Median home prices in Suffolk and Nassau counties hit record highs in November, thanks in large part to low mortgage rates, according to Newsday.
Suffolk County’s median sales price was $472,500, up 18.4 percent from November 2019. That trend appears to be continuing, as pending sale prices were up 16 percent year-over-year. The number of sales was 19 percent higher.
Nassau County’s median sales price hit $598,000, up 11.9 percent year-over-year, and pending sales prices were up 14 percent. Home sales were up by nearly a third compared to last year.
Properties regularly attract dozens of prospective homebuyers and sell above ask. For example, a four-bedroom home in North Babylon sold for $50,000 above its roughly $500,000 asking price. The owners paid less than $400,000 for it just three years ago.
Both counties came to a standstill during lockdowns starting in March, but quickly recovered in the months when restrictions on real estate activity were lifted. The rate for a 30-year fixed mortgage has hovered around 3 percent since this summer.