📣 Long Island real estate is buzzing with activity! Here’s your market update for January 2024 compared to last year. 🏠✨

🚀 Jumping straight in: New listings rose by 12%, pending home sales by 5%, while closings dipped slightly by 0.2%. The closings are intriguing, showing a significant shift from last year’s trends as the inventory gap narrows.

💹 The median sales price soared to $655K, a solid 8.3% hike! But here’s the twist: despite a 12% inventory increase, we’re still in the clutches of a tight market, rooted in last year’s shortage. 📉 Rates might nudge downward soon, potentially ramping up buyer demand, which could push prices higher and squeeze inventory further.

🏡💼 So, what’s the move? Strike while the iron’s hot! With the current rates, it’s prime time to make offers and secure a home. Plan to refinance when the rates dip. Let’s get you home!