The January 2017 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens housing data, was $420,000 representing an 8.7% increase over last year.  Nassau County reported a $475,000 closed median home price in January representing a 7.3% increase over $442,500 reported by MLSLI last year.  Suffolk County reported a closed median price of $338,250, which represents a 7.4% increase over a year ago.  Queens reported a closed median home price of $482,500, representing an increase of 9.2% over last year.

The total number of Long Island residential inventory in January 2017 was 14,254.  Currently, MLSLI reports a 6.3-month supply of homes, up from 5.2 reported in December 2016.    The month supply of homes is calculated by dividing the number of available listings each month by the number of monthly contracts.  Real estate analyst say a 6-month supply is reflective of a balanced market.  

January 2017 Market Update reports for Nassau, Suffolk, and Queens Counties are available under the MLS Activity Reports section of Stratus.  The Market Update reports are also available at LIRealtor.com under the Research and Data section of the Member Area.

Media Contact: Christina DeFalco-Romano Email