In February, the median price for single-family homes on Long Island, particularly in Suffolk County, rose significantly to $680,000, marking a 13.3% increase from the previous year. Nassau County also saw price increases, with homes selling for an average of $795,000. Tight inventory persists as fewer homes are being listed, driven by current interest rates, which discourages sellers. Despite high demand, industry experts indicate that the asking prices might be nearing a limit for buyers, suggesting a potential trend shift in the market dynamics.
The median price of a single-family home in Suffolk in February hit $680,000, representing a 13.3% increase from the same month last year.
Angela Prince of Bay Shore's Weichert Realtors noted that many Long Island homes are receiving offers above their asking prices, indicating a strong market, although prices are approaching buyer threshold.
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