August is Busiest, Most Expensive Month for Long Island Real Estate

The housing market on Long Island continues to be its busiest and most expensive during the month of August, according to new reports from the Multiple Listing Service of Long Island.

More Nassau and Suffolk homes were sold in August than any other month in 2015 and thus far in 2016. The median price for homes sold were also higher during this month, the reports show.

In Suffolk, 1,735 homes were sold in August, an 18.0 percent increase over last year. The median sale for homes sold in Suffolk County climbed from $355,00 to $345,000, a 2.9 percent increase.

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

In August, there were 1,465 homes sold in Nassau, a 2.7 percent increase over a year ago, according to new MLSLI reports. The median price for homes sold in Nassau was $489,000, a 4.4 percent year-over-year increase from $468,500.

Long Island-wide, which includes Queens in MLSLI reports, the closed median home sale price was $420,000 in August, compared to $415,000 in July and $410,000 in August 2015.

The total number of Long Island residential properties on the market in August was 18,467, the MLSLI said. That's a 3.7 percent decrease from July and a 19.6 percent decrease from a year ago.

According to MLSLI data, the housing market heats up during the summer months and cools down during the fall, winter and spring.

Months with the lowest number of properties sold in 2016 and 2015:

Nassau County 2016

• April: 831

Nassau County 2015

• April: 730

Suffolk County 2016

• January:972

Suffolk County 2015

• February: 747

Month with the lowest sold property median listing price in 2016 and 2015:

Nassau County 2016

• March, November and October: $430,000

Nassau County 2015

• March: $415,000

Suffolk County 2016

• April: $312,000

Suffolk County 2015

• April, January, October: $315,000

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

• Image via Realtor.com of 4 Pelham Ave. in Sands Point. Listing price: $1,899,000