Home Sale Prices Decrease In Nassau, Increase In Suffolk: MLSLI

There was a $140,000 difference between median home sale prices in Nassau and Suffolk counties during the month of August despite a drop in prices in Nassau and an increase in Suffolk, according to a new report from the Multiple Listing Service of Long Island.

The Long Island-wide data, which includes Queens in MLSLI reports, shows the median home sale price was $448,998 in August, which is a 6.90 percent increase over the last year and a 0.22 percent decrease from July.

The total number of Long Island residential properties on the market in August was 16,646, making the available residential inventory 9.86 percent lower than a year ago. In August 2016, the available residential inventory was at 18,467 MLSLI reports.

Nassau County

Nassau County saw an increase in homes sold but a decrease in the median home sale price in August. This doesn’t mean that prices were cheap, however. August prices, excluding July, were the highest they’ve been in Nassau in the last 24 months and beyond, data shows.

In Nassau, 1,506 homes were sold in August, which is the highest number of homes sold since August 2016, where 1,517 homes were sold, which is a .7 decrease from year-to-year. The median home sale price in Nassau in August was $515,000, a 6.2 percent increase from last year and a $10,000 decrease from July where the median price for homes sold was $525,000.

Suffolk County

In Suffolk, 1,801 homes were sold in August, a .7 percent decrease since August 2016 where the number of homes sold was 1,813. The median home sale price in Suffolk County went from $352,000 in August 2016 to $375,000 in August 2017, a 6.5 percent/$10,000 increase from July where the median price for homes sold was $365,000.

According to the data, the median home sale price in Suffolk is continuing to be the highest it has been in a year. While median listing prices in Suffolk have increased, data shows that price increases are slowing down and are likely to decrease next month.

In 2016, median listing prices in Suffolk went from $352,000 in August to $332,000 in September.
This goes for Nassau, too. The median price for homes sold in Nassau decreased from $485,000 in August to $440,000 in September.

Image of 56 Crescent Beach Road in Glen Cove via Realtor.com