Oyster Bay, Melville Home Prices Surge 17%
By Maureen Daly Defying the dire predictions of many economists and local realtors, 2022 saw significant increases in the value and sales prices of homes across the north shore – especially in Oyster Bay and Melville, which saw annual increases of over 17%. Despite the mortgage rates more than doubling last year, making homes more expensive, the median home price in most Long Island communities continued to rise. According to data on close to 200 communities compiled by the appraisal firm of Miller & Samuel, 2022 home prices increased, even though there were 15.5% fewer sales than during 2021. The usual expectation is that while coming out of this boom, rates have doubled and homes should become more affordable, but that is not what is happening: In more than one third of Long Island communities, home prices increased by 10% compared to 2021 prices. In some communities like Bellport and Oyster Bay, prices increased by over 15%. Real Estate agents believe that the limited number of houses for sale is the key factor keeping sellers in control and dissuading buyers. Buyers are more than frustrated. They can’t find houses, and when they do they can’t afford them or are out-bid. New York Governor Kathy Hochul is promoting a plan to build 800,000 housing units across the state in order to “flood the market” and collapse the values of people’s homes, making all housing in New York “more affordable.” The Hochul plan has faced resistance from local Republican officials, because of its potential to destroy the real estate market – reducing the value of most families’ major asset – their home.
Hochul’s plan has also been attacked by local communities for trying to lessen local control of community zoning, and by environmentalists for threatening to dump huge amounts of raw sewage into already overloaded sewer treatment facilities, which would cause huge environmental and groundwater damage.