Long Island home prices soar in December

Long Island home prices surged in the final days of 2024, as listings dropped sharply during the holiday season, boosting sellers’ edge in the market. 

In Suffolk County, the median price among single-family homes that sold last month matched a record high at $680,000, or 8.8% higher than the same figure in December 2023, according to data released Monday by OneKey MLS.

In Nassau County, the median sale price rose 11.7% in December to $800,000 compared with the same month a year ago. Home prices in Nassau reached their highest point in August, when the median deal sold for $835,000. 

December is typically a slower month in the real estate industry, as fewer homeowners list their homes around the holidays.

The number of new listings coming to market on Long Island last month was consistent with the previous December. But the roughly 1,000 houses that became available was about half the number that were newly listed in October. 

With few new entries, the number of single-family homes for sale dwindled to 4,068, which was slightly lower than December 2023. 

Limited options have helped push prices higher, as buyers have stayed in the market even as rising mortgage rates have hurt affordability.  The number of transactions in the two counties last month rose 10.1% to about 1,700 compared with December 2023. 

The average 30-year fixed mortgage rate began rising in December and stood at 6.96% for the week ending Jan. 23, according to mortgage giant Freddie Mac.

Check back for updates on this developing story.