Long Island Housing Market Continues To Cool, But Prices Still High

LONG ISLAND, NY — Housing prices on Long Island continued to come down as interest rates remain high. But they are still nowhere near pre-pandemic levels.

According to the latest market report from OneKey Multiple Listing Service, the median sales prices of homes in both Nassau and Suffolk counties fell from October to November. In Nassau, the price fell to $668,000, down $7,000. And in Suffolk, the price was $545,000, which was down $5,000 from the month prior.

Those prices, however, are still well over where they were a year ago. November 2021 saw a median sales price of $651,000 in Nassau and $520,000 in Suffolk County.

Both Nassau and Suffolk reached all-time high housing prices this July. Nassau reached a record median sales price of $719,000, and Suffolk was at $575,000.

Prices are still nowhere near their pre-pandemic levels, though. The median sales price in January 2020 was $529,000 in Nassau County and $400,000 in Suffolk.

While prices are still high, the number of sales is way down. Sales usually slow in the autumn, but there were 939 homes sold in Nassau in October, down nearly 24 percent from the year prior — the lowest sales figure in two years. In Suffolk, there were 1,225 sales — a drop of more than 2o percent.