We’re pleased to see that the median home prices are up across all three counties. What’s even more notable is that housing inventory is down by 14.9%. When housing inventory is down – that means that homes are selling faster than they were a year ago.
NOW is a GREAT time to sell!
Below are the most recent home stats on Long Island, brought to you by the Multiple Listing Service of Long Island (MLSLI). MLSLI provides the most accurate housing information for Nassau, Suffolk and Queens.
Median Home Prices are Up on Long Island
The May 2016 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $397,500 representing a 3.8% increase over last year.
Median Home Prices are UP in Nassau
Nassau County reported a $459,500 closed median home price in May representing a 5.6% increase over $435,000 reported by MLSLI last year.
Median Home Prices are UP in Suffolk
Suffolk County reported a closed median price of $340,000 which represents a 3.3% increase over a year ago.
Median Home Prices are UP by double digits in Queens
Queens reported a closed median home price of $451,500, which represents a double digit gain of 11.5% over last year.
Inventory is DOWN on Long Island
The total number of Long Island residential inventory was 19,484 representing 14.9% less available listings than a year ago.