Long Island Home Prices Rising

While much of the country and even parts of New York have become a buyers market, the Long Island market, especially the Massapequas and surrounding areas remain sellers markets. In fact, the market's prices are at record highs. The median price of mid to upper market homes in Nassau and Suffolk has risen more than 7.5% in the past year. Multiple Listing Service of Long Island finds that prices have gone up an average of $35,000 since last September.

As for home sales, 13,244 were listed, up from 13.7% last year. Still, inventory is still tight when compared to 2008 where 26,145 homes were available. Each home that's on the market is a hot commodity.

The one area which has weakened is the luxury market. Median prices by 3.6% in the 3rd quarter for homes in the $1.1 million and over range.

If you are thinking of selling your home, call now for a free home valuation and consultation. 516 795 1000

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Data via: Miller Samuel Associates. Multiple Listing Service of Long Island