With mortgage rates hitting record low numbers in New York, Long Island's home prices surged in February 2020. A report also revealed that the coronavirus doesn't look to be affecting homebuyers in the area as they remain active in the home buying process.
"Suffolk County homes sold for a median price of $405,000 in February, up 8% from a year earlier, the Multiple Listing Service of Long Island reported Friday," according to Newsday. "In Nassau County, the median price increased by 5% annually, to $530,000."
In addition to the surge in home prices, home sales have risen in both counties with a 7.3% increase in Nassau and a 3.7% increase in Suffolk, according to the report. Buyer confidence is up from February 2020, with prospective homebuyers feeling better about purchasing a home at a low mortgage rate.
"The serious buyers are out there if the house is priced accordingly," said, Nicholas Speirs, a real estate agent with Alexander Madison Realty in Merrick, according to the report. "As long as the rates remain low, the buyers are there because it’s cheap to borrow money right now."
To learn more about the rise in home prices in Long Island, click here.