The Long Island housing market has reached an unprecedented level of competition among buyers, resulting in a significant disadvantage for many prospective homeowners.
As home prices hit record highs, the increase in mortgage rates continues to stretch the budgets of buyers amid a dramatic reduction in available properties.
With median home prices soaring to $670,000, it’s evident that the housing market dynamics have forever changed since the pandemic.
Jonathan Miller expresses astonishment at the current real estate landscape: 'I have never seen a period in my 30 years of tracking housing markets like this.'
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