Long Island home sales increase as supply shrinks

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November home sales on Long Island improved year-over-year, though inventory was on the decline.  

There were 1,847 homes contracted for sale in Nassau and Suffolk counties in November, 390 fewer than the previous month but an increase of 3.8 percent from the 1,778 homes that were contracted for sale in Nov. 2023, according to preliminary numbers from OneKey MLS. 

The number of available homes for sale fell after several months of increases. There were 4,811 homes in Nassau and Suffolk listed for sale with OneKey MLS at the end of last month, a drop of 9.6 percent from the 5,322 homes listed for sale the previous month, but up slightly from the 4,749 homes listed for sale in Nov. 2023.  

The lack of inventory kept home prices high in November, though they retreated somewhat from the last few months. The median price of closed home sales in Nassau (including single-family, condos and co-ops) was $758,000, down 2 percent from the $770,000 median the previous month, but still 6.8 percent higher than the $710,000 median price recorded in Nov. 2023. 

Condo prices in Nassau exceeded the prices of single-family homes last month. The median price of closed condo sales in the county was $847,500 in November, an increase of 19.4 percent from the $710,000 condo median price recorded a year ago. 

In Suffolk, home prices also pulled back a little. The median price of closed home sales (including single-family, condos and co-ops) last month was $635,000, down 2.3 percent from the $650,000 median the previous few months, but up 5.8 percent from the $600,000 median recorded in Nov. 2023. 

Besides fueling home prices, the dearth of inventory has continued to spark bidding wars and multiple offers on new listings. The median number of how many days listings are on the market before they sell was just 30 days in Nassau and 28 days in Suffolk last month, according to OneKey MLS stats. 

After rising to the 7-percent mark last month, mortgage rates have eased this week to 6.625 percent for a 30-year fixed loan. The roller coaster rates have added uncertainty to an already challenging homebuying environment. 

“It got up over seven again for a few weeks,” said Jesse Sasso, branch manager and loan officer at Contour Mortgage in Huntington. “It’s a moving target. I wouldn’t be shocked if it was back up to seven, but I also wouldn’t be shocked if it dropped to the high fives because of all the volatility.” 

Despite the changing rates and continued low supply of homes for sale, Sasso said he’s seeing more mortgage applications recently. 

“There is still a built-up demand for qualified buyers who are just being outbid,” he said, as cash offers often win bidding contests. “If we could wave a wand and increase inventory, I believe we’d have a tremendous amount of buying activity.”