The current state of the Nassau County, New York real estate market is characterized by a continued strong demand and a low inventory, as evidenced by the low “months supply of Inventory” at 1.85. Nassau County saw only 1816 homes for sale in February, 2024. This limited selection of homes for potential buyers, resulted in faster sales and higher prices. For perspective, in February 2020, just before the COVID lockdowns, there was 9.5 months of inventory available in Nassau County.
Due to the limited inventory and high demand in the Nassau County housing market, homes continue to sell quickly with a median of 36 days on the market. Nassau County home buyers continue to be frustrated with a process that requires urgency and possibly submitting “best and final” offers forcing them to compete in what is in essence a silent auction for homes.
The Nassau County “list to sold price percentage” stands at 99.1%, indicating that Nassau County homes are, on average, being sold very close to their listing price with many going well over the list price. Nassau County sellers are in a favorable position to receive strong offers as a result of the scarcity of inventory and high demand.
Overall, this low inventory and high demand real estate market strongly favors sellers. Sellers can take advantage of the current market conditions to maximize their sale price. The current median estimated value of single family homes in Nassau County, NY climbed to $738,740. Just prior to the covid lockdowns the Nassau County median estimated value was only $570,000.
