Nassau housing prices start out year 5 percent higher than last year

Nassau's home prices for closed sales opened up the year at 5 percent higher than the year before. (Photo courtesy of Multiple Listing Service Long Island)

Nassau County’s median home prices for closed sales for the month of January was $525,000, 5 percent higher than the year before, according to a monthly report from Multiple Listing Service Long Island.

The median price for January 2018 was $500,000.

The median closed sale price for January also reflected an increase from December which recorded a median sale price of $510,000.

However, January’s median price for pending home sales dropped since last January from $510,000 to $500,000, a 2 percent decrease.

It also exhibits a drop from December when the median price for pending sales was $515,000.

There were 916 homes sold in the county in January, a drop of 2.8 percent from the same month last year when 942 homes were sold.

If home sales abide by the trend of the past two years, the number of sold properties will slightly fluctuate through the spring until it peaks for the summer months starting in June.

Some 866 pending sales counts in January reflect a 10 percent jump from last January when there were 789 pending sales.

Those on the hunt for a new house in the new year had 4,649 to choose from in Nassau County in January and 15,270 on Long Island, including Queens.

Long Island’s January housing inventory rose from last January with an increase of over 14 percent. The available inventory for January 2018 was 13,350.

Multiple Listing Service Long Island includes neighboring Queens in its Long Island housing statistics.

The median home price for closed sales on Long Island was $450,000 in January, a 2.5 percent increase from last January which recorded a median price of $439,000.

January’s closed sale activity for the entire island dropped by almost 8 percent from the same month last year with 2,731 sold homes.

Next-door Suffolk County’s opened up the year with a closed median price of $380,000, an increase of almost 6 percent from last January’s closed median price of $359,000.

There were 1,154 sold homes in Suffolk in the month of January which was an 8 percent drop from January 2018 when 1,255 homes were sold.

Suffolk’s median home price for closed is almost 28 percent lower than Nassau County’s median home price.

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Jessica Parks

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