Annual Report PERSISTENT STRENGTH REMAINS

Despite facing challenges from low inventory levels of available homes for sale, the real estate market on Long Island has demonstrated remarkable strength. Throughout the first half of the year, housing prices have maintained stability, clearly reflecting the impact of limited supply on the market dynamics.

In June 2023, the closed median sales price for residential homes, encompassing both single-family and multi-family properties, reached $590,000 in Suffolk County, marking a noteworthy 1.9% increase compared to the median sales price of $579,000 recorded in June 2022. Conversely, Nassau County experienced a slight decrease in the median closed sales price, with figures standing at $722,000 in June 2023, representing a 2% decline from the $735,000 median sales price in June 2022.

The primary challenge faced by homebuyers today is the scarcity of available inventory, as the demand for homes continues to outstrip the supply of new properties listed for sale. This persistent situation has lasted for 44 consecutive months in New York state, with the number of homes for sale showing a continuous decline in year-over-year comparisons.

A June-over-June comparison of available homes for sale in Suffolk County revealed a substantial decline of 19.1% in inventory, while Nassau County also experienced a decrease of 12.5% during the same period.

These figures underscore the severity of the housing supply shortage in both counties, exerting significant pressure on homebuyers in the region.

Nevertheless, the housing market on Long Island has impressively withstood the challenges posed by low inventory levels, providing valuable insights into its strength and adaptability in the face of ongoing obstacles.