Long Island Housing Prices Hit Record High For Third Time

LONG ISLAND, NY — For the third time in six months, Long Island's housing prices hit new record highs, continuing a trend of growth coming out of the pandemic shutdowns last spring. Housing prices in both Nassau and Suffolk counties hit new highs in May, after previously setting a new record just the month prior.

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 May was $635,000 — beating the April record of $630,000. In Suffolk, the new median sale price was $500,000, which was a huge jump over the previous high of $480,000, which was set in December. Suffolk's prices had been hovering around that point since December, while Nassau's have been climbing.

Jim Speer, the CEO of OneKey MLS, said that the pending sales prices for June are also high, meaning that next month could set a new record — again.

"Even though the prices are creeping up, [buyers] are able to afford it due to the low interest rates," Speer said.

Despite the higher prices, there were actually fewer homes sold in May than April in both Nassau and Suffolk counties. There were 1,046 sold in Nassau in May compared to 1,254 in April. In Suffolk, the number was 1,316, down from April's 1,402.

With people able to get affordable mortgages, the market doesn't show signs of cooling anytime soon. Speer said he agreed with experts that the growth of the Long Island market was likely to slow in the coming months, but not stop entirely.

That means, whether you're looking to buy or sell, now is the time to get into the market.

"If I were looking to buy, I'd continue. I don't know if I'd sit out," said Speer. "If I was looking to sell, now would be the time."