Nassau Housing Prices Skyrocket To New Record Highs

LONG ISLAND, NY — Housing prices on Long Island once again hit new record highs, with the median sales price in Nassau County skyrocketing more than $30,000 in a month.

The pandemic set off a flurry of home buying, with prices climbing month over month. Previous records were set last July, but Suffolk county broke that record in April. In May, both Nassau and Suffolk counties set new record highs.

Now, according to data from OneKey Multiple Listing Service, those records have been broken yet again. The median sales price in Suffolk County in June was $560,000 — up from the previous record of $555,000 the month before. It's also a 10.8 percent increase over the same month last year.

In Nassau, the median sales price rocketed from $689,444 in May to a whopping $720,000 in June, an increase of $30,556. That's an 11.8 percent increase from the same time last year.

One reason for the steep increase in prices is a steep decrease in inventory. In Suffolk, there were 1,547 home sold last month, down 9.3 percent from the same time a year ago. And in Nassau, there were 1,261 sales, which is a 14.5 percent drop from 2021.

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.