In January, Long Island home prices increased over 7% from the previous month. According to a recent Newsday article, the rise in values is due to a combination of low inventory, rising interest rates, and an influx of buyers from New York City.
The Long Island MLS reported last Monday that the number of homes for sale is down 22% from a year earlier. With few homes to choose from and interest rates expected to continue increasing through 2017, savvy homebuyers are acting fast to close deals as quick as possible. As such, in Suffolk County, the number of closed transactions was up 9.5% compared with the previous year.
So what’s this mean to you if you’re looking for a home in Long Island? It means that a new construction custom or semi-custom estate home like those in The Hamlet Estates at St. James may be your solution to low inventory while allowing you to take advantage of rising values.
As The Hamlet nears closeout, there are limited lots still available for purchase. Starting from $729,900, it’s crucial that you don’t wait long if you’d like to call one of these luxurious residences home.
Act now by contacting The Hamlet Sales Team today at (631) 319-0399 or by visiting the Sales Center at 5 Hamlet Woods Drive, St. James, New York 11780.