The Long Island housing market continues to be impacted by a severe shortage of inventory, reflected by a drop in home sales.
There were 1,959 homes contracted for sale in Nassau and Suffolk counties last month, down more than 17 percent from the 2,362 Long Island homes contracted for sale in Jan. 2021, according to preliminary numbers from OneKey MLS.
Last month’s pending sales of Long Island homes fell by 19.3 percent from Dec. 2021, when there were 2,427 homes contracted for sale.
The numbers over the last several months show home sales in a downward slide in concert with falling supply.
There were 4,467 homes listed for sale with OneKey MLS at the end of last month, 2,196 in Nassau and 2,271 in Suffolk. That’s a drop of more than 30 percent from a year ago, when there were 6,388 homes listed for sale at the end of Jan. 2021.
Though beginning to drift slightly, home prices on Long Island remain relatively firm. The median price of closed home sales in Nassau last month was $650,000, up from the $645,000 median recorded in the previous month and 8.2 percent higher than the $600,500 median from Jan. 2021.
In Suffolk, the median price of closed home sales last month was $520,000, down from the $525,000 median of the previous month, but up 9.5 percent from the $475,000 median of a year ago.
