Home listing prices in Nassau County skyrocketed in July while Suffolk County prices barely budged, according to a new report from the Multiple Listing Service of Long Island.
The Long Island-wide data, which includes Queens in MLSLI reports, shows the median home sale price was $450,000 in July, which is a 8.43 percent increase over the last year and a 2.27 percent increase from June.
The total number of Long Island residential properties on the market in July was 17,252, making the available residential inventory 10.03 percent lower than a year ago. In July 2016, the available residential inventory was at 19,175 MLSLI reports.
In Suffolk, 1,476 homes were sold in July, a 4.6 percent decrease since July 2016. The median sale for homes sold in Suffolk County went from $345,000 in July 2016 to $365,000 in July 2017, a 5.8 percent increase, and a $3,000 increase from June where the median price for homes sold was $362,750.
In Nassau, 1,203 homes were sold in July, a 4.8 percent decrease since July 2016. The median price for homes sold in Nassau in July was $525,000, a 9.8 percent increase from last year and a $25,000 increase from June where the median price for homes sold was $500,000.
According to the data, median listing prices for homes in Suffolk and Nassau are continuing to be the highest they’ve been in a year, but the price increase in Suffolk has slowed down considerably. Median listing prices in Suffolk have increased by $2,250 from June to July, which isn’t much compared to a $27,750 increase from May to June.
In Nassau, home listing prices increased by $25,000 from June to July, compared to a $20,000 increase from May to June, MSLI says.
Image via 16 Cary Rd Great Neck, NY, 11021