Long Island’s real estate market continued to cool in activity but not in cost this June, as prices climbed in the early summer even while sales volume fell across both Nassau and Suffolk.
While home prices are flattening or falling in many metro areas, Long Island and the broader Northeast continue to see prices rise.
The region’s resilience is fueled by a combination of limited inventory, top-ranked school districts, and sustained demand from both local buyers and transplants priced out of New York City.
Nassau County: Prices Rise Faster, Sales Drop Sharply
Nassau County’s single-family home prices jumped 6.3% year-over-year to $850,000 in June, a pickup from May’s tepid 2.5% increase, according to OneKey MLS. But that price growth came as closed sales dropped 10.6%, outpacing the 5.3% decline in inventory.
The dynamic underscores the squeeze on buyers: homes are getting more expensive, but fewer are changing hands as higher rates and taxes weigh on affordability. Still, desirable listings move fast, with median days on market slipping to 42 days, down from 43 last June.
Condo sales fell 15%, even as median prices climbed 3.8% to $810,000, while co-op prices surged 8.7% to $342,500 despite a 20.5% slide in sales.
Suffolk County: Slower Price Growth, Gentler Sales Decline
Suffolk County continued to post steady price growth in June, though sales softened here too. The median single-family home price rose 5.3% year-over-year to $700,000, slightly slower than May’s pace, while closed sales fell 2.6% — a far gentler drop than in Nassau.
Homes remain competitive, with median days on market falling to 39 from 49 a year earlier. But affordability challenges are mounting.
Condo prices jumped 14.1% to $525,000, even as sales dropped 11.3%, and co-op prices surged 19.6% despite modest sales gains — signs that buyers chasing lower entry points are competing in thinner segments of the market.
Affordability Defines the Summer Market
Across Long Island, the pattern is clear: prices are still rising, but sales activity is slowing as affordability erodes. Mortgage rates still hover near 7% and limited new construction have kept inventory tight and home values elevated — even as more buyers pull back.
Single-family housing construction has remained virtually flat across the New York–New Jersey region for the past decade, according to the National Association of Realtors (NAR).
With new supply failing to keep up with population and demand, Long Island remains one of the most expensive — and least forgiving — markets in the country.