Long Island Housing Prices Continue Slow Decline For Second Month

LONG ISLAND, NY — It seems the local housing market is finally starting to come down from the pandemic-induced highs it reached earlier this year. After record-setting prices were hit in the summer, the Long Island housing market is finally starting to come back down to Earth, albeit slowly.

In August, the median sales price of homes in both Nassau and Suffolk counties hit record highs — $670,000 in Nassau and $530,000 in Suffolk. That capped off months of continual growth as buying surged after the pandemic-related shutdowns.

New data from OneKey MLS shows that the hot market has started to cool, with the median sales price now decreasing two months in a row.

In October, OneKey data shows that the median sales price in Nassau was $650,000, and $520,000 in Suffolk. That's down from September's prices of $661,500 and $525,000, respectively.

One reason prices remain so high is because inventory is still low. There were 1,325 homes sold in Nassau in October, which was down about 50 from September, and down 18 percent from the same time last year. Suffolk was similar: 1,639 homes sold in October, which was down nearly 21 percent from last year, and less than September.