Once Again, Long Island Housing Prices Set New Record

LONG ISLAND, NY — Once again, housing prices on Long Island have set a new record as the real estate market continues its strong rebound from the coronavirus shutdowns last spring. Housing prices in Nassau and Suffolk counties have been setting new records every month since March, and July was no exception.

The Long Island real estate market has been incredibly hot since last summer, when sales were allowed to continue following pandemic shutdowns in the spring. Since then, housing prices have been going up and inventory has remained low, creating a booming seller's market.

According to OneKey MLS, the median sales price in Nassau County in July was $670,000 — nearly 22 percent higher than a year ago. And in Suffolk County, it was $525,000, which is more than 19 percent higher than last year.

The prices are also higher than just last month. In June, the median sales price was $643,500 in Nassau and $506,335 in Suffolk.

One reason prices are so high is because inventory is low. There were 1,396 homes sold in Nassau in July, which was down from June. In Suffolk, there were 1,719 sales, which was actually higher than the previous month.

Experts have said that the real estate market will slow down eventually, and that may be coming soon. Pending sale prices in both Nassau and Suffolk counties for August are lower than July's median. But it could still increase yet again by the end of the month.