Long Island, NY- Housing Prices are on the Rise as the Number of Listings Decreases
shared by nancywinfrey on Apr 16
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This past year was a prosperous year for Long Island’s residential and commercial real estate markets. The demand for homes was high, office rent was consistent, retail vacancies were low, and the d...
emand for industrial space did not falter according to The Real Deal: New York Real Estate News. Because of the high demand and comparatively low supply of homes, Long Island housing prices are on the rise. According to Newsday, the median sales price in Nassau County increased to $503,500; a 6% increase from this time last year. The same can be said for Suffolk County, where the median sales price rose 5.9% to $359,000 compared to this time last year. The number of active listings fell by 14% in Suffolk County to 5,693 and 3% in Nassau County to 4,059. As the number of listings continue to fall, we can expect to see the median sales price continue to rise.
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