Well, the Real Estate market is at a good point for homebuyers right now. Usually homes do appreciate in value over the long term. Prices might continue to come down in the next months to come, but we don't know for sure. In my opinion, this is a great time to buy since homes have come down so much in the last 6 months. I hope my answer was of help to you.

On the average, a typical home doubles in value every 10 years. If your purposes are to stay in the apartment a while, it will most likely appreciate and be a great long-term investment, especially as home prices are so low right now. If you plan on staying there for a short period of time however, you might want to reconsider. The market and economy are in a state of uncertainty, so investing for short-term gains now, could prove to be risky.
That said, now is a great time to buy a long-term investment. Prices are very favorable and mortgage rates are at 40 year lows! It's as though there is a clearance sale on real estate and people who wait too long will kick themselves for not taking advantage of it while they could.
For more information on buying a home on LI, check out li-properties.com.
Best of luck!