LI's November Real Estate: High Prices, Low Sales

The Long Island real estate market is continuing its price growth, but inventory has continued to shrink, keeping it a seller's market.

The average home prices for both Nassau and Suffolk in November were up year-over-year, according to data from the Multiple Listing Service of Long Island, but fewer units were sold compared to last year.

In Nassau County, the average sale price for November 2019 was $534,100 — up from last November's average of $525,000. However, it's a slight decrease from October 2019's average of $535,000.

This November, there were 1,033 homes sold in Nassau, according to the MLSLI, down 9.3 percent from the same time last year when 1,139 homes were sold. It's also lower than the October 2019 number of 1,293.

The trends were similar in Suffolk County. The average sale price for November 2019 was $400,000, up from last year's average of $376,000. But it was also lower than this October's average sale price of $407,000.

Suffolk also saw a slowdown in the number of homes sold. November saw 1,338 homes sold, down from last year's 1,443. It was also lower than October's 1,573 homes sold.

But high prices and low inventory means it continues to be a seller's market. So if you're looking to sell your home, now is a good time.