The Numbers Are Up – The Long Island Housing Market is Doing Great!

Published by Joe Moshe on

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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.

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Joe Moshe

Joe Moshe is the Broker/Owner of Charles Rutenberg Realty Long Island, offering 100% commission to Agents. With over 1000 agents, it's one of the fastest growing, most progressive real estate brokerages on Long Island.

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