Nassau home prices nearly 10 percent higher than last year

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Nassau home prices nearly 10 percent higher than last year

The median home price in Nassau County rose 9.8 percent last month from the same point last year, as inventory remained limited, according to the Multiple Listing Service of Long Island’s latest report.

The median price of sold homes in Nassau County was $525,000 last month, the report said. At that time last year, home prices were $478,000.

This also marks a $25,000 increase in median price from June, when prices hit the half million mark.

The median price for a residential sing/multi-family house also breached the half-million mark at $536,000 in July. In July 2016 the median price was $490,000 and in July 2015, it was $470,000.

Meanwhile the median condo price reached $596,250, which is nearly $40,000 higher than the same time last year, but only about $6,000 higher than in 2015.

Co-ops, after seeing a dip from $198,750 to $190,000 going into July 2016, saw their median price spike to $228,000.

Overall home sales throughout the county this July, however, are down 4.8 percent compared to the same point in 2016. 1,203 properties were sold last month, versus 1,264 in the same period last year.

It is also a 95-unit decrease compared to overall sales in June.

But in the last twelve months, however, July 2017 still ranks in the top third when it comes to home sales. 1,517 properties were sold in Aug. 2016.

This follows a trend of rising home prices and lower inventory across Long Island, MLSLI’s data from Nassau, Suffolk and Queens County and Brooklyn, suggests.

Available residential properties sank from 19,175 in July 2016 to 17,252 last month, a change of 10.03 percent. During the same period, median home prices rose 8.43 percent from $415,000 to $450,000.

Long Island median home prices also rose from $440,000 in June to $450,000 in July, or 2.27 percent.

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