We are looking forward to another year of positive growth for the Long Island Housing Market. The most recent data from the Long Island Board of Realtors reflects what our agents are currently experiencing – low inventory. Most of us have buyers who are ready, willing and able but cant seem to find a home they love. Low inventory and high demand points to a continuing bull market for housing. Here is the MLS data:

The new year starts off with a closed median home price in January for Long Island, which includes Nassau, Suffolk, and Queens’ housing data, of $387,500 representing a slight decline over last year. Nassau County reported a $442,500 closed median home price in January representing a 3% increase over $429,500 reported by MLSLI last year. Suffolk County reported a closed median price of $317,000 which represents a 0.6% increase over a year ago. Queens reported a closed median home price of $441,025 which represents a 5% increase over last year.

The total number of Long Island available residential inventory was 17,732 representing an 8% decline over last year. Currently the MLS is reporting an 8 month supply of inventory compared to 9.8 months a year ago. The decline in the months supply is attributed to a reduced number of available properties, coupled with strong sales activity.”

Wonder what your home is currently worth, contact us for a free market evaluation.