Long Island Home Sales Rise as Nassau and Suffolk Prices Hit Record Highs

Long Island Home Sales Heat Up as Prices Shatter Records in Nassau and Suffolk

If you’ve been house hunting on Long Island this summer, you already know — the market is on fire. July’s numbers confirm it: sales are climbing, prices are breaking records, and homes are disappearing from the market almost as fast as they’re listed.

Nassau & Suffolk Set New Highs

?? Nassau County – The median price for closed single-family homes hit $860,000 in July — a $10,000 jump from June and up 6.8% from July 2024’s $805,000 median.

?? Suffolk County – For the first time ever, the median price crossed the $700,000 mark, landing at $702,000. That’s $2,000 higher than June and up 6.5% from $659,000 a year ago.

Supply Tight, Demand Relentless

Long Island’s housing shortage hasn’t eased. At the end of July, there were 6,224 homes listed for sale through OneKey MLS —

• 2,646 in Nassau

• 3,578 in Suffolk

That’s 4.5% fewer listings than the same time last year and down from June’s 6,392 listings.

Bidding Wars & Fast Sales Still the Norm

• Homes in Nassau averaged 20 days on market before selling.

• Homes in Suffolk averaged 21 days.

• Buyers are still facing multiple-offer situations and often paying above asking price.

Mortgage Rates Holding Steady

The average 30-year fixed mortgage rate in New York sat at 6.62% in early August — virtually unchanged from last month and just under 2024’s average of 6.7%.

According to Lawrence Yun, chief economist for the National Association of Realtors, there’s “early indication” that contract signings may continue to climb, supported by rising mortgage applications and improving buyer confidence.

Quick Highlights

• Nassau County median home price: $860,000 (+6.8% YoY)

• Suffolk County median home price: $702,000 (+6.5% YoY, record high)

• Listings: 6,224 total, down 4.5% from July 2024

• Sales pace: 20–21 days on market, near record lows

• Mortgage rate: 6.62% for a 30-year fixed in NY