The Nassau real estate market continued to show signs of strength as the median sales price of a single-family house in April rose 3.3% year-over-year to $790,000, selling on average for more than the asking price.
Houses went for 100.2 % of asking price, up from 99.7 % a year ago, according to OneKey MLS. It was an if not unheard of, still auspicious sign for real estate sales in a robust market that has bucked any interest rate impacts.
The inventory of new single-family homes dipped to 1,941 from 2,074 a year ago, as supply continued to remain tight even with a 1.4 % rise in new single-family home listings to 1,149. Houses were on the market for only 45 days, down a staggering 22.4 % from 58 days a year ago.
Meanwhile, 530 single-family house sales closed in April, roughly flat with 535 a year ago as inventory continues to remain constrained amid strong demand.
In the wider New York Metropolitan area, the closed median sale price for single-family homes rose to $711,000, up 5.6 % year-over-year from $673,450. The condominium market held steady with no year-over-year change at a median sale price of $510,204. Co-ops increased slightly to a median price of $299,000, up 3.1 % compared to April 2024.
OneKey MLS CEO Richard Haggerty said, “While some areas are adjusting after rapid price gains, others are seeing buyers hesitate amid economic and interest rate uncertainty.” Still, he pointed to an overall “resilience in pricing” that he said “signals underlying strength in the region’s housing market.”
While Nassau single-family house prices rose year over year, OneKey MLS, however, also said Nassau single-family house prices dropped 3.7% from $820,000 to $790,000 from March to April, while Suffolk rose 3.1% from $655,000 to $675,000. But numbers over the last 12 months pointed to a seller’s market.
Over the last 12 months, median single-family houses in Nassau soared 9.6% to $800,000 from $730,000, as houses sold for 99.8% of asking price, up from 99%.
Closed single-family houses over the past 12 months dwindled to 8,259 from 8,630, selling quicker, after only 51 days on the market, down from 54. Inventory remained basically flat at 2,079 compared to 2,076.
Condo prices in April jumped 15.8% to $870,000, going for 98.1% of asking price, from 97.9% a year ago. But condos spent much longer on the market, rising 48% to 74 days before sale from 50. The number of closed condo sales rose 45.7% to 67, despite only 79 new listings, down from 103 a year ago. The inventory of condos also fell 12.5%to 196, dipping under 200 from 224 a year ago.
Just as single-family house and condo prices headed up, Nassau co-op prices also rocketed in April, rising 28%, to $377,500, from a year ago, going for 99.1% of asking price, up from 98% a year ago. Co-ops were on the market for only 57 days, down 17.4% from 69 a year ago, resulting in 54 closed sales, down 10% from 69 a year ago.
The number of new co-op listings fell to 93 from 104 a year ago, as the inventory of co-ops for sale dropped 18.8% to 186 from 229 a year ago.
