Long Island Home Prices Increase After Steady Decline: MLSLI

Home prices in Nassau and Suffolk counties have started to increase in December following a steady decline since August, according to a December 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 $440,000 in December, which is a 7.3 percent increase over the last year and a 1.1 percent increase from November.

The total number of Long Island residential properties on the market in December was 12,770, making the available residential inventory 7.1 percent lower than a year ago. In December 2016, the available residential inventory was at 13,741 MLSLI reports.

Nassau County

In Nassau, 1,027 homes were sold in December, which is a 8.6 percent decrease from December 2016. The median price for homes sold in Nassau in December was $499,000, a 6.4 percent increase from last year and a $9,400 increase from November where the median price for homes sold was $489,600.

Suffolk County

In Suffolk, 1,433 homes were sold in December, making it ten more home sold this year than in December 2016, where the number of homes sold was 1,443. The median price for homes sold in Suffolk in December was $365,000, a 9.0 percent increase from last year and a $5,000 increase from November where the median price for homes sold was $355,000.

Homes Sold from August to December

The median price for homes sold on Long Island has been steadily decreasing since the summer, but prices are finally starting to increase again.

August

• Nassau: $512,000
• Suffolk: $370,900

September

• Nassau: $510,000
• Suffolk: $360,000

October

• Nassau: $499,000
• Suffolk: $360,000

November

• Nassau: $489,6000
• Suffolk: $355,000

December

• Nassau: $499,000
• Suffolk: $365,000

Image of 80 Harbor Lane in Roslyn via Realtor.com