Nassau County’s residential real estate market ended the summer with a sizzle, heading close to a median price of $900,000 per single-family house in August, according to OneKey MLS.
The median sales price of Nassau single-family homes continued to rise, up 5.4% to $875,000 as of August from $830,000 a year ago, selling for 100.2% of what was asked, although that was down 0.3% from 100.5% of asking a year ago.
Single-family houses stayed on the market only 36 days, barely longer than a month, down 18.2% from 44 days, as the number of sales rose 1.4% to 882 from 870.
Supply dropped while demand remained strong, as the number of new single-family house listings in August slipped 8.7% to 871 from 954, also possibly fueling rising prices.
And inventory tumbled by double digits, dropping 10.2% from 2,334 a year ago to 2,097, further bolstering the upward march of prices amid fewer houses on the market.
Nassau single-family house prices rose 1.74% month-over-month from $860,00 in July, slower than many other areas in the region, but still moving upward.
Sullivan County “led the surge” in month-over-month growth, according to OneKey MLS, with a 16.4% leap in median home prices since July, followed by Putnam County with an 11.3% increase.
Some areas have dropped since July, including Westchester and Rockland counties, where prices declined 4.3% and 7.1%, respectively. OneKey MLS called this a sign of “a possible seasonal adjustment or buyer pushback at higher price points,” even as Nassau continued to show signs of a strong market.
OneKey MLS said housing prices in its entire “regional coverage area demonstrated steady momentum, with notable month-over-month price gains in several counties,” although there was “a modest dip in overall closed sales.”
The median sales price for single-family homes across the OneKey MLS area jumped 5.3% year-over-year to $774,000, also indicating a strong regional market.
Nassau co-ops’ median sales price rocketed 17.7 % from $339.750 a year ago to $400,000, while the percentage of asking price rose 1.5% from 97.1% to 98.6%, another sign of a robust market.
Days on the market for Nassau co-ops fell from 59 to 55, even as inventory edged up 2.5% from 199 to 204, and the number of new listings slipped 1.4% from 71 to 70.
Nassau condos’ median sales price, on the other hand, slipped 5.9% to $830,000 from $882,000 as days on the market increased 22% from 50 to 61. The percentage of original list price received edged up 0.8% to 99.1% from 98.3%, or nearly full asking price.
The overall median price for all properties in the OneKey MLS area rose 5.2% to $710,000, as days on market continued to decline, averaging 40 days for single-family homes, which OneKey MLS said showed “sustained buyer demand.”
