Long Island Home Prices Continue to Climb as Demand Outpaces Supply

More homes were sold on Long Island in January compared to last year despite there being less available homes on the market, according to new reports from the Multiple Listing Service of Long Island.

The median price for homes sold were also higher during the month of January, the reports show.

The Long Island-wide data, which includes Queens in MLSLI reports, shows the closed median home sale price was $420,000 in January, compared to $410,000 in December and $386,500 in January 2016.

While the prices have gone up for homes for sale, the available residential inventory on Long Island is about 19.61 percent smaller than a year ago. The total number of Long Island residential properties on the market in January was 14,254. In January 2016, the available residential inventory was at 17,732, MLSLI reports.

MLSLI says the residential inventory currently has a 6.3-month supply of homes, which is up from 5.2 reported in December 2016. A 6-month supply is reflective of a balanced market, according to real estate analysts.

In Suffolk, 1,068 homes were sold in January, a 9.5 percent increase from January 2016. The median sale for homes sold in Suffolk County went from $315,000 to $338,000, a 7.4 percent increase from January 2016 to January 2017.

The housing market in Suffolk County may be increasing at a higher rate, but Nassau County homes still come with a steeper price, the reports show.

In August, there were 925 homes sold in Nassau, a 4.9 percent increase from a year ago, according to MLSLI. The median price for homes sold in Nassau in January was $475,000 a 7.3 percent increase from last year.

Months with the lowest and highest number of properties sold over the past year:

Nassau County

• Highest— August 2016 with 1,510 homes sold
• Lowest— April 2016 with 837 homes sold

Suffolk County

• Highest— August 2016 with 1,807 homes sold
• Lowest— February 2016 with 980 homes sold

Months with the lowest and highest sold property median listing price last year:

Nassau County

• Highest— August 2016 with a $485,000 median listing price
• Lowest— March 2016 with a $440,000 median listing price

Suffolk County

• Highest— August 2016 with a $352,000 median listing price
• Lowest— February 2016 with a $314,000 median listing price

Find MLSLI's full January reports on its website here.

Image of 7 Beatrice Lane in Glen Cove via Realtor.com