Bidding wars spur prices in Long Island’s suburbs and summer communities to record highs. Listings plummet.

High Demand Drives All-Time Price Highs in Long Island

During Q2 2021 Suffolk and Nassau counties, excluding the Hamptons and North Fork, 46% of all homes sold were sold above their respective asking prices, according to the Douglass Elliman quarterly report.

In Long Island as a whole, the median price was $555,000, an increase of 18% y/y.   Sales volume was up +50% y/y and sales pace was the fastest, 60 days for deals to close, ever recorded in 19 years of tracking.

North Fork saw its median sale price jump up +18% y/y to $790,000.  Bidding wars during Q2 2021 occurred in 35% of all North Fork Home sales, the second-highest number of bidding wars in any quarter in five years.

In the Hamptons, 21% of all homes sold were sold above asking prices.  Overall, home prices in the Hamptons increased +30% y/y to a median price of $1.4M

Jonathan Miller, president of Miller Samuel Appraisers and author of the Elliman report, said, “In the last year there’s been a rapid ascent in prices driven by heavy sales volume and a sharp decline in inventory.”

Listings Crash

Listings in both the Hamptons and North Fork nose-dived to the third lowest the areas have ever experienced.  In North Fork, listings dropped -42% y/y.  It’s estimated that it would take 2.7 months to sell the remaining 155 listings at the current rate of sales, or 53% faster than last year.

In the Hamptons, only 1,081 listings remain, a plunge of -33% since the pandemic lockdown and the largest annual decrease seen in this area in 14 years.  Sales volume in the Hamptons during Q2 jumped +60% y/y.  Of those sales, 55% represented sales of home priced more than $1M.  It’s believed it would take just 4.8 months to sell these remaining listings, the quickest sales pace since 2006.

Thanks to The Real Deal.





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