Here’s a summary of the key trends in Nassau County’s real estate market for December 2023:
Prices:
- Median sold price: $720,000 (slightly down from $726,500 in November, but up $45,000 from December 2022)
- Median listing price: $775,000 (up 10.7% year-over-year)
- Sale-to-list price ratio: 100% (meaning homes sold for approximately the asking price on average)
Inventory:
- Available inventory: 2.05 months of supply (significantly lower than the national average of 4.6 months)
- 12-month change in inventory: -56.84% (a substantial decrease, indicating high demand)
Market conditions:
- Seller’s market: Due to the low inventory and high demand, it’s currently a seller’s market in Nassau County.
- Median days on market: 29 (homes are selling quickly)
- Absorption rate: Currently, there are only 2.05 months of supply available in the market, indicating very rapid absorption of new listings.
Additional insights:
- Prices for larger homes (4+ bedrooms) saw the highest increase year-over-year, while smaller homes (1-2 bedrooms) had a more moderate increase.
- The December numbers represent a slight seasonal dip compared to November, but the overall trend for 2023 was positive with both prices and demand remaining strong.
Do you have any specific questions about the Nassau County real estate market or Long Island areas you’d like to learn more about? Call us at 1-800-222-NEAL or fill out the contact form.
