MLSLI reports that homes in Suffolk County sold for a median price of $390,000 in July, which is a 6.8 percent increase from 2017. Nassau County fared well too, with an increase of the median price at 3.8% from 2017.
The July 2018 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens housing data, was $477,250 representing a 6.1% increase over last July. Nassau County reported a $540,000 closed median home price in July representing a 3.8% increase over $520,000 reported by MLSLI last year. Suffolk County reported a closed median price of $390,000, which represents a 6.8% increase over $365,000 reported a year ago. Queens reported a closed median home price of $584,000 representing an increase of 10.2% over $530,000 reported in July 2018.
Signs are showing that the inventory is increasing as well with the total number of Long Island residential inventory in July 2018 being at 17,711 and which shows a 2.7% increase over 2017.
Buyers still seem to be snapping up homes while intrest rates are still forecast to rise.