October 2017 Long Island Housing Data
According to data gathered from MLSLI.com, the October 2017 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens’ housing data, was $440,000 representing a 6% increase over last year.
Nassau County reported a $500,000 closed median home price in October representing a 6.4% increase over $470,000 reported by MLSLI last year. Suffolk County reported a closed median price of $360,000, which represents a 6.2% increase over a year ago. Queens reported a closed median home price of $555,000, representing an increase of 12.7% over $492,500 reported in October 2016.
The total number of Long Island residential inventory in October 2017 was 15,654 representing a 9.1% decrease over last year. The current months of supply is 4.5, compared to 5.4 in October 2016. The months of supply is the measure of how many months it would take to exhaust the current number of homes on the market to sell.