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LI housing prices drop more than 10 percent from '08

The recession and the credit crunch have home prices across Long Island plunging, according to the latest numbers from the Multiple Listing Service of Long Island. The median homes price in Nassau fell

News 12 Staff

Feb 12, 2009, 12:44 AM

Updated 5,633 days ago

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The recession and the credit crunch have home prices across Long Island plunging, according to the latest numbers from the Multiple Listing Service of Long Island.
The median homes price in Nassau fell to $385,000 last month compared to the same time last year, making for a drop of 12.5 percent. The average price of a home in Suffolk was $320,000 last month. Suffolk prices dropped more than 14 percent from last year.
Syosset homeowners Aparna and Krishna Kakaraparti say they?re experiencing those numbers first hand. They have been trying to sell their renovated home for two years, originally asking for $925,000. Three real estate agents later, they say, the price has been reduced to $749,000.
Prudential real estate agent Elyse Mayer says sellers need to be realistic about prices and the state of the market.
There are 21,000 homes for sale on Long Island. Only 945 Long Island homes were sold in January. Long Island Association economist Pearl Kamer tells News 12 Long Island she thinks home prices will fall another 10 to 15 percent this year.


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