As we move toward the end of 2023, Long Island’s housing market reflects a challenging national trend, with home sales on track to hit their lowest levels in nearly 30 years. September saw a 3.5% drop in home sales compared to the previous year, and projections show 2023 as a historic low, the toughest market we’ve seen since 1995.
This year, Long Island’s market has been uniquely impacted by high mortgage rates, limited inventory, and affordability pressures. While our region has long been known for its desirable neighborhoods and proximity to the city and beaches, these factors have made it more difficult for locals to buy, sell, or move up the property ladder. High prices and a limited number of listings have created a bottleneck in the market, impacting neighborhoods from the North Fork’s vineyards to the vibrant downtowns of Nassau County.
Despite the current market, Jones Hollow Realty Group is here to help guide Long Islanders through these complexities with local expertise and a grounded approach. For those looking to buy, sell, or even evaluate their property’s potential in this unique market, there are still opportunities—and timing, strategy, and experience have never been more critical.
In challenging times, it’s about finding the right path forward. At Jones Hollow, we believe in the strength and resilience of Long Island communities and are here to support you in making smart, informed real estate decisions as we move into 2024.