Long Island Home Prices Hit Record Highs: What Buyers & Sellers Need to Know

Long Island Home Prices Just Hit Record Highs — Here’s What’s Fueling the Surge

?? Welcome to the summer real estate story no one asked for—but everyone saw coming.

If you’ve been even casually eyeing the Long Island housing market, this won’t come as a shock: prices are soaring. And unless you’ve got $850K tucked under your mattress, buying a home in Nassau or Suffolk County just got even more intense.

Let’s break it all down (with some real talk along the way)…

Nassau & Suffolk Shatter Price Records

Nassau County is officially in luxury territory. In June, the median price of a single-family home jumped to $850,000. That’s a whopping $40,000 more than May and up 6.3% year-over-year. Wild.

Meanwhile, Suffolk County hit its own milestone, cracking $700,000 for the first time ever. That’s a 5.3% jump from June 2024’s already-high median of $665,000.

Translation: If you're house-hunting with last year’s budget... you might be shopping in the wrong decade.

Inventory Is Still MIA — And It’s Pushing Prices Higher

The biggest culprit? Low inventory.

As of late June, there were only 6,392 homes listed across Long Island. That includes:

• 2,747 in Nassau

• 3,645 in Suffolk

Sure, that's a tiny increase from May’s total... but it’s still 5% lower than where we were last year. And when fewer homes hit the market, the bidding wars get fierce.

Homes are flying off the market in just 21 days, which is near a record low. If you’re not ready to pounce, someone else definitely is.

Demand's Still Hot, Even If Sales Aren’t

Despite the high prices, buyer demand is holding strong. In fact, 2,329 homes went under contract in June — a slight bump from both the previous month and June 2024.

But here’s the kicker: that’s still 21% lower than the pre-pandemic average for June (which hovered around 2,811). So while people are still buying, we’re not exactly in boom territory.

And yep, those numbers include single-family homes, condos, and co-ops (but not all of Suffolk’s East End — shoutout to the Hamptons doing their own thing).

Mortgage Rates: Slightly Better, Still Painful

Here’s a tiny bit of good news (we promise): mortgage rates eased up just a hair.

The average 30-year fixed in New York is currently sitting at 6.66%, down from last month’s 7%. Not amazing — but better than what we’ve seen.

Still, don’t start celebrating just yet.

“The 10-year treasury just increased 20 basis points from last week… we're pushing 7% again,”
— Jesse Sasso, Contour Mortgage

According to Jesse, buyers aren’t even sweating the rates anymore — it’s the prices that are making people hit pause.

“If the inventory doesn’t increase, it’s simple supply and demand,” he adds. “Values are going to continue to increase. People are just going to pull back from buying.”

So, What’s Next for Long Island Real Estate?

The bottom line: unless we see a serious boost in listings, this competitive market isn’t going anywhere. If you're buying, brace for bidding wars. If you're selling? Well, congrats — it's your moment.

Pro tip: Work with a local agent who knows how to navigate this fast-paced market. And keep a close eye on mortgage rate trends — they can swing in days, not months.

Thinking about buying or selling on Long Island?
Let’s talk strategy, budget, and timing — because in this market, every move counts.

Have questions or want to know how much your home is worth? Drop a comment or shoot us a message — we’re here to help you make smart moves in a wild market.

Tags: Long Island home prices, Nassau County real estate, Suffolk County housing market, Long Island real estate update, New York mortgage rates, housing inventory crisis, OneKey MLS, bidding wars, real estate trends 2025