Long Island home prices hit record highs due to scarcity

The housing market on Long Island is seeing record prices as available homes become scarcer. Last month, the number of houses for sale dropped by 6.5% compared to February 2024. This low inventory is driving up prices in the region. In Suffolk County, the median price for a single-family home reached $680,000 in February. This represents a 13.3% increase from the same month last year. This figure matches the previous record set in August 2024. Meanwhile, in Nassau County, home prices also rose. The median home price there was $795,000, a 5.7% increase from February last year. The peak price in Nassau for 2024 was $835,000 in August, the highest in six years. Experts say the tight inventory is partly due to the current interest rate situation, making some homeowners reluctant to sell. Richard Haggerty, CEO of OneKey MLS, noted that sellers are cautious, which is further tightening the market. A report from Redfin highlighted that Nassau County had the third-fastest rising home prices among the largest U.S. metropolitan areas, trailing only Milwaukee and Detroit. Real estate agent Angela Prince mentioned that many homes are receiving offers above their asking prices, but there are signs that buyers may soon reach their limit on what they are willing to pay.