LI Luxury Housing Outpaces Sub $1M Prices in Closed Transactions

Residential real estate closings in Long Island’s luxury housing market of properties over $1 million increased 120% in March 2021 compared to the same period last year, according to Mike Pesce and Ron Lanzillotta, principals of The Pesce & Lanzillotta Team, a leading full-service real estate brokerage firm and an affiliate of Berkshire Hathaway HomeServices. By contrast, closed transactions of properties under $1 million in Nassau and Suffolk counties rose by 40% from March 2020 to March 2021.

“Long Island’s luxury home market remains relatively strong, outpacing the region’s price point of closed transactions below $1 million,” said Mr. Pesce. “While it remains a seller’s market on Long Island, in terms of higher prices and low inventory of houses below $1 million, the high-end housing market’s performance benefits sellers and buyers alike,” added Mr. Lanzillotta. They also noted that low inventory levels in homes priced below $1 million had created bidding wars between buyers, thus driving up prices, a phenomenon not experienced as often in the high-end market.

In March 2021, there were 147 closed transactions on residential properties priced at $1 million and above in Nassau County compared to the same period in 2020, where 61 completed transactions of properties were over $1 million were recorded, representing a 141% increase. In comparison, there was a 47.4% increase in closed transactions in the sub $1 million properties for the same period in Nassau. In Suffolk County, there was a 93.3% increase year-to-year of closed transactions over $1 million, 87 in March 2021 versus 45 in March 2020.

For the period of April 1, 2019, through March 31, 2020, compared to April 1, 2020, through March 31, 2021, there was a 31.7% increase of closed transactions of properties over $1 million in Nassau. Properties under $1 million in Nassau saw a .2% decrease for the same period during the pandemic’s height. Suffolk County experienced a .2% increase in the sub-million-dollar market, while transactions closed above $1 million rose 89.4%.

Data source: OneKey™ MLS

About The Pesce & Lanzillotta Team
The Pesce & Lanzillotta Team is a leading full-service real estate brokerage firm and Berkshire Hathaway HomeServices affiliate. Fluent in financing, legal contracts, and negotiations, its principals, Mike Pesce and Ron Lanzillotta, pride themselves in providing full-service real estate brokerage services with a deep understanding of New York and Long Island’s real estate trends, delivering exemplary customer service and outstanding results. The Pesce & Lanzillotta Team’s goal is to find the client the property of their dreams, negotiate the deal of a lifetime, and ensure a seamless, stress-free transaction from start to finish. More information is at www.thepescelanzillottateam.com.