Long Island Housing Prices Hit Historic Highs Yet Again

LONG ISLAND, NY — Nassau County housing prices hit new record highs in April, breaking the record that was previously set just in December. Suffolk was no slouch, with home sale prices for the month meeting the December record high.

According to data from OneKey Mutiple Listing Service, the median home sale price soared to $630,000 in Nassau County in April. The previous record was set in December when the median price hit $605,000. In Suffolk, the median price hit $480,000 again, which was the high reached in December.

The new high in Nassau is a big jump from March, when the median sale price was $600,000. And it's a 13.2 percent leap from last April, when the median price was $556,750. It was a 12.9 percent increase in Suffolk, where the median price last April was $425,000. The March median price in Suffolk was $470,000.

Many experts have attributed the increase in housing prices over the last few months to pent-up demand due to the pandemic. The entire real estate market shut down last March when the coronavirus outbreak began. When homes were able to be sold again in the summer, people went on a buying frenzy that hasn't stopped yet. But housing inventory has been limited, so prices began to climb, creating a hot seller's market.

Despite the much higher prices, there were actually fewer homes sold in both Nassau and Suffolk in April than in March. There were 1,220 sales in Nassau, down from 1,334, and 1,367 in Suffolk, down from 1,517.