Real Estate Market Update 2014 Year End Report

The Multiple Listing Service of Long Island, Inc. (MLSLI) released the 2014 year end housing figures for Long Island, which includes Nassau, Suffolk, and Queens Counties.  MLSLI reported a $371,850 closed median home price for Long Island in 2014.  The closed median home price represents a 1.9 percent increase over $365,000 reported for 2013.  

Suffolk County reported a year ending closed median home price of $320,000, which is unchanged from $320,000 reported for 2013.  In Nassau County, the 2014 closed median price for a home was $425,000, representing a 2.4 percent increase from 2013.  Queens County experienced the largest increase in terms of 2014 closed median home prices with a reported figure of $385,000, which is 4.1 percent greater than 2013.

Long Island closed sales activity reported a total of 31,778, which is 3.7 percent decrease from 2013.  Long Island contracted sales activity in 2014 had a 0.6 percent decrease from 2013, with a total of 33,937.

“Contracts and closings are off slightly from 2013’s all time performance year. The 2014 year end figures are the second strongest year since 2006. We have seen stabilization and recovery in Queens, Nassau, and Suffolk Counties and a promise for more of the same in 2015 as inventory availability; financing, an improving job market and pricing continue to provide a solid foundation for the local housing market.”  said Joseph E. Mottola, CEO of the Multiple Listing Service of Long Island, Inc.

MLSLI President Frank Paruolo added, “Local housing data over the last two years have shown signs of a strong market recovery.  The Multiple Listing Service of Long Island has been reporting robust sales activity and moderately higher prices in recent times, which speaks to the favorable housing affordability conditions for buyers in our area.”   

To access a copy of the detailed monthly market reports broken out by county, visit MLSLI.com and click on the About Long Island tab and then click on Housing Statistics.