According to a study conducted by Pro Teck Valuations Services using a combination of metrics including foreclosure sales and available housing inventory, the real estate market on Long Island is the hottest in the nation!
While this news may bode well for home sellers on Long Island, the eager real estate buyers in some other localities such as Brooklyn and Manhattan where prices have skyrocketed and inventory remains low might argue with this studies analysis.
Using the foreclosure sale metric as one basis for comparison, the study compared Long Island with about 3% of sales from foreclosures to the worst performing city in the study, Jacksonville, Florida, that had over 81% of it real estate sales from foreclosures!
Pro Teck estimates that Long Island real estate could climb back to peak prices within five years although, many factors not included in the study such as the potential for rising interest rates and increased property taxes could affect that timeline!
The analysis from Pro Teck:
‘According to the U.S. Census Bureau, Nassau and Suffolk counties have the 10th and 26th highest median household incomes in the nation. Nassau County is also the third-richest county per capita in New York State and the 30th richest in the nation.
This month, the Nassau-Suffolk CBSA (Long Island) leads our ranking as the hottest real estate market in the nation. Many factors have gone into this assessment, including foreclosures making up an inconsequential 2.18 percent of sales and available housing inventory at only 3.63 months – both attributes of a strong market. Looking at our extended forecast for the area, we see Nassau-Suffolk reaching peak highs again within five years.‘ (Source)