Long Island Home Prices Increase With Less Properties Sold: MLSLI

Home prices in Nassau and Suffolk counties continue to increase while the number of homes on the market decrease or stay the same, according to a November report released by Multiple Listing Service of Long Island Inc.

The Long Island-wide data, which includes Queens in MLSLI reports, shows the median home sale price was $435,000 in November, which is a 8.75 percent increase over the last year and a 1.14 percent decrease from October.

The total number of Long Island residential properties on the market in November was 14,827, making the available residential inventory 7.99 percent lower than a year ago. In November 2016, the available residential inventory was at 16,115 MLSLI reports.

Nassau County

In Nassau, 995 homes were sold in November, which is a 5.9 percent decrease from November 2016. The median price for homes sold in Nassau in November was $489,999, a 6.8 percent increase from last year and a nearly $9,996 decrease from October where the median price for homes sold was $499,995.

Suffolk County

In Suffolk, 1,411 homes were sold in November, making it one more home sold this year than in November 2016, where the number of homes sold was 1,410. The median price for homes sold in Suffolk in November was $355,000, a 6.0 percent increase from last year and a nearly $5,000 decrease from October where the median price for homes sold was $360,000.

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

Nassau County

• Highest: August 2017 with 1,568 homes sold
• Lowest: April 2017 with 782 homes sold

Suffolk County

• Highest: August 2017 with 1,874 homes sold
• Lowest: February 2017 with 1,023 homes sold

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

Nassau County

• Highest: July 2017 with a $525,000 median listing price.
• Lowest: February 2017 with a $449,250 median listing price.

Suffolk County

• Highest: August 2017 with a $371,500 median listing price.
• Lowest: March 2017 with a $330,000 median listing price.

Find MLSLI's full report on its website here.

Image of 74 Wilton Road in Cold Spring Harbor via Realtor.com