Suffolk County home prices are on the rise according to a study by real estate firm OneKey MLS based in Farmingdale, NY. Long Island is expensive overall, but Suffolk County tops the list tying a previous record of percentage of increase in price.
The rise in value is great for homeowners looking to sell, but makes it more difficult for new homeowners to enter the market. Mortgage rates are down a bit from March 2024 providing some relief for potential home buyers.
For the 12 months ending the last day of 2024, median sale price for single family homes in Suffolk County were up 9.3% at $600,000. Nearly 100% of sellers are getting their full asking price. Inventory of homes for sale is down over 14% pressuring prices higher.
For the first two months of 2025, the median home price in Suffolk County is up1.5% from January to $680,000. An $80,000 increase over 2024.
If a condo is more your style, the median sale prices is lower at just over $537,000 but was up over 18% last year. Co-op housing is up 15% but more affordable over all with an approachable median price of $$253,000.
Neighboring Nassau County isn’t far behind in high home prices with an increase in median sale price of 5.7% at $795,000. Low inventory is also putting upward pressure on Nassau homes with 12% fewer homes for sale.