Homeownership’s Impact on Net Worth

As reported by our friends at KCM Blog: Over the last six years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth. A study by the Federal Reserve formally answered this question.

Report Click Here

Some of the findings revealed in their report: The average American family has a net worth of $77,300. Of that net worth, 61.4% ($47,500) of it is in home equity. A homeowner's net worth is over thirty times greater than that of a renter. The average homeowner has a net worth of $174,500 while the average net worth of a renter is $5,100.

February 2014 Housing Stats

The closed median home price in February 2014 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $350,000, representing a 3.8% increase over last year. Nassau County reported a $397,500 closed median home price in February, representing a 4.6% increase over $380,000 reported by MLSLI last February. Suffolk County reported a closed median price of $303,500 representing a 2.4% increase over last year while Queens reported a closed median home price of $373,750, up 13.6% from $329,000 reported last year.

The severe winter weather our area experienced in January and February has slowed down the pace of home sales. Contracted sales activity was off significantly from last February while closed sales transactions were close to the same as a year ago. As the weather begins to improve and we approach the spring selling season, we expect to see the pace of sales activity pick up and return to normal.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for November

As reported by MLSLI: The closed median home price in November 2013 for Long Island, which includes Nassau, Suffolk,and Queens's housing data, was $371,000, representing a 3.6% increase over last year. Nassau County reported a $418,000 closed median home price in November, representing a 5.8% increase over last November. Suffolk County reported a closed median price of $318,500 representing a1.8% increase over last year and Queens reported a closed median home price of $385,000, which is 1.3% higher than $380,000 reported in November 2012.p>

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for July

As reported by MLSLI: The closed median home price in July 2013 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $382,500. Nassau County reported a $435,000 closed median home price in July, representing a 7.5% increase over last July. Suffolk County reported a closed median price of $335,000 representing a 3.1% increase over last year and Queens reported a closed median home price of $365,000, which is 5.2% lower than $385,000 a year ago.p>

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for June

As reported by MLSLI: The closed median home price in June 2013 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $380,000. As the market continues to recover, the closed median home price is 7% higher than a year ago. Nassau County reported a $425,000 closed median home price in June compared to $400,000 in June 2012. Suffolk County reported a closed median price of $340,000 representing a 5.8% increase over last year and Queens reported a closed median home price of $380,000, which is 10.1% higher than last year.p>

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for May

As reported by MLSLI:The closed median home price in May 2013 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $350,000. The closed median home price is equal to what was reported one year ago, and is unchanged from last month as well. Nassau County reported a $423,500 closed median home price in May compared to $405,000 last May. Suffolk County reported a closed median price of $315,000 representing a 4.1% increase over last year and Queens reported a closed median home price of $361,000, which is 3.1% higher than $350,000 reported in May 2012. p>

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for March

As reported by MLSLI:The closed median home price in March 2013 for Long Island, which includes Nassau, Suffolk, and Queens housing data, was $345,000, representing an increase of 4.5% over last year. Nassau County reported a March 2013 closed median home price of $379,000 compared to $365,000 in March 2012. Suffolk County reported a closed median price of $305,000 in March representing a 4.3% increase over last year and Queens reported a closed median home price of $356,080, which is 4.7% higher than $340,000 reported in March 2012..

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for January

As reported by MLSLI:The impact of super storm sandy on real estate appears to have been a temporary disruption in activity that was reflected in the housing data released by MLSLI for the months of November and December 2012. Overall activity in January, however, indicates that the market is rebounding from the affects of the storm, and returning to a more normal pace.

Historically favorable affordability conditions continue to drive the market's recovery, both nationally and locally. Home prices and transactions are up compared to a year prior, while available inventory is low.

The closed median home price in January 2013 for Long Island, which includes Nassau, Suffolk, and Queens data, was $350,000, representing a 4.5% increase over January 2012. Nassau County reported a January 2013 closed median home price of $400,000 compared to $385,500 a year prior. Suffolk County reported a closed median price of $310,000 in January representing a 6.9% increase over last year and Queens reported a closed median home price of $356,000, which is 3.2% higher than $345,000 reported in January 2012.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for December

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.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for November

The November 2012 closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, is $362,000 representing a 6.5% increase over last November. The contracted median home price for Long Island is $345,000, representing a 1.8% increase over $339,000 reported the year prior.

Nassau County reported a closed median home price of $400,000 representing an increase of 5.8% over last year. Suffolk County reported a closed median home price of $313,500 compared to $310,000 in November 2011. Queens reported a $389,950 closed median home price in November 2012 representing a double digit increase of 18.2% over last November.

For eleven consecutive months leading up to November the Multiple Listing Service of Long Island was reporting year over year increases in the category of monthly contracted sales, but considering the magnitude of the affects experienced by this area after Sandy, the trend was expected to end, and it did. In November 2012, MLSLI reported 1,838 contracted sales. This represents a decline of 14.6% over a year ago, and moreover, it represents a drop of 26.1% from October 2012.

As expected, the aftermath of the storm created a slowdown in the area of both sold and contracted sales activity.

Available residential inventory continues to decline.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

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