Long Island remains firmly a sellers market, as prices hit record highs across the region last month.
The median home price in Suffolk County was $535,000 in August, a record high for the county, according to a report from OneKey MLS, as cited in Newsday. The figure was a 17.6 percent jump from August 2020.
In Nassau County, the median home price was $670,000, which tied a previous record for the month, according to the report. The dollar amount was a 13 percent increase from August 2020.
While the year-to-year price jumps were large, they couldn’t match July totals. For that month, Nassau reported a year-over-year price rise of 22 percent, while Suffolk saw a 19 percent boost. Median home prices in each county in July were $670,000 and $525,000, respectively.
As has been the case for months, August prices were boosted in part by low inventory; listings have dropped 26 percent from a year ago, the report noted. It would take two months to sell a home in Suffolk County and 2.5 months in Nassau County at the current pace, far quicker than what would be considered a balanced market.
Buyers entered into contract on 1,801 homes in Suffolk County last month, a 3.6 percent increase from July. In Nassau County, buyers went into contract on 1,438 homes, up 1.6 percent from July.
While the median home sale price was at or near record highs in both counties, the median price of homes just entering into contract was slightly down. In Suffolk County, the median home price in contract was $520,000, while the in-contract price in Nassau County was $650,000. Both figures were below July numbers.
[Newsday] — Holden Walter-Warner