihood of a housing market crash remains relatively low. Presently, Long Island is grappling with inflated property prices, elevated interest rates, and limited housing supply, factors that collectively hint at the potential for a housing bubble. Such a bubble forms when demand surges due to relatively modest price increases amid constrained supply. Nonetheless, the escalation of home prices can eventually reach a threshold where they become unaffordable for the average homebuyer. Despite this, a full-blown crash is unlikely primarily due to the persistent shortage of available homes. A crash scenario would necessitate an increase in both supply and demand, effectively deflating the so-called “bubble.” Yet, an upsurge in supply appears improbable unless mortgage rates drop significantly or more homeowners decide to list their properties despite prevailing interest rates. Having established that a severe market crash isn't highly probable, does this mean Long Island presents a favorable investment opportunity? The answer hinges on individual circumstances. Certain potential buyers might opt to delay purchasing until the market stabilizes further. Beginning with home sales, while property values have exhibited a steady upward trajectory in recent months, the number of actual transactions remains subdued due to affordability concerns and a dearth of available homes. Nevertheless, Long Island still holds allure for various individuals, being less densely populated than certain other New York locales. Furthermore, its proximity to New York City amplifies its appeal to prospective buyers. Despite the ongoing challenges, Long Island is expected to retain its appeal in the real estate market, albeit with certain hurdles that both buyers and sellers must navigate. Some experts suggest a recent uptick in activity over the past months, characterized by heightened foot traffic during open houses and a modest increase in buyer investments. These trends signal a gradual recovery within the Long Island market. Considering these insights, it's conceivable that the market will continue its growth trajectory throughout much of 2023, creating opportunities for both buyers and sellers. However, the persistent challenges posed by elevated mortgage rates and constrained inventory are anticipated to temper this growth. -- originally published here, credit Norada Real Estate blog
10 Reasons to move to Nassau County, NY
Nassau County, located on Long Island, New York, offers a wide range of attractions, amenities, and opportunities that make it a highly sought-after place to live. From its vibrant lifestyle to its diverse neighborhoods, there are numerous reasons why moving to Nassau County is a great decision. In this blog post, we will delve into the top 10 reasons why Nassau County is such a fantastic place to call home.1. Lifestyle: Nassau County is known for its exceptional lifestyle. With its beautiful parks, stunning beaches, and bustling downtown areas, there is always something to do. Whether you enjoy exploring nature, relaxing by the waterfront, or indulging in the vibrant dining and shopping scenes, Nassau County offers it all.2. Education: If you have a family or are planning on starting one, Nassau County boasts excellent educational opportunities. The county is home to top-rated school districts, renowned private schools, and prestigious universities. With a strong focus on educational excellence, parents can be confident that their children will receive a quality education.3. Job Opportunities: Nassau County is a hub for various industries, providing ample job opportunities. With its proximity to New York City and a thriving economy, residents have access to diverse employment options. From finance to healthcare, Nassau County offers a wide range of career paths, making it an ideal location for professionals and entrepreneurs.4. Transportation: Nassau County benefits from an extensive transportation system, making it easy to commute within the county and beyond. The Long Island Rail Road (LIRR) provides convenient access to Manhattan and other parts of Long Island. Additionally, major highways and well-connected bus routes make traveling throughout the county a breeze.5. Cultural Diversity: Nassau County is known for its multicultural communities. With a rich blend of cultures, residents can experience a wide range of cuisines, festivals, and traditions. The county celebrates diversity, fostering an inclusive environment that embraces various backgrounds and ethnicities.6. Healthcare: Nassau County boasts world-class healthcare facilities, ensuring residents have access to top-notch medical care. From renowned hospitals and specialized clinics to cutting-edge research centers, the county offers comprehensive healthcare services for residents of all ages.7. Outdoor Recreation: Nature lovers will find plenty to explore in Nassau County. The county features beautiful parks, nature preserves, and golf courses, providing ample opportunities for outdoor recreation. Whether it's hiking, biking, or simply enjoying a picnic with family and friends, Nassau County offers a myriad of outdoor activities for everyone to enjoy.8. Shopping and Dining: Nassau County is a shopper's paradise, with a diverse range of shopping centers, boutiques, and outlets. From high-end luxury brands to local artisans, there is something to suit every taste and budget. Additionally, the county boasts a vibrant dining scene, with a wide array of restaurants offering a variety of cuisines to satisfy any palate.9. Neighborhoods: Nassau County is home to a multitude of diverse and distinctive neighborhoods. From picturesque suburban communities to vibrant downtown areas, there is a neighborhood to suit every preference. Whether you desire a peaceful retreat or a lively urban setting, Nassau County offers a wide range of options to choose from.10. Community Spirit: One of the standout features of Nassau County is its strong sense of community. The county hosts a plethora of events, festivals, and community gatherings throughout the year, fostering a sense of belonging and camaraderie among its residents. This community spirit creates a welcoming environment where neighbors become friends and support one another.In conclusion, Nassau County, New York, offers a wealth of advantages that make it an exceptional place to live. From its vibrant lifestyle and diverse neighborhoods to its excellent education and job opportunities, there are countless reasons why relocating to Nassau County is a smart decision. Whether you seek a bustling urban environment or a peaceful suburban retreat, Nassau County has it all. So, if you're considering a move, don't overlook the countless benefits that this beautiful county has to offer.
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The Hottest New Restaurants in Queens
A delivery favorite gets a sit-down spot and a barbecue option join the list Eater editors are asked one question more than any other: Where should I eat right now? While many people still consider Manhattan the locus of New York’s dining scene, some neighborhoods in Queens have become dining destinations in their own right. Here are some of the latest Queens restaurant openings drawing NYC’s dining obsessives. For more New York dining recommendations, check out the new hotspots in Brooklyn and Queens. And for an insider’s perspective on how to eat well no matter where you are in NYC, pick up our new book: The Eater Guide to New York City. Eater maps are curated by editors and aim to reflect a diversity of neighborhoods, cuisines, and prices. Learn more about our editorial process. If you buy something or book a reservation from an Eater link, Vox Media may earn a commission. See our ethics policy. Prode This modern Thai spot — decorated with elegant turquoise, gold, and thatched blonde wood flourishes — goes heavy on salads (there are 12 of them), soups (five), and six whole fish preparations. In the mango tango fish, the cashews, mango and fried snapper fuse into a new flavor where the sum is greater than its parts. The grilled squid gets charred, sliced up, and served with seafood sauce. Golden Wonton King The open-space dining room gets packed with Flushing locals, so be prepared to wait during peak times. The specialty here is fresh seafood — you’ll see many tables topped with lobsters lacquered with saucy seasoning — and as the name suggests, wontons. The wonton soup here features a variety of wontons, each as fat, slippery, and perfectly wrinkled as the next, with strands of bok choy and seaweed swimming in the rich broth. If you love whole fried small fish, the anchovies here are crispy with a fluffy coated batter. There’s no cart, but the dim sum mainstays like shrimp A dish from Golden Wonton King. Caroline Shin/Eater NY Also featured in: 31 Glorious Chinese Restaurants to Try Boske A modern Dominican restaurant and lounge has opened in Astoria with creative flair. Its mofonguitos, mini versions of the mashed plantain dish, are layered with a slab of crispy fried pork belly and drizzled with a cream sauce; and mac and cheese is served with a choice of pernil or ropa vieja. Weekend evenings turn up with blue and green lights that rotate around the open dining area, and the large banquettes in the back are packed. OPEN IN GOOGLE MAPS 28-43 Steinway Street, Astoria, New York 11103 929.328.0010 Visit Website A dish from Boske. Caroline Shin/Eater NY Bunsik A vestige of the Korean American presence remains alive in downtown Flushing with the opening of Bunsik. The new restaurant doles out generous portions of Korean street food. Here, nearly every table has an order of rosé tteokbokki: chewy cylinders of tteok and sheets of fish cake slathered in a sauce of gochujang and cream. The various versions of kimbap are filled with more fixings than rice. Order the kkaenip (perilla leaf) as an add-on for a slightly vegetal finish. The ketchup bap omurice will make any Korean adult’s inner child happy. OPEN IN GOOGLE MAPS 136-87 37th Avenue, Flushing, New York 11354 A dish from Bunsik. Caroline Shin/Eater NY Ramro Foodstruck has pivoted to Ramro, a restaurant from Ravi Thapa and Raymund Embarque, alums of Momofuku Ko, Jua, and Oxalis. Unlike the more fast-casual Foodstruck, Ramro’s dishes include items like walnut cauliflower, skate wing with lemongrass and noodles, and cheddar Parmesan ice cream for dessert. Most of the menu is a la carte, but there’s a tasting menu option at the chef’s counter. OPEN IN GOOGLE MAPS 30-93 38th Street, Astoria, New York 11103 (347) 507-1418 Visit Website Rice Thief The viral Korean crab delivery service now has an elegant new home in Long Island City, complete with a beer and wine license. The star of the show — ganjang gejang (soy sauce marinated crab) — still shines. And it can come in platters alongside white shrimp, red shrimp and abalone. The new menu is a mix of old hits, like the abalone jook (porridge), and additions: kimchi army stew and spicy seafood tteokbokki with shrimp, mussels, and squid. You can enjoy all of it with a beverage menu of Korean rice wines, soju, and beer. OPEN IN GOOGLE MAPS 39-37 30th Street, Astoria, New York 11101 Visit Website Two dishes from Rice Thief. Caroline Shin/Eater NY Sign up for the newsletterEater NY Sign up for our newsletter. Email (required) By submitting your email, you agree to our Terms and Privacy Notice. You can opt out at any time. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. SUBSCRIBE Red Sorghum The team behind Ye’s Apothecary and Blue Willow debut a lushly designed Hunanese-Sichuan restaurant and baijiu bar in Long Island City. Business partners, Mandy Zhang and Vincent Lin, are particularly proud of bringing in Hunanese techniques of pickling, firing up the wok at super high temperatures, and using lots of chile peppers. They’re well represented in dishes like the brine rice noodles with sliced beef, sour string beans, and pickled chiles; Miss Lou’s beef stew with slices of tender, fatty beef alongside pickled cabbage, and enoki mushrooms in a rich and sour broth; and the century egg claypot, where century eggs are mashed with eggplant and green chiles. OPEN IN GOOGLE MAPS 28-03 Jackson Avenue, Long Island City, New York 11101 (929)-545-2023 Visit Website Miss Lou’s beef stew at Red Sorghum. Caroline Shin/Eater NY Also featured in: The Best Restaurants Open on Monday in New York City The Best Restaurants in Long Island City El Mercadito A Jackson Heights mini mall is now home to a Mexican pizzeria. At El Mercadito, Mexico City-born Hilario Morales, who’s also behind Homemade Taqueria, uses the thin crust pie as a deliriously extensive canvas for Mexican dishes. An al pastor pizza is topped with chipotle sauce and fresh pineapple; a chile relleno pie has quarters of the stuffed pepper laid out among roasted poblanos; a birria pizza is dappled with avocado sauce. Mexico City-style fried quesadillas, flautas, and taquitos round out the menu. OPEN IN GOOGLE MAPS 84-02 Roosevelt Avenue, Jackson Heights, New York 11373 (718) 685-2060 Visit Website The al pastor pizza at El Mercadito. Robert Sietsema/Eater NY Also featured in: 30 Snappy, Standout Hot Dogs Around NYC Banjos A superb Southern barbecue takeout spot has found a new home at the Sunnyside Eats ghost kitchen. Husband-and-wife duo, Ariana and Jarvis Onabanjo, used to grill for each other on impromptu date nights, and they’ve now locked down their recipes for their first food venture, Banjos. The ribs here are fall-off-the-bone tender; the pulled barbecue chicken is flavorful; and the wings are so crispy with lots of little fry bubbles you’ll want to make an ASMR reel of the crunch. The sides also flaunt expertise: collard greens savory with hunks of turkey on-the-bone and long-grain rice as soft as macaroni. All of these dishes get reincarnated, too. Don’t miss the brisket grilled cheese on Texas toast or the smash burger topped with mac and cheese. OPEN IN GOOGLE MAPS 40-05 Skillman Avenue, Long Island City, New York 11104 Visit Website Wings at Banjos. Caroline Shin/Eater NY Batik A tropical chic restaurant debuts in Rego Park with hearty Indonesian and Malaysian fare. It’s not so much fusion, two distinct menus (and chefs) offer the traditional dishes of each cuisine. Surabaya, Indonesia native, Joana Cravianho, formerly of Bamboo Ya and Awang, offers up roti canai with hot fluffy roti; chicken satay with rice cakes for sopping up the flavorful peanut sauce; and a multi-faceted noodle dish with ground chicken, slabs of barbecued chicken, meatballs, fried wonton, and bok choy. The Malaysian menu includes nasi lemak with curry chicken and four versions of vegetable belacan. OPEN IN GOOGLE MAPS 95-34 Queens Boulevard, Rego Park, New York 11374 (718)806-1890 Visit Website Inside Batik. Caroline Shin/Eater NY Driftwood Maspeth is now home to a laid-back spot doling out fun, Asian-inspired sharing plates from partners and fine-dining chefs, Shane Kim and Mimi Chen. The ma la spice-dusted tots here are served with labneh and chive dip, and the golden crab bao is made with fluffy lotus leaf buns stuffed with snow crab and crème fraiche, and topped with yuzu tobiko. While Driftwood awaits its liquor license, check out non-alcoholic drinks like calpico calico (oolong tea, vanilla, clarified calpico, and lime), and leave room for desserts like milk tea pudding with honeycomb. OPEN IN GOOGLE MAPS 70-11 Grand Avenue, Maspeth, New York 11378 (718) 233-8643 Visit Website Golden crab bao from Driftwood. Caroline Shin/Eater NY Boon Dee Moo Ka Ta Thai B.B.Q. Grill and simmer the meal of your dreams at the city’s newest Thai mookata parlor, a paradise of all-you-can-eat Thai barbecue and hot pot. Cook from an endless spread of vegetables, noodles, and meats like cilantro-marinated squid and chile-seasoned pork belly. Don’t know how to cook them? No worries, says co-owner Raweewan Chen. Employees are on deck with tips, as well as constant refills of chicken bone broth for the hotpot and new pans to grill on. Make room for hot snacks like creamy tom yum soup and pad krapow gai, in addition to desserts like grass jelly and jackfruit over shaved ice and mango sticky rice. OPEN IN GOOGLE MAPS FOURSQUARE 16811 Union Tpke, Queens, NY 11366 (917) 456-1088 Visit Website Boon Dee serves all-you-can-eat Thai barbecue and hot pot. Caroline Shin/Eater NY Originally published by Caroline Shin and Eater Staff
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