In January 2024, the Nassau County real estate market exhibited interesting dynamics. Let’s delve into the trends and insights:
- Median Sale Price:
- The median sale price of a home in Long Island (which includes Nassau County) was $649,000, reflecting a 10.9% increase compared to the previous year.
- The median sale price per square foot in Long Island stands at $413, showing a 9.5% rise year-over-year.
- Market Competitiveness:
- Approximately 0.6% of homes sold above the list price, indicating a competitive market where buyers are willing to pay premiums for desirable properties.
- The average days on market for homes in Nassau County is 68, suggesting a relatively quick turnover and high demand.
- Buyer Behavior:
- Buyers in Long Island are placing a median down payment of 21.3%, emphasizing the financial commitment involved in real estate transactions.
- A total of 1,802 homes were sold in the recent period, showcasing a vibrant real estate market with substantial transaction volume.
- Market Forecast:
- Experts predict that Long Island’s housing market will continue to show resilience and growth.
- The region’s desirability as a suburban retreat, combined with its accessibility to city centers, positions it well for sustained demand.
- The ongoing trend of remote work and flexible arrangements might also drive demand for Long Island real estate, favoring spacious homes and properties with outdoor spaces.
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.
