House values continue to head north in Nassau County amid a still-shrinking inventory.
Median house sales prices as of March are up a staggering 12.3%, or nearly $100,000, year over year to $820,000 from $730,000.
Single-family home prices over the last 12 months also saw a double-digit jump, rising 10.3% to $800,000 from $725,000 amid a robust real estate market.
The median sales price of single-family homes increased by a startling 21.3% to $810,000 in the first quarter of 2025.
The median sales price of a Nassau condo in the first quarter jumped 21.3% to $770,000, and the median sales price of a coop rose 12.2 % to $336,500.
“Sales of existing homes hit a 10-month high in January before dropping in February, only to rise again in March,” OneKey MLS wrote regarding the nation. “Home prices are increasing in most parts of the country.”
Mortgage rates have hovered between 6.5 % and 7 %, “leading many homebuyers to postpone their purchase in hopes that rates will fall later this year,” according to OneKey MLS.
In Nassau, even if interest rates have risen from lows not so long ago, prices have not been falling.
In March, houses sold for 98.1% of the listing price, down slightly from 98.8% but up over the last 12 months to 99.8% from 98.8%.
In other words, houses have been selling essentially for the asking price, boosted by low inventory and strong demand.
Inventory remains tight, helping to bolster higher prices amid signs that it could ease. As of March, 1,738 homes were for sale, down 9% from 1,909 amid shrinking selection.
However, the number of new listings has been going up, with 1,034 in March, up from 996 a year ago, at least a sign that tight inventory may begin to loosen.
The number of new listings over the past 12 months rose 1.2 % to 10,928 from 10,803, which is another sign that inventory could increase.
“Inventory has continued to grow nationwide,” according to OneKey MLS. “With the total number of homes for sale up considerably from the same period last year.”
Fewer deals have been closing, possibly amid lower inventory, with 562 single-family house sales closed in March, down from 573, and 8,246 over the past 12 months, down from 8,609 12 months ago.
The status quo remains in place for the amount of time before deals close, amid a slight dip for the past 12 months.
In March, single-family houses were on the market for 63 days before sale, flat compared to a year ago but down 5.5 % over the last 12 months from 55 days to 52.
Nassau condo prices have also been heading north in a further sign of a robust real estate market.
Condo prices jumped 7.5% in March from a year ago to $712,000, from $662.500, while rocketing over the last 12 months a whopping 20% or $140,000 to $840,000 from $700,000.
Condo sellers are getting the prices they ask in what remains a seller’s market. Condos sold at 97.5 % of listing price, up from 97.1 % a year ago, as the inventory shrank to 191 from 201.
However, fewer condo deals have been closing. Only 46 closed in March, down from 52 a year ago, although the number over the prior 12 months rocketed 9.7 percent to 760 from 693.
Condos were on the market longer in March, 63 days from 56 a year ago, but down to 57 over the past 12 months from 66.
Co-op prices have also been rising, but not as much as other properties. They rose to $320,000 in March from $300,000 a year ago. They went for 98.1 percent of asking price, up from 96.3 percent a year ago.
More co-op deals are closing with 68 in March, up from 65 a year ago and 815 over the past 12 months, up from 789.
Even as prices hold firm and head up in Nassau, OneKey MLS said that as inventory starts to recover, that could impact prices nationwide.
“Although housing costs are up nationally, price growth is moderating,” OneKey MLS wrote about the nation. “And with inventory at its highest level in years, buyers may face less competition and have more options in the months ahead.”
