Long Island housing market remains hot as winter sets in

Prices and the pace of sales are way up year-over-year in both Suffolk and Nassau counties

North Babylon homes listed for sale (Douglas Elliman)
North Babylon homes listed for sale (Douglas Elliman)

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.

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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.