From LI Patch:
Long Island’s housing market continues to grow, as a report released today by the Multiple Listing Service of Long Island showed that housing prices are up and more homes are going up for sale across the Island.
The median home price on Long Island rose 9 percent from August 2017 to August 2018, going from $445,000 to $485,000. There were also nearly 1,000 more homes on the market over last year.
According to Michael Mendicino, the 2018 president of the MLSLI, there is still low inventory in the Long Island market, which leads to higher home prices. “It’s a seller’s market,” he said.
Suffolk County saw the bigger increase, with the median price for home sales there raising 9.2 percent, from $371,000 to $405,000. However, the number of home sales in August decreased year-over-year, dropping 7 percent from 1,885 to 1,751.
Nassau County saw its median price increase, but much more modestly, from $520,000 to $540,000. The number of homes sold in Nassau also dropped, but also much less than in Suffolk. Sales dropped half a percent, from 1,251 to 1,245.