Long Island Home Prices Continue To Hit New Highs

LONG ISLAND, NY — Home prices on Long Island continue to climb to new heights as the number of homes sold continues to go lower, according to the latest data from OneKey Multiple Listing Service.

Housing prices in Nassau County remained at their latest record-high levels from June to July, and prices in Suffolk climbed to new highs. The median sales price in Suffolk climbed to $575,000 in July, up from $560,000 in June. Prices in Nassau held steady at $720,000 — a new record that was set in June.

Prices are way up over last year. Even holding steady month-to-month, the median sales price is up 7.5 percent over the same time last year in Nassau, and up 9.5 percent year-to-year in Suffolk.

The biggest driver of the high prices is low inventory. In July, there were 1,104 homes sold in Nassau, which is a drop of 200 from June, and a staggering 23.6 percent drop over the same time last year. Suffolk's numbers are very similar. There were 1,386 home sold in July, which is about 200 less than June. And it's down 22.2 percent from the same time last year.

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 have led to many bidding wars. Buyers with money are paying above asking price, boxing many people out of being able to purchase homes.