“Inventory is beginning to climb in the second half of 2024, but it’s still skewing to historically low levels,” said Jonathan Miller, CEO of Miller Samuel, which provided Newsday with data on home prices across nearly 200 communities on Long Island. “As a result, we saw record prices.”
That dynamic was certainly at play in six areas that saw some of the fastest price growth on Long Island. In Nassau County, Great Neck, Manhasset and Franklin Square saw prices rise the fastest among areas where there were at least 50 sales from January to June compared with the same stretch a year ago.The median price in Great Neck rose more than 35% from the previous year.
In Suffolk, East Patchogue, Amityville and Middle Island led all communities with enough sales to qualify.
But it wasn’t just those areas. Fast-rising prices prevailed across the Island in the first half of the year.
Among communities where there were at least 50 sales in the January to June period, 73 of 76 had a higher median price during the first half of the year compared with the same time frame a year ago. Most of those areas had at least a 10% year-over-year increase in the median price of a home.
