The New York metropolitan area, which includes Long Island, is predicted to be among the hottest 25 real estate markets in 2017 — No. 23, to be exact — according to realtor.com.
The forecast for sales in the New York metropolitan area is expected to be strong, with sales expected to increase 6.5 percent, compared with 2.6 percent nationally, says Jonathan Smoke, chief economist for the real estate website.
The prediction calls for 4 percent price growth in the New York metropolitan area, while nationally, home prices are forecast to slow to 3.9 percent growth year over year.
Realtor.com uses information from home sale and price trends as well as population changes, new construction, unemployment and job creation to make the predictions for the market, Smoke says. Mortgage rates are also expected to increase in 2017, which will impact the market.
The website also tracks the hottest ZIP codes by county. In Nassau, the top five towns are Levittown, Franklin Square, Wantagh, Floral Park and Farmingdale. In Suffolk, the top five towns are East Northport, Commack, Holbrook, Bayport and Blue Point.
“Hotness data reflect what’s showing the most demand today and likely where the market is going to see price appreciation and demand,” Smoke says. “If you’re seeing a nigh number of views on a property, that usually translates into demand.”