Long Island Housing Prices Stay High, Inventory Stays Low

LONG ISLAND, NY — Housing price on Long Island seem to have plateaued around the all-time highs set during the pandemic, as low invetory continues to drive up prices for people trying to purchase a home.

According to March data from OneKey Multiple Listing Service, the median sales price in Nassau County was $650,000 for the third month in a row. In Suffolk, the median price climbed back up to $530,000, which was the record-high originally set last August.

One of the reasons prices remain so high is because inventory is very low. The number of homes sold dropped 18 percent across Long Island from March 2021 to March 2022, according to OneKey data.

There were 1,106 home sold in Nassau, down from 1,350 last year. In Suffolk, there were 1,251 sales, down from 1,532.

Real estate is one of the few areas that hasn't been suffering since the pandemic lockdowns ended in the spring of 2020. It set off a flurry of buying across the Island. And with limited inventory, prices soared. And though prices are beginning to dip, it is still a great seller's market.

Median sales prices hit record highs in both Nassau and Suffolk counties last year. Prices rose to $670,000 in Nassau and $530,000 in Suffolk. Though they have started to come down from that peak that was hit last summer, home prices are still nowhere near pre-pandemic levels.