Valley Stream real estate is showing no signs of slowing down. In the past month, the median sales price was up year on year. The number of houses sold was up. The days houses stayed on the market was down, And for only the second month in the past five years—but for the second month in a row—sellers were getting more than their listing price. Welcome to this week’s Long Island HOME Market Flash.
In August 2021, according to Redfin, Valley Stream homes sold for a median price of $633,500—an increase of 17.3% year on year. Taking a look at this same window of time over the past five years, you’ll see that the average median price is nearly $190,000 higher than in 2016:
Sellers saw a slightly higher average sale price than what they listed for—.6% about the list— with 60.3% of the homes that sold in August going above the asking price, an increase of 65.9% over last year’s activity. Brokers and agents across Long Island are telling us they are still seeing offers above ask in most of their communities, as inventory remains low and buyers are still outnumbering sellers.
The trend of properties moving quickly also continued, as Valley Stream homes stayed on the market an average of only 26 days, a time frame that was 30 days a year ago. More homes were sold as well—59 homes sold in August 2021, an increase of 34.1% over the 44 homes that sold in the same period of time last year.
So, how does this all compare to what’s happening across the nation? Well, as we know here on Long Island, real estate is an incredibly local matter, and one community’s market does not necessarily speak for another’s. But since you asked, here’s a look at what took place in August 2021 across the country: The U.S. Median Home Sales Price was $385,650 (up from $327,329 year on year), which was a 19.5% increase over 2020. The Number of Homes Sold was 665,415, which represents a decrease of 6.3% from a year ago.
Although the tendency is to focus on the immediate changes in markets—and in the every-changing face of Long Island real estate, it is always important to be up-to-the-minute—real estate investing is more a marathon than a sprint. And taking a long-term view can offer a perspective not always as immediately seen as what happened in the past days, weeks, even months. According to neighborhoodscout.com, the five Valley Stream neighborhoods showing the greatest appreciation since 2000 are Village Center, W. Sunrise Highway/S. Central Avenue, North Valley Stream, Ormonde Blvd./Brown Street and N. Corona Ave./Rockaway Parkway.