Home prices set new records as inventory falls across Long Island

Latest Elliman report reflects trends in working from home

Tri-State /
Jul.July 23, 2020 11:11 AM
In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter (iStock)

In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter (iStock)

Long Island homes sold at record-setting prices last quarter as areas of the tri-state saw increased attention from New Yorkers fleeing the city.

In the Hamptons, the median sales price hit $1,080,000, up 9 percent over the first quarter and 27 percent year over year, according to the latest Elliman report. The median price is the highest recorded in over eight years of tracking by the real estate company. And the average sales price increased 21.1 percent year-over-year to $2,090,000, the highest level since 2015.

In the rest of Nassau and Suffolk counties, median sales price tied the record set in the third quarter of 2019 at $469,000, a five percent increase year over year.

But the increase in price comes at a cost. Sales and inventory across Long Island fell dramatically during the second quarter.

“This is what a housing market looks like when it’s paused,” said Jonathan Miller of Miller Samuel, who authored the report. “The spring market was kicked down the road because of the shutdown.”

In Nassau and Suffolk counties, the number of sales closed dropped 33.8 percent and inventory fell 30.9 percent year over year, setting a new record in over 16 years of tracking. North Fork similarly saw inventory plunge 41.4 percent and number of sales decrease 24.2 percent.

While the Hamptons also saw drops, Miller said its decline was not as intense as neighboring areas.

The number of sales in the Hamptons, for example, only decreased 13 percent year-over-year.

While the decline in sales and inventory was originally attributed to owners seeking refuge from the city, people are now hunkering down in Long Island because of their ability to work from home, according to Miller.

“The tether between work and home just got a lot longer,” Miller said.

Contact Sasha Jones at [email protected]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Suburban condos get competitive

Suburban condos get competitive

Suburban condos get competitive
(iStock)

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains
Kyle Barisich (iStock)

Break a leg: Broadway actor turns Hamptons broker

Break a leg: Broadway actor turns Hamptons broker
23 Ezekillis Hollow in Sag Harbor (Photos courtesy of Compass)

Year’s most expensive home in Sag Harbor sold for $15M

Year’s most expensive home in Sag Harbor sold for $15M
Ramona Singer (Getty)

“Real Housewife” trades reality TV for selling real estate

“Real Housewife” trades reality TV for selling real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...