Long Island Home Prices Continue to Soar

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.

Mendicino said he expects the upward growth of the housing market to continue, although it's always dependent on the economy. Right now, first-time home buyers are what are driving the market. And if interest rates get too high, it could price some people out of buying a home.

"Right now rates are good," said Mendicino. "And they have been good. And even if they go up, they will still be good. But every time they go up, it affects what a person could get."

Photo: Patch