Suffolk County Housing Prices Hit New High In April

LONG ISLAND, NY — Home prices hit a new record high in Suffolk County in April, according to the latest data from OneKey Multiple Listing Service. Prices in Nassau County remained near their record highs.

The median sales price in Suffolk rose to $540,000 in April, according to OneKey. That beats the previous all-time high that was set last August, when home prices hit $530,000. In Nassau, the median April sales price was $666,500, which is slightly below the record high price of $670,000, which was also set last August.

Year-to-year, it's a 5.8 percent climb in Nassau, and a whopping 12.6 percent jump in Suffolk.

The spending spree is being driven by a low inventory of homes. Though prices are reaching new highs, the number of homes sold continues to fall. There were 1,207 homes sold in Suffolk, which is a 14.5 percent drop compared to last April. And in Nassau, there were 942 sales — a staggering drop of 25.6 percent.

Home prices had started to dip from the record-highs set last summer, but have started increasing again. Pending sale prices are even higher than they have been, meaning that home prices could continue to climb.

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.