Suffolk County NY Home Prices Returning to Normal
After a rough past 5 to 7 years, Suffolk County NY home prices are slowly returning to normal, and Case-Shiller predicts home prices will continue to average 3.3% increases annually over the next 5 years.
The Suffolk County NY housing market was the closest thing to being called "normal" in 2012 that we'd seen since 1977. For the past 14 or 15 years, Suffolk County NY home prices and sales have either been boosted by a bubble mentality, or by crash psychology. From 1998 until the peak of the housing bubble in 2006, Suffolk County NY home prices grew by more than 5% a year. But once the bubble burst, prices plunged, falling over 30% through the middle of last year.
It wasn't until late 2011 that markets started to stabilize. Between September 2011 and September 2012, average U.S. home prices rose 3.6%. By then, 62% of the 384 metro areas Case-Shiller tracks reported rising home prices, up from just 12.5% of all markets during the same period a year earlier.
By the end of 2013, some analysts predict Suffolk County NY home prices will be heading even higher. Of course, we all know that real estate is local, and depending on where in the Suffolk County NY area you are, foreclosures still working their way through the system may keep prices softer in your neighborhood than in others.
Other than the remaining foreclosure inventory still being dealt with, there are many positive trends in today's market. Suffolk County NY home prices are extremely affordable and mortgage rates are still near historic lows.
Overall, Case-Shiller expects stronger demand for housing going forward, and the sector should once again have positive impact on the overall economy.
We'll continue to closely monitor the Suffolk County NY home prices and sales and let you know where things are going. Our advice would be, "if you're waiting for a bottom, you appear to have waited too long… as Suffolk County NY home prices definitely appear to be heading in a northerly direction now. Give us a call, or fill out our contact form if you'd like for us to contact you about any particular home you see listed in our MLS.
We encourage you to look around at the homes for sale on our site here, and let us know if there is anything we can assist you with. Suffolk County NY home prices won't be getting any lower than they are now, so if you're ready to get into your own home, or move up to a larger home, we're here to help.