Long Island continues to experience the strongest housing market we have had in almost a decade. Data shows another significant increase in closed median home price and low inventory.
The closed median home price in August 2015 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, has climbed to $410,000 representing a 2.8% increase over last year. Nassau County reported a $470,000 closed median home price in August, representing a slight increase over $468,500 reported by MLSLI last year. Suffolk County reported a closed median price of $347,500, which represents a 3.7% increase over a year ago. Queens reported a closed median home price of $425,000, which represents a 6% increase over last year. The total number of Long Island available residential inventory was 22,981 representing a 3% decline over last August.
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