Long Island Real Estate Market Forecast 2022 & 2023
Abstract
CoreLogic now says only 24.5% of U.S. housing markets are "Normal" and just 7.6% are "Undervalued." CoreLogic predicts that home prices throughout the nation will continue to grow over the next year, with the exception of four cities, including Bridgeport, where there is a "Very high" possibility that home prices would decline. Will Prices Drop in Long Island Housing Market in 2023? The home prices will likely decline in Westchester and Long Island as they are overvalued housing markets. Long Island Housing Market Trends 2022 Numerous prospective purchasers were deterred from entering the Long Island housing market in 2021 as a result of the pandemic-era increase in home prices, mounting job insecurity fears, and rising mortgage rates. The housing market saw intense bidding wars and selling prices over the asking price, following the highest yearly increase in 45 years. Lack of supply was a major contributor to the price increase in Long Island housing market. In June 2022, housing prices on Long Island reached all-time highs, with the market showing no signs of abating. As more properties hit the market, prices should begin to decrease, changing the balance between sellers and buyers toward a more balanced market.