Long Island’s real estate market has gone wild during the pandemic, with luxury homes that once languished on the market suddenly sparking bidding wars, and some first-time home buyers scrambling to make offers of $30,000 or more over asking prices.
The surge of buyers leaving the city drove up the median home price on Long Island, outside of the East End, to a record high of $525,000 in the last three months of 2020, up 15.4% from a year earlier, Douglas Elliman and the appraisal company Miller Samuel said in their most recent report on the region.
The gains have not been evenly distributed, though, the report shows.
Use the chart below to look up your community and others across Long Island to see how home prices have changed.
"If something comes on [the market] it’s gone immediately," said Ann Conroy, CEO of Douglas Elliman’s Long Island division. "There are more buyers than there are sellers at this point, and interest rates are extraordinarily low."
The average mortgage rate was 3.18% last week, mortgage giant Freddie Mac reported.
To learn more about what's been driving the changes in home prices, including which communities have seen the most dramatic rises, read the full story.