Nassau County, NY Metro Area Housing Market Analysis - August 2024
The housing market in Nassau County, NY, presents a complex landscape as of August 2024, characterized by both growth and contraction in various metrics. The Median Sales Price has risen to $715,000, reflecting a 2.1% year-over-year (YoY) increase. This upward trend in sales prices is mirrored by the median Price Per Square Foot, which has surged by 9.9% YoY to $455.59. However, the Median List Price remains unchanged at $699,999, indicating a potential stabilization in seller expectations.
Despite the increase in sales prices, the number of Homes Sold has declined by 7.4% YoY, totaling 2,416 units. Similarly, Pending Sales have decreased by 5.9% YoY, amounting to 2,219 units. New Listings have also seen a slight drop of 2.0% YoY, with 2,432 new properties entering the market. Conversely, inventory levels have increased by 3.3% YoY, reaching 5,015 units, which may provide more options for prospective buyers.
The Months of Supply, a critical indicator of market balance, has risen significantly by 20.0% YoY to 2.10 months. This increase suggests a shift towards a more balanced market, although it still leans towards favoring sellers. The Median Days on Market remain steady at 25 days, indicating that properties are still moving relatively quickly.
In terms of pricing dynamics, the average sale to list ratio has improved slightly by 0.6% YoY to 101.5%, suggesting that homes are selling for slightly above their asking prices. The percentage of Homes Sold above list price has also increased by 3.6% YoY to 56.5%, further emphasizing the competitive nature of the market. However, the proportion of Price Drops has risen by 3.3% YoY to 20.6%, indicating that some sellers may be adjusting their expectations to align with market realities.
Lastly, the percentage of homes going off the market within two weeks has decreased by 1.3% YoY to 13.5%, suggesting a slight cooling in the urgency among buyers. This could be attributed to the increased inventory and higher prices, giving buyers more time to make informed decisions.
Overall, the Nassau County housing market in August 2024 exhibits a blend of rising prices and declining sales volumes, with increased inventory and a longer supply duration indicating a potential shift towards a more balanced market.
