Nassau County single-family house prices have continued to rise, going above asking, topping a $8000,000 median sales price as buyers snap up properties at a record pace, in part due to a still shrinking inventory.
While rising interest rates may have prompted some to expect buyers to slow down rising bids and sale prices, that hasn’t been the case in Nassau, where houses are being snapped up by buyers offering and sometimes exceeding the asking price.
Nassau properties remain as much in demand as ever, if not more, as residents spend more time in the region, sometimes coming from New York City.
“Residents enjoy proximity to New York City without all the hustle and bustle of the Big Apple in relaxed neighborhoods,” OneKey MLS said regarding the region, “boasting family-run boutiques, wineries, gourmet restaurants, and spectacular outdoor recreation.”
Whatever the reason, Nassau County real estate remains on a roll, as prices go up, and time on the market dwindles.
The median sale price of a single-family home in Nassau County rose 2.5% from last May at $790,000 to $810,000 this May, and from $740,000 to $800,000 for the prior 12 months over that period a year ago, according to OneKey MLS.
Houses continue to go for above asking price, although by a slightly narrower margin than a year ago, at 100.2 % in May, down slightly from 100.4% a year ago. But the numbers over the past 12 months strengthened to 99.8% from 99.2% of the asking price.
Inventory is continuing to shrink, further bolstering prices. In May, 2,252 homes for sale were down nearly 5%, or 4.7%, from 2,259.
Buyers are snapping up Nassau homes faster than ever, with an average of only 44 days on the market as of May, down a whopping 21.4% from 56 days a year ago.
The number of single-family houses sold in Nassau in May, though, slid 7.5% to 579 from 626 a year ago, while the number of new listings remained relatively flat at 1,249 compared to 1,249 last May.
While single-family house prices are heading upwards, Nassau condo prices, however, tumbled 18.5% from $840,000 to $685,000 as of May, according to OneKey MLS.
Condo prices for the 12 months leading up to May, however, rose from $720,000 to $845,000. Condos in May went for 99.7% of asking price, up 2.2% from a year ago. They remained on the market for only 53 days, down 18.5% from 65 days.
The number of condo sales closed in May slipped 5.8% to 65, while inventory dropped 7.4% to 226 and new listings rose 7.7% to 112.
Co-ops remained by far the cheapest properties on the market in Nassau, although the median co-op price rose 6.5% in May to $330,000 from a year ago, selling for 99.4% of the asking price, up 0.4% from a year ago.
Co-ops also remained on the market for much less time than a year ago, dropping 25% to only 51 days, although the number of closed sales dropped 19% to 68.
The inventory of co-ops for sale dropped 18.1% to 203, as new listings remained roughly flat at 108.
Trends in the New York metropolitan market roughly mirrored Nassau, although the numbers tended to ee lower.
The median sales price of single-family homes in the New York metropolitan market rose 3.5% to $735,000 in May from a year ago, going for 100.4% of the asking price. These homes also remained on the market for less time than a year ago, down 14.3% to 48 days.
Condos’ median sales price in the New York metropolitan market slipped 5.3% to $539,660, or 98.5% of listing price, while remaining on the market for 53 days, down 13.1% from a year ago.
Co-ops in the New York metropolitan market in May sold for a median price of $299,000, down 0.3% from a year ago, going for 96.9% of the asking price, while remaining on the market for 77 days, down 16.3%.
