Well, we did it!Â The Long Island housing market ended up for the year!Â I'll be posting the 2012 Year vs 2011 Year End results in my next entry but here are the numbers for December 2012 verus December 2011...
The closed median home price in December 2012 for Long Island, which includes Nassau, Suffolk, and Queens data, was $357,750, representing a 7.3% increase over December 2011. All three counties reported year over year increases in the category of closed median home prices.
Nassau County reported a December 2012 closed median home price of $400,000 compared to $380,000 a year prior. Suffolk County reported a closed median price of $314,500 in December representing a 4.8% gain over last December and Queens reported a closed median home price of $375,000, which is 15.4% higher than $325,000 reported in December 2011.
The favorable affordability conditions that many buyers have already taken advantage of in recent months, will continue to support the market in its recovery mode in the days ahead. Low mortgage rates and affordable home prices make it a good time to consider buying a home.
To see the detailed reports for each county, please click the county name below to view the PDF file.