Listen to this articleThe prices of Long Island homes continued to soar last month, reaching new all-time highs.
The median price for closed home sales in Suffolk County in May was $632,000, a 14.9 percent rise from May 2023 and the highest ever recorded for the county, according to preliminary numbers from OneKey MLS.
In Nassau County, the median price for closed home sales last month reached $749,500. That’s an increase of 12.7 percent from May 2023 and an all-time high for Nassau.
The closed sales median prices include single-family homes, co-ops and condos. The median price for closed condo sales in Nassau last month set a record of $830,000, eclipsing the median price of closed single-family home sales which was $785,000.
The median price of closed single-family home sales in Suffolk last month climbed to $650,000, while the median price of closed condo sales in the county was $475,000 in May.
Long Island home prices have been rising mostly due to the lack of available homes for sale. However, inventory did increase last month.
There were 5,495 homes listed for sale with OneKey MLS—2,409 in Nassau and 3,086 in Suffolk—as of Monday. That’s 10.6 percent more than the 4,967 homes that were listed for sale at the end of May 2023. There are currently about 10 percent more homes listed for sale than there were at the end of the previous month as well.