Long Island Home Prices Continue To Creep Higher Each Year: MLSLI

Median home sale prices continue to rise while the number of residential properties on the market decreased from a year ago, according to Multiple Listing Service of Long Island Inc.’s recently released report for the month of November.

The Long Island-wide data, which includes Queens in MLSLI reports, shows the median home sale price was $457,500 in November, which is a 1.6 percent decrease from October and a 5.17 percent increase from a year ago.

The total number of Long Island residential properties on the market in November was 16,483, making the available residential inventory 11.17 percent higher than a year ago. In October, the available residential inventory was at 17,430, MLSLI reports.

Nassau County

In Nassau, there were 1,092 homes sold in November, which is a 4.7 percent increase from a year ago and a 99 numerical decrease from October where the number of homes sold was 1,191.

The median price for homes sold in Nassau in November was $525,000, which is a 7.8 percent increase from last year and a 0 percent change from October and September. In August, the median price for homes sold was $550,000, which was the highest sales number from over the past year.

Suffolk County

In Suffolk, 1,371 homes were sold in November, which is 6.2 percent decrease from a year ago and a 280 numerical decrease from October where the number of homes sold was 1,651.

The median price for homes sold in Suffolk in November was $380,000, a 7.0 percent increase from last year and a $7,000 decrease from October, where the median price for homes sold was $387,000. Similar to Nassau, home prices over the past year peaked in August at $400,000.

Image of 21 Briarcliff Drive in Port Washington courtesy of Realtor.com