The U.S. median home listing price in March reached $300,000 for the first time ever, according to Realtor.com's monthly housing trend report released late Thursday.
The rise in the national median home price in the midst of a market slowdown is likely driven by inventory growth in the high end of the market, Realtor.com said.
According to the organization's analysis, the inventory of for-sale homes priced above $750,000 increased 11 percent year-over-year, while the number of entry-level homes priced at $200,000 or less declined 9 percent during the same period.
Asking prices are on the rise on Long Island, too.
In Nassau County, sellers listed homes for a median price of $669,000 in February, up 3.7 percent from a year earlier, the most recent available figures from the Multiple Listing Service of Long Island show. But while asking prices jumped, buyers appear to be exercising caution. Homes in Nassau closed at a median price of $505,000 in February, unchanged from the same period in 2018. The median price for homes that went into contract in February was $500,000, essentially unchanged — up only $500 — from a year earlier.
In Suffolk County, the median list price was $499,000 in February, a year-over-year gain of 6.4 percent. Buyers seeking bargains seem to be flocking to Suffolk, driving up prices. The median closed home price in Suffolk was $380,000 in February, a gain of 7 percent from a year earlier. For Suffolk homes going into contract in February, prices increased by 3.9 percent year-over-year, to $374,000.
Looking at a longer period, the gain in Long Island asking prices has far outstripped the rise in actual, closed sale prices.
Nassau’s median asking price has soared by nearly 47 percent from February 2014 to the same month in 2019. However, the county’s median closed sale price marks a much smaller five-year gain of 28 percent.
In Suffolk, the same trend can be seen. The median list price has jumped by 38 percent over five years. By contrast, the median closed sale price has risen by 27 percent over the same period.
Nationally, homes in the U.S. sold in an average of 65 days in March, two days slower than a year ago.