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LI home prices continue to rise as the number of homes on the market plummets

The long island real estate boom is still going on.

Homes in Suffolk County sold at a median of $ 475,000 last month, up 18% from last February, and in Nassau County, median home prices rose 14% each year to $ 600,000, the OneKey MLS Multilist. The service reported on Tuesday.

Median homes contracted last month rose nearly 20% in Suffolk and 17% in Nassau, the listing service reported.

As the listing service figures show, the number of homes for sale plummeted by nearly 49% in Suffolk and 33% in Nassau compared to last February.

At the pending sales pace last month, it will take just over two months to sell all the homes listed in Suffolk and 2.8 months in Nassau. According to brokers, a balanced market has 6 to 8 months of housing supply.

The housing market has been busy last month, despite a shortage of listed supplies. In Suffolk County, home sales increased 22% and pending sales increased 19% compared to the previous February. In Nassau County, home sales activity increased 21% year-on-year and the number of homes contracted increased 16% each year, OneKey MLS said.

LI home prices continue to rise as the number of homes on the market plummets

Source link LI home prices continue to rise as the number of homes on the market plummets

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