Babylon Area Housing Market
As 2017 came to a close, Long Island continued to contend with low inventory and rising home prices. In Suffolk County, the average home price was $428,293, up 9.2% from the previous year.
Western Suffolk County which includes Babylon Township saw 7.7% increase in home prices in one year. This suburban area, offering a relatively short commute to New York City, access to multiple means of mass transit, somewhat reasonable property taxes, excellent school districts and large property sizes is quickly becoming the most sought after area for first time home buyers.
In Babylon 16 houses sold during the month of December. Of these, 5 houses are in Babylon School District, 2 in North Babylon School District and 9 in West Babylon School District. The highest house sold in Babylon School District was a 4 bedroom, 4 bath colonial on Dorset Lane. Originally listed at $2.3 million, it was on the market for 116 days and sold for $1.9 million.
In North Babylon 14 houses sold during the month of December. All are in North Babylon School District. The highest sold home was a 3 bedroom 3.5 bath on Pickwick Ave. Originally listed at $489,999, it was on the market for 18 days and sold for $510,000.
During the month of December, 32 houses sold in West Babylon. Included was 1 short sale and 2 foreclosures. 24 of these houses are in West Babylon School District, the most expensive of which was a 5 bedroom, 3 bath colonial on Chance Place. This house which was originally listed at $550,000 sold for $555,000 after being on the market for 125 days. The remaining 8 homes are in North Babylon School District.
In neighboring Deer Park, 27 homes sold in December. 3 of these houses were foreclosed properties. All but one house are in Deer Park School District. A 4 bedroom, 2.5 bath colonial on E. 3rd Street fetched the highest sales price of $525,000. On the market for 34 days, it was originally listed at $525,000.
Despite the hike in home prices, inventory continues to be low in the area. It is unclear why homeowners are not taking advantage of the market conditions as some industry leaders feel that we are existing in another housing bubble destined to burst in the very near future. In addition to this prediction, mortgage rates are expected to rise which will inevitably impact housing prices. For homeowners thinking of selling…NOW is the time.
For additional information, questions or comments, contact Carlene Calabrese – Real Estate Agent at
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