Long Island Home Prices Soar From May To June, Data Shows

Buying homes on Long Island in June comes with a hefty price tag, 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 $444,500 in June, which is a 8.41 percent increase over the last year and a 7.11 percent increase from May.

According to the data, median listing prices for homes in Suffolk have increased by $30,000 from May to June while Nassau homes have increased by $25,000.

The total number of Long Island residential properties on the market in June was 17,099, making the available residential inventory 11.33 percent lower than a year ago. In June 2016, the available residential inventory was at 19,284 MLSLI reports.

In Suffolk, 1,533 homes were sold in June, a 3.5 percent decrease since June 2016. The median sale for homes sold in Suffolk County went from $340,000 in June 2016 to $365,000 in June 2017, a 7.4 percent increase, and a $30,000 increase from May where the median price for homes sold was $335,000.

In Nassau, 1,243 homes were sold in June, a 3.3 percent decrease since June 2016. The median price for homes sold in Nassau in June was $505,000, a 5.7 percent increase from last year and a $25,000 increase from May where the median price for homes sold was $480,000.

Image of 7 Crescent Road in Port Washington via Realtor.com