Median sales prices for single-family houses in Nassau County in July jumped nearly 7% to $860,000 as days on the market tumbled nearly 30 % in two signs of a still strong market and robust demand.
Single-family home prices in Nassau rose 6.8% or $55,000 from $805,000 to $860,000 or 100.6 % of asking price in July, compared to a year ago, according to OneKey MLS. That was up 1.2% from $850,000 in June, according to FastStats.
Days on the market fell 29.2% from 48 to 34, shearing off 14 days or nearly a third of the time it took to close a deal in a sign that buyers are looking to live in Nassau County.
A shrinking inventory continued to bolster demand and boost prices, as the number of houses for sale in July in Nassau fell 5.2% from 2,352 to 2,230.
The number of closed sales slipped 1.6% to 804 from 817 a year ago, but the number of new listings rose 6.8% to 1,054 from 987.
Remote work, less time in New York City offices and simply a desire to live in Nassau County may be fueling a seemingly relentless rise in Nassau real estate values.
Inflation, which is impacting many other sectors, may also be helping drive up Nassau and some other prices. But Nassau’s numbers, from houses to condos to cooperatives, have been and continue to rise.
In a somewhat unprecedented trend, condo prices topped house prices, rising 15.6%, or more than $100,000, from $752,000 to $870,000, or $99.8% of the asking price, possibly fueled by a condo construction boom and low inventory.
Days on the market for condos dropped 14% to 43 from 50 as closed sales rose 8.9% to 61 and the number of listings edged up 7.7% to 84. Condo inventory slipped a massive 20.5% to 198.
Median co-op sales prices rose 10.7% to $362,000, 100.1% of the asking price, but still less than half of co-ops and houses. Days on the market fell 20.3% to 47. Inventory remained flat at 218, as new listings rose 29.4% to 88.
Nassau topped the average for the New York metropolitan area, which was $765,000, up 6.5% from $718,500 as days on the market fell 19.1% to 38.
Median condo prices in the metropolitan area rose 7.1% to $525,000, or 99.2% of the asking price, still well below prices in Nassau County, while median coop prices rose 8.2% to $303,000, selling after 80 days.
Suffolk County median single-family home prices rose 6.5% to $702,000 from a year ago, or 102% of the asking price, as days on the market also plummeted, dropping 17% to 39 days.
Suffolk condo prices rose 12.5% from a year ago to $537,000 or 101.2% of the asking price, while co-ops’ median sales price jumped 15.1% to $290,000, selling after 27 days, down 41.3% from 46 days a year ago.
Nassau single-house prices were well above most regions of the state, such as $702,000 in Suffolk, $600,000 in Putnam, $500,500 in Dutchess, and $363,000 in Sullivan. But some areas topped Nassau prices, even breaking the million-dollar mark.
Median single-house prices in Westchester topped a million dollars to reach $1,150,000, while the number in Queens was $890,000.
