Nassau County Housing Market: A Detailed Analysis
The Nassau County, NY metro area housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price stands at $695,000, reflecting a slight decrease of 0.7% year-over-year (YoY). In contrast, the Median List Price has seen a marginal increase of 0.1% YoY, now at $699,990. This divergence suggests a potential softening in buyer willingness to meet seller expectations.
Price Per Square Foot metrics indicate a more robust growth, with the median Price Per Square Foot rising by 5.5% YoY to $442.40. The Median List Price per square foot has surged by 11.1% YoY, reaching $457.99. These figures suggest that while overall sales prices have slightly declined, the value attributed to each square foot of property has increased, indicating strong demand for space.
Sales activity in Nassau County has been positive, with 1,899 Homes Sold, marking a 2.7% increase YoY. Pending Sales also rose by 2.5% YoY to 1,859, indicating sustained buyer interest. However, New Listings have decreased by 6.5% YoY to 1,656, contributing to a tighter inventory, which is down 1.9% YoY at 4,457 homes. This reduction in supply is further highlighted by the Months of Supply, which has dropped significantly by 20.0% YoY to 2.3 months, suggesting a competitive market environment.
The Median Days on Market have remained relatively stable, increasing slightly by 1.0% YoY to 30 days. This stability, coupled with an average sale to list ratio of 101.1% (up 0.3% YoY), indicates that homes are selling close to or above their asking prices. The sold above list ratio has increased by 2.8% YoY to 54.1%, reinforcing the competitive nature of the market.
Price adjustments are evident, with 17.6% of listings experiencing Price Drops, a slight increase of 0.4% YoY. Additionally, the percentage of homes going off the market within two weeks has decreased by 1.1% YoY to 10.7%, suggesting a slight slowdown in the speed of transactions.
Overall, the Nassau County housing market in November 2024 is characterized by strong demand and limited supply, leading to competitive conditions. While Median Sales Prices have slightly decreased, the increase in Price Per Square Foot and the high sale to list ratios indicate that buyers are willing to pay a premium for desirable properties. The decrease in New Listings and inventory suggests that sellers may be hesitant to enter the market, potentially due to economic uncertainties or expectations of future price increases.
