L
ong Island's housing market is hitting a fever pitch, with prices skyrocketing to unprecedented heights. In Suffolk County, the median price of a single-family home in February reached $680,000 – a 13.3% increase from the same month last year and matching the record set in August.

    Meanwhile, Nassau homes saw a 5.7% rise in median sales, with prices reaching $795,000 in February, just shy of the peak $835,000 recorded in August. The dwindling inventory of available homes – down 6.5% from last year's February numbers – is fueling the price surge.

    "We're still stuck in an interest-rate environment that's discouraging sellers," said Richard Haggerty, CEO of OneKey MLS. "It's a perfect storm for high prices." Redfin's data confirms Nassau's home prices are rising at a breakneck pace, third-fastest among major metropolitan areas behind only Milwaukee and Detroit.

    Realtors report that many Long Island homes are receiving offers above asking price, but some believe the market is nearing its tipping point. "We're getting close to where buyers say, 'Enough is enough,'" said Angela Prince of Weichert Realtors in Bay Shore. "But we haven't reached it yet."