There are many considerations that might go into a homeowner’s decision to take on a home renovation project. If you want to fix up the guest room, the biggest factor might simply be how much time you have before your aunt comes to visit. But, if you’re looking for a Suffolk County contractor who can handle a major kitchen or bathroom remodeling project, you may want to consider the local housing market.
According to recent figures from the Multiple Listing Service of Long Island, the median sale price for a home (singe/multi-family) in Suffolk County was $382,000 last month (the most recent period for which figures are available). That’s up from March 2018, when the median sale price of a residential singe/multi-family home was $367,111. It’s also a significant increase from March 2017, when the median sale price was $337,000.
Median sale prices for condos in Suffolk County show similar increases:
- March 2019: $313,000
- March 2018: $300,000
- March 2017: $277,500
The MLSLI also releases figures for pending sales in the county. These figures indicate that prices are continuing to increase.
Median Pending Sales Price for Single/Multi-Family Residential Properties in Suffolk County:
- March 2019: $399,000
- March 2018: $381,500
- March 2017: $350,000
Median Pending Sales Price for Residential Condominium Properties in Suffolk County:
- March 2019: $347,000
- March 2018: $339,950
- March 2017: $325,500
And, while the median sales price of homes in the area continues to rise, the number of homes sold is declining. In a year-to-year comparison, the MLSLI reports that the number of single/multi-family residential properties sold in Suffolk County are:
- March 2019: 939
- March 2018: 987
- March 2017: 1,050
With home prices on the rise and inventory tight, calling in an experienced Suffolk County construction expert may represent a good investment in your home. So, if you’ve been considering kitchen remodeling in East Northport or perhaps adding on a deck or patio on a Northport home, please contact Tim Foley of Foley Contracting at 631-262-0919 or email@example.com.