Home price forecast (1 year):* -13.4%
Suffolk County occupies the eastern two-thirds of Long Island. The area transitioned from a thinly populated area of potato farms, fishing ports and beach communities before World War II into a densely populated full-blown suburb of New York City.
Many of its wealthiest residents commute daily to Manhattan and work in financial services. The recession has hit that industry hard and housing prices on Long Island have suffered. After running up more than 126% since 2000, prices in Suffolk have fallen 17% from their peak. Another 13.4% decline is predicted this year.
Is this a good time to buy a home in Suffolk?