The median home price in Nassau County jumped nearly 10 percent last month compared to a year ago, as limited supply continued to drive prices up.
The median price in Nassau was $525,000 in July, 9.8 percent higher than a year earlier, the Multiple Listing Service of Long Island reported Tuesday.
In Suffolk County, the median price was $365,000, a 5.8 percent annual gain.
Nassau prices are being pushed higher by tight supply, said Kimberly Bancroft, a selling agent with Daniel Gale Sotheby’s International Realty in Locust Valley.
Bancroft, who primarily works with home buyers shopping in the $2 million to $3 million range, said “lower-priced homes here are seeing bidding wars.” Homes in the $300,000 to $800,000 range are “flying out the door,” she said.
In the higher-end housing market, sellers are being advised to “price very tightly and intelligently,” Bancroft said. “Because there are fewer buyers in that market we have to be very competitive and price well.”
In Suffolk, Deborah Galligan, broker/owner of Marylou Swan Realty Corp. in East Patchogue, said competition has been so fierce that a recent listing for a $450,000 home received four bids over the asking price in two days.
“We haven’t had that since the heyday,” she said.