Long Island home prices inch up in August amid low inventory and fears of rising interest rates

TRD New York /
Sep.September 17, 2018 02:31 PM

It’s a particularly rough time to be in search of a home to buy on the island. Nassau county homes sold for a median of $550,000 in August, a 7.4 percent increase from the same time a year before, Newsday reported. Suffolk home prices rose nine percent to a median price of $405,000 over the same period, according to data compiled by the Multiple Listing Service of Long Island. But there’s a bit of a silver lining: while in August, Nassau had 5,421 homes hit the market, which is low in historical terms, that’s still up eight percent from August 2017. Rising interest rates have driven some to buy before borrowing rates climb any higher, experts told the outlet. [Newsday]


Related Articles

arrow_forward_ios
How healthcare is saving Long Island’s office & retail markets

How healthcare is saving Long Island’s office & retail markets

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news

Islanders expect to break ground on Belmont arena project this summer, late composer’s Sands Point estate has another price cut & more Long Island real estate news

First hotel in decades could come to Babylon, waterfront Centre Island property gets $3M price cut & more Long Island real estate news

First hotel in decades could come to Babylon, waterfront Centre Island property gets $3M price cut & more Long Island real estate news

Nation’s first affordable housing development for LGBT seniors to open in Bay Shore, West Islip home with helipad hits the market & more Long Island real estate news

Nation’s first affordable housing development for LGBT seniors to open in Bay Shore, West Islip home with helipad hits the market & more Long Island real estate news

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

Jerry Wolkoff wants a new industrial building in Edgewood, former newspaper mogul’s Gold Coast mansion seeks $13M & more Long Island real estate news

The Uniondale Marriott and Ten-X's Matthew Schreck (Credit: LinkedIn)

Long Island’s hotel market could be headed for a downturn

Brookfield pitches $400M mixed-use project in Manhasset, Lake Success home from Whitney Houston film lists for $6.3M & more Long Island real estate news

Brookfield pitches $400M mixed-use project in Manhasset, Lake Success home from Whitney Houston film lists for $6.3M & more Long Island real estate news

arrow_forward_ios