Long Island home price increase percentage among top nationwide, NAR says
A Huntington home hosts an open house in April. Credit: Newsday/Kendall Rodriguez
Of dozens of large markets across the country, Long Island has experienced the fourth largest year-over-year percentage increase in median home sales price, according to the National Association of Realtors.
The median sales price of an existing single-family home on Long Island was $779,300 in the first quarter of 2025, according to an NAR data release. This number represents a 12% increase year over year, and is nearly double the national median of $402,300, the data shows.
Eighty-three percent of 228 metro markets saw an increase in home prices in the first quarter of 2025, according to the data. NAR defines a large market as one of "the 150 most populous areas, with a minimum population of 370,770."
The median sales price of an existing single-family home on Long Island was
$779,300 in the first quarter of 2025,
according to NAR. That's a
12% increase year over year,
and is
nearly double the national median
of $402,300, the data shows.
Over the same period, Syracuse saw the greatest increase among large markets in the country, according to NAR. There, the median price of a single-family home jumped 17.9% to $234,300, data shows. Rochester ranked seventh, its $235,900 median price representing an 11.1% increase year over year.
Suffolk and Nassau counties stand out "not just in the New York region, but nationally," said Nadia Evangelou, NAR senior economist and director of real estate research.
Evangelou attributes this to local economic resilience and longstanding supply issues. She also noted that Long Island's median home price surpasses that of the greater metro area, which includes New York City and parts of New Jersey.
It's still within reach of New York City jobs, but it provides more space, a quieter neighborhood and that desirable Long Island lifestyle.
— Nadia Evangelou, NAR senior economist and director of real estate research, on Nassau and Suffolk
"We see that demand stayed strong in these counties," Evangelou said. "They offer something special — it's still within reach of New York City jobs, but it provides more space, a quieter neighborhood and that desirable Long Island lifestyle."
During and after the COVID-19 pandemic, she added, this area became more appealing as many buyers reassessed what they wanted in a home and sought out more space or a yard.
Newsday reported in April that the median sales price in Nassau and Suffolk counties combined, excluding the Hamptons and North Fork, was $705,000 from January to March, based on data from real estate brokerage Douglas Elliman and appraisal firm Miller Samuel. The elevated median home price NAR has reported for Long Island includes sales on the East End, Evangelou confirmed.
For the first quarter of 2025, which ended in March, Jonathan Miller, of Miller Samuel, recorded Long Island housing inventory numbers at their second lowest point in the nearly 22 years the firm has tracked the data.
Excluding the Hamptons and North Fork, there were
3,690 houses on the market
at the end of the first quarter of this year, Jonathan Miller, of Miller Samuel, said.
That's the
second lowest inventory figure in nearly 22 years
since Miller Samuel began tracking the numbers.
Excluding the Hamptons and North Fork, there were 3,690 houses listed for sale at the end of the first quarter of this year, Miller said. This is 55.7% lower than the first quarter of 2020, just before the start of the pandemic, he said.
The all-time inventory high over the past two decades was 26,145 listed homes, in the second quarter of 2008, Miller said. The low during the same time frame was 3,225, in the fourth quarter of last year, Miller said.
"Lack of inventory is the distortion that's causing record prices, holding back sales," Miller said. "That's the national condition."
Certain regions of the country are anomalies, including sunbelt states like Florida and Texas, Miller said. In these states, to which many homebuyers flocked during the pandemic, increased supply has softened prices, Miller said. But throughout most of the country, inventory remains "inadequate" and prices continue to increase even with mortgage rates double what they were five years ago, he said.
"The reality is that unless we see interest rates fall in the near term, it's hard to imagine supply improving across the country," Miller said.
On Long Island, the housing market has been setting price records for the past four quarters, Miller said.
Evangelou described the Long Island buyer base as "still very active," amid supply challenges. Homeowners with comparatively low interest rates are reluctant to leave, she added, creating a "lock-in effect."
"The Suffolk market is running I will say a classic supply and demand script," Evangelou said. "Not enough homes, too many buyers, and rising prices as a result."
Arielle Dollinger joined Newsday as a staff reporter in 2022. Previously, she covered local and national news as a freelancer for The New York Times, Newsday and other outlets.
