The Nassau County real estate market continues to thrive in a solid seller territory despite the persistently high interest rates.
While the 30-year fixed mortgage rates remain in the high range of 7%, Nassau County home prices remain strong. Although the rate of increase has slightly decreased, the scarcity of inventory continues to impact the market significantly.
As of October 2023, there were only 2048 homes available for sale throughout Nassau County. To put this in perspective, in October 2019, there were over 8000 homes listed for sale. The chart below is a history of Nassau active listings dating back to October 2018. Over the course of the past year, the available inventory of homes in Nassau County has remarkably decreased by -35.57%.
Nassau County Properties for Sale (Active Listings)
The "Months Supply of Inventory" in Nassau County, also known as the absorption rate, currently stands at 2.5. This metric provides an indication of the length of time it would take to sell all the homes on the market without considering new listings. A lower number suggests a tighter market with high demand and limited supply. A market equilibrium is typically considered to have a 5 to 6 month inventory. Anything higher indicates a buyers market, while anything lower points to a sellers market. Consequently, although interest rates may have deterred some buyers, the diminishing inventory in Nassau County more than compensates for the reduction in demand.
October 2023 Nassau County Months Supply of Inventory
Currently, the median days that Nassau County homes spend on the market is an impressively short 29 days. It is evident that Nassau homes are selling swiftly.
Furthermore, the Nassau County list-to-sold price percentage hovers just below 100%. This figure indicates whether homes, on average, are being sold at, above, or below their listed price. Presently, the aggregate listing price in Nassau County is in almost perfect alignment with the aggregate sale price. That is not to say that all homes will sell at the list price, this number accounts for overpriced and underpriced listings.
Finally, the median sold price of homes in Nassau County is $744,000. Although there has been a slight decline in this number, it can likely be attributed to seasonal trends.
October 2023 Nassau County Sold Home Price
Here is a snapshot of the Nassau County real estate market for November 2024:
Nassau County median home price: $744,000
Nassau County average list-to-sale percentage: 99.98%
Nassau County median days on market: 29
Nassau County available homes for sale: 2048
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