Ultimate Guide to July 2024 Firework Shows in Nassau County, NY

July is the perfect time to enjoy spectacular fireworks displays across Nassau County, NY. Whether you’re celebrating Independence Day or just enjoying a summer evening, here are the must-see firework shows happening this month:

1. Jones Beach Independence Day Fireworks Spectacular

• Date: Thursday, July 4, 2024
• Time: 9:30 PM
• Location: Jones Beach State Park, Wantagh, NY
• Details: Enjoy a spectacular fireworks display over the ocean, synchronized to patriotic music. Arrive early to secure a good viewing spot as it gets crowded quickly.

2. Long Beach Fireworks Display

• Date: Friday, July 12, 2024
• Time: Approximately 9:10 PM
• Location: Long Beach Boardwalk and beachfront, Long Beach, NY
• Details: The fireworks can be viewed from anywhere along the boardwalk and beach. Expect traffic and lane closures in the area.

3. Celebrate America Fireworks Show

• Date: Saturday, July 1, 2024
• Time: 7:00 PM - 10:00 PM
• Location: Eisenhower Park, East Meadow, NY
• Details: This event includes a fireworks show, live music, and other entertainment. It's a family-friendly event that’s free to attend.

4. Empire State Fair Fireworks

• Dates: June 29, July 4, July 6, July 13, 2024
• Time: Approximately 9:30 PM
• Location: Nassau Veterans Memorial Coliseum, Uniondale, NY
• Details: The Empire State Fair will feature fireworks by the renowned Grucci Family. These shows are part of the fair's entertainment lineup and are included with admission

5. Salute to America Concert and Grucci Fireworks Show

• Date: Tuesday, July 9, 2024
• Time: Concert starts at 7:30 PM, followed by fireworks
• Location: TOBAY Beach, Massapequa, NY
• Details: The event features a free concert and concludes with a spectacular fireworks display by the renowned Grucci family. This family-friendly event is part of the Town of Oyster Bay's summer celebrations.

Make sure to mark your calendars and plan ahead to enjoy these fantastic firework shows in Nassau County this July. Whether you’re on the beach, at a park, or attending a fair, these events promise to light up your summer nights with vibrant displays and festive atmospheres. Enjoy the celebrations!

Here are the school districts in Nassau County, New York, ordered by their 2024 Niche grades. follow the links to see homes for sale in that school district:

Grade: A+

• Jericho Union Free School District
• Bethpage Union Free School District
• East Williston Union Free School District
• Great Neck Union Free School District
• Herricks Union Free School District
• Manhasset Union Free School District
• North Shore Central School District
• Plainview-Old Bethpage Central School District
• Roslyn Union Free School District
• Syosset Central School District

Grade: A

• Baldwin Union Free School District
• Bellmore Union Free School District
• Carl Place Union Free School District
• East Meadow Union Free School District
• East Rockaway Union Free School District
• Elmont Union Free School District
• Farmingdale Union Free School District
• Garden City Union Free School District
• Island Trees Union Free School District
• Levittown Union Free School District
• Locust Valley Central School District
• Lynbrook Union Free School District
• Malverne Union Free School District
• Massapequa Union Free School District
• Mineola Union Free School District
• Oceanside Union Free School District
• Oyster Bay-East Norwich Central School District
• Port Washington Union Free School District
• Rockville Centre Union Free School District
• Wantagh Union Free School District

Grade: A-

• Floral Park-Bellerose Union Free School District
• Franklin Square Union Free School District
• Hewlett-Woodmere Union Free School District
• Hicksville Union Free School District
• Merrick Union Free School District
• New Hyde Park-Garden City Park Union Free School District
• North Bellmore Union Free School District
• North Merrick Union Free School District
• Plainedge Union Free School District
• Seaford Union Free School District
• Sewanhaka Central High School District
• Valley Stream Central High School District
• Valley Stream Union Free School District 13
• Valley Stream Union Free School District 24

Valley Stream Union Free School District 30

• West Hempstead Union Free School District

Grade: B+

• Uniondale Union Free School District

Grade: B

• Westbury Union Free School District
• Island Park Union Free School District
• Lawrence Union Free School District

Grade: B-

• Freeport Union Free School District
• Hempstead Union Free School District
• Roosevelt Union Free School District

These grades reflect the overall quality of education, academic performance, extracurricular activities, and overall student and parent satisfaction within these districts. For more detailed information, you can visit Niche.com​

Introduction

Welcome to the June 2024 real estate market report for Mount Sinai, New York. Staying updated with the latest market trends is crucial for both home sellers and buyers to make informed decisions. This report provides a comprehensive overview of the current market conditions, key statistics, and expert tips for navigating the Mount Sinai real estate market.

Market Overview

The Mount Sinai real estate market continues to show robust activity. As of May 2024, the area is experiencing a balanced market with some indicators leaning towards a seller's market. This is evidenced by a low months-of-inventory figure and high list-to-sold price ratios. Below are key statistics from the latest data:

• Months of Inventory: 3.06 months, reflecting a 5.85% increase month-over-month.
• List to Sold Price Percentage: 99%, a 1.71% increase month-over-month.
• Median Days on Market: 30 days, which is a 21.05% increase month-over-month.
• Median Sold Price: $692,500, showing an 11.96% increase month-over-month.

Price Analysis

The Mount Sinai market has seen significant price changes over the past year:

• Median Estimated Property Value: $679,690, a slight decrease of 0.6% from the previous month but a 5.5% increase over the past 12 months.
• Median List Price for New Listings: $750,000, a 7.9% increase month-over-month.
• Median List Price for Active Listings: $898,000, a 7.5% increase month-over-month.

Factors Influencing Price Changes

Several factors are influencing these price trends, including:

• Interest Rates: Current national average mortgage rates are influencing buyer affordability.
• Seasonal Trends: Spring and early summer typically see heightened market activity and price increases.

Sales Analysis

Sales activity in Mount Sinai has been dynamic:

• Number of Properties Sold: 10 properties in May 2024, a 25% increase month-over-month.
• Total Sales Volume: $7,853,000, a 61.1% increase month-over-month.
• Median Days on Market for Sold Listings: 30 days, indicating properties are selling relatively quickly.
• Median Sold Price per Square Foot: $327, a 12.4% increase month-over-month.

Market Type

The Mount Sinai market is currently balanced, with some trends favoring sellers. This is indicated by the high list-to-sold price ratio and relatively low inventory.

Inventory Analysis

Inventory levels have fluctuated recently:

• New Listings: 19 properties, a 13.6% increase month-over-month.
• Active Listings: 35 properties, a 2.8% increase month-over-month.
• Months of Inventory: 3.06 months, down 5.8% from the previous month but up 7.7% year-over-year.

Impact on Market Conditions

• Buyer Competition: Increased inventory levels provide more options for buyers, potentially easing competition slightly.
• Price Stability: Consistent inventory levels help stabilize prices, preventing drastic fluctuations.

Seasonal Fluctuations

Seasonal trends play a significant role in the Mount Sinai market. Typically, spring and summer see increased activity with more listings and higher prices due to the favorable weather and school year timing. Conversely, the market tends to slow down in the fall and winter months.

Supply and Demand

• Current Inventory Levels: 3.06 months of supply.
• Active Buyers: High demand, as indicated by the quick turnaround time for listings and high list-to-sold price ratios.

Market Implications

• Home Prices: High demand and limited inventory continue to push prices upward.
• Market Conditions: The balance between supply and demand creates a competitive environment for buyers while offering favorable conditions for sellers.

Seller Tips

• Pricing Strategies: Set a competitive price to attract multiple offers and potentially drive up the final sale price.
• Marketing Techniques: Utilize professional photography and staging to enhance property appeal.
• Expert Guidance: Partner with a knowledgeable real estate agent from Educators Realty to navigate the market effectively.

Buyer Tips

• Financing: Secure financing pre-approval to strengthen your offer.
• Market Understanding: Stay informed about current market conditions and be prepared to act quickly.
• Professional Assistance: Work with an experienced agent from Educators Realty to find the best properties and negotiate effectively.

Forecast and Predictions

Looking ahead, the Mount Sinai real estate market is expected to remain active with steady price growth. The balanced market conditions suggest that both buyers and sellers will find opportunities in the coming months. However, potential interest rate changes and economic factors could influence market dynamics.

Conclusion

The Mount Sinai real estate market continues to show strong performance with increasing home prices and active sales. For professional assistance and expert advice on selling or buying a home in Mount Sinai, contact Educators Realty today. Our experienced agents are here to help you navigate the market and achieve the best results. Visit educatorsrealty.com or call (516) 517-2400 to get started.

Introduction

Welcome to the latest real estate market report for Suffolk County, NY. Keeping up-to-date with current market trends is essential for both home sellers and buyers to make informed decisions. This report provides a comprehensive overview of market conditions, price analysis, sales trends, inventory levels, and expert tips from Educators Realty.

Market Overview

As of May 2024, the Suffolk County real estate market is categorized as a seller's market. This means demand for homes is high relative to the supply, which is evident in the key market indicators below:

• Median Sold Price: $649,000 (up 5.53% month-over-month)
• Months of Inventory: 3.07 (down 1.6% month-over-month)
• Median Days on Market: 27 days (up 10% month-over-month)
• List to Sold Price Ratio: 102% (up 0.57% month-over-month)

Price Analysis

The median sold price in Suffolk County has increased to $649,000, reflecting a 5.53% rise from the previous month and a significant annual growth. This price increase can be attributed to a combination of factors including limited inventory and strong buyer demand.

Sales Analysis

In May 2024, the number of properties sold was 1,042, marking a 14.3% increase from the previous month. The average list-to-sale price ratio remains strong at 102.02%, indicating that homes are selling very close to their listing prices.

• Median List Price of New Listings: $674,990 (up 0.1% month-over-month)
• Median List Price of Active Listings: $850,000 (up 3% month-over-month)
• Median List Price of Pending Listings: $629,000 (up 1.5% month-over-month)

Inventory Analysis

Inventory levels have been a critical factor in the market's dynamics. Currently, the months of inventory stand at 3.07, which is a slight decrease from the previous month and a substantial drop of 26.6% over the past year. This low level of inventory contributes to the competitive nature of the market.

Seasonal Fluctuations

Historically, the real estate market in Suffolk County experiences seasonal fluctuations with increased activity during the spring and summer months. This pattern holds true in 2024, with higher numbers of new and pending listings observed in May.

Supply and Demand

The current market conditions in Suffolk County are heavily influenced by the supply and demand dynamics. With inventory levels remaining low and the number of active buyers high, the competition for homes is intense, driving up prices and reducing the time properties spend on the market.

Seller Tips

For home sellers in Suffolk County, here are some practical tips to maximize your success in the current market:

1. Price Strategically: Set a competitive price based on recent comparable sales.
2. Enhance Curb Appeal: First impressions matter. Invest in landscaping and exterior improvements.
3. Work with a Realtor: Partnering with a knowledgeable real estate agent from Educators Realty can provide invaluable insights and marketing strategies to sell your home quickly and at the best price.

Buyer Tips

If you're looking to buy a home in Suffolk County, consider these tips to navigate the competitive market:

1. Get Pre-Approved: Secure financing before you start your home search to streamline the buying process.
2. Act Quickly: Homes are selling fast, so be prepared to make swift decisions and strong offers.
3. Hire a Realtor: A professional agent from Educators Realty can help you understand the market conditions, find suitable properties, and negotiate effectively.

Forecast and Predictions

Looking ahead, the Suffolk County real estate market is expected to remain robust, with continued demand driving price increases. However, potential buyers may find some relief as new listings enter the market during the summer months. It's crucial for both buyers and sellers to stay informed and work with experienced real estate professionals to navigate these trends.

Conclusion and Call to Action

In summary, Suffolk County's real estate market is currently very favorable for sellers, with rising prices and strong demand. Buyers need to be prepared to move quickly and competitively. For professional assistance and expert advice on selling or buying a home in Suffolk County, contact Educators Realty today. Our experienced agents are here to help you navigate the market and achieve the best results. Visit educatorsrealty.com or call (516) 517-2400 to get started.

Introduction

The real estate market in Nassau County, New York, is experiencing dynamic changes, with notable trends that both home sellers and buyers should be aware of. Staying updated with the latest market trends is crucial for making informed decisions. This report provides a comprehensive overview of the current market conditions, price and sales analysis, inventory levels, and practical tips for both sellers and buyers.

Market Overview

The current real estate market in Nassau County is a seller's market, characterized by low inventory levels and high demand. As of May 2024, the median sold price of homes is $790,000, reflecting a 3.95% month-over-month increase. The median estimated property value stands at $749,280, which is a 0.9% increase from the previous month and a 7.7% increase over the past 12 months​​​​.

Price Analysis

The median list price in May 2024 is $825,000, a 3.1% month-over-month increase. The list to sold price ratio is 100.9%, indicating that homes are selling very close to their listing prices, a sign of strong demand​​. Factors influencing these price changes include low inventory, competitive bidding, and favorable interest rates.

Sales Analysis

Home sales have seen a significant increase with 665 properties sold in May 2024, a 15.1% month-over-month rise. The median days on market (DOM) is 28 days, showing a decrease of 9.7%, which further emphasizes the high demand for homes in Nassau County​​. The median sold price is $790,000, and homes are selling at 100.85% of their list prices, indicating a highly competitive market.

Inventory Analysis

Inventory levels in Nassau County remain low, with a months’ supply of inventory at 2.71, representing a 0.4% increase from the previous month but a 47.3% decrease over the past year​​. The number of active listings is 2,164, with a median list price of $899,999, barely changing from the previous month​​.

Seasonal Fluctuations

Seasonal trends show that the spring and summer months typically see increased activity in the real estate market. The upcoming months are expected to continue this trend, with more listings and sales as families move during the summer break.

Supply and Demand

The current market dynamics are heavily influenced by the low supply and high demand. With only 2.71 months of inventory available, buyers face stiff competition, leading to higher prices and quicker sales. This seller's market is expected to persist until inventory levels increase significantly​​.

Seller Tips

1. Pricing Strategies: Price your home competitively to attract multiple offers.
2. Home Staging: Ensure your home is well-presented to stand out in listings and showings.
3. Work with an Agent: Collaborate with a knowledgeable real estate agent from Educators Realty to navigate the market and secure the best deal.

Buyer Tips

1. Pre-Approval: Secure financing before starting your home search to strengthen your offer.
2. Understand Market Conditions: Be prepared to act quickly and make competitive offers.
3. Professional Guidance: Partner with a professional real estate agent to help you find the right home and negotiate effectively.

Forecast and Predictions

Looking ahead, the Nassau County real estate market is expected to remain strong through the summer, with sustained high demand and gradually increasing inventory levels. Prices are likely to continue their upward trend, albeit at a slower pace as more homes come onto the market.

Conclusion

The Nassau County real estate market is vibrant and competitive, offering opportunities for both sellers and buyers. For professional assistance and expert advice on selling or buying a home in Nassau County, contact Educators Realty today. Our experienced agents are here to help you navigate the market and achieve the best results. Visit educatorsrealty.com or call (516) 517-2400 to get started.

Introduction

The real estate market in Syosset, New York, is experiencing dynamic changes, making it essential for both home sellers and buyers to stay informed. This report provides a comprehensive overview of the current market trends, price analysis, sales and inventory insights, and practical tips for sellers and buyers.

Market Overview

As of May 2024, Syosset is predominantly a seller's market, characterized by high demand and relatively low inventory levels. Key statistics include:

• Median Sold Price: $1,314,000, a significant 23.3% increase month-over-month (MoM).
• Median List Price: $1,398,500, a 3.6% MoM increase.
• Average Days on Market: 41 days, up by 51.85% MoM.
• Months of Inventory: 3.47 months, indicating a balanced supply but leaning towards a seller's market.

Price Analysis

The real estate market in Syosset has shown notable year-over-year (YoY) price increases. The median sold price of $1,314,000 in May 2024 reflects a strong demand for homes in this area. Factors contributing to this price rise include low inventory levels and high buyer interest. Seasonal trends also play a role, with prices typically rising in the spring and summer months.

Sales Analysis

Home sales in Syosset have experienced fluctuations, with 18 properties sold in May 2024, a 5.9% MoM increase. The median sales price aligns closely with the list price, achieving 100.9% of the asking price, indicating competitive bidding. This trend is consistent with a seller's market, where buyers often have to offer above the list price to secure a property.

Inventory Analysis

Inventory levels have seen minor month-over-month changes but remain low overall:

• Active Listings: 78 properties, a 4% MoM increase.
• New Listings: 44 properties, up by 7.3% MoM.
• Months of Inventory: 3.47 months, relatively stable but indicative of high demand outpacing supply.

Low inventory levels contribute to the upward pressure on home prices, as buyers compete for a limited number of available homes.

Seasonal Fluctuations

The Syosset real estate market experiences seasonal fluctuations, with higher activity in spring and summer. Buyers and sellers should be aware that market conditions can vary significantly throughout the year, affecting home prices and the speed at which properties sell.

Supply and Demand

The demand for homes in Syosset continues to outstrip supply, driving price increases and reducing the average time homes stay on the market. This imbalance creates a competitive environment for buyers, who need to act quickly and make strong offers to secure a property.

Seller Tips

For home sellers in Syosset, the current market conditions are favorable. To maximize your home's value:

• Price Competitively: Set a realistic and attractive price to attract multiple offers.
• Enhance Curb Appeal: Make sure your home looks inviting from the outside to create a strong first impression.
• Stage Your Home: Professionally staged homes tend to sell faster and for higher prices.
• Work with an Experienced Realtor: A knowledgeable agent from Educators Realty can help you navigate the market and negotiate the best deal.

Buyer Tips

Home buyers in Syosset should be prepared for a competitive market. To improve your chances of securing a home:

• Get Pre-Approved: Have your financing in place to make a strong offer quickly.
• Act Fast: Be ready to view homes and submit offers as soon as properties come on the market.
• Be Flexible: Consider various neighborhoods and be open to homes that may need some updates.
• Work with a Skilled Realtor: An experienced agent from Educators Realty can provide valuable insights and help you navigate the bidding process.

Forecast and Predictions

Looking ahead, the Syosset real estate market is expected to remain strong, with continued demand and moderate inventory levels. Prices are likely to stabilize as more homes come onto the market, but high demand will keep them elevated. Buyers and sellers should stay informed about market trends and be prepared to act quickly.

Conclusion

The Syosset real estate market is vibrant and competitive, offering excellent opportunities for both sellers and buyers. For professional assistance and expert advice on selling or buying a home in Syosset, contact Educators Realty today. Our experienced agents are here to help you navigate the market and achieve the best results. Visit educatorsrealty.com or call (516) 517-2400 to get started.

The Kings Park real estate market is currently experiencing a robust seller's market, with properties selling quickly and at favorable prices. This blog post delves into the latest market trends, providing valuable insights for both buyers and sellers looking to navigate this competitive landscape.

Overview of the Kings Park Real Estate Market

As of May 2024, Kings Park, NY, is witnessing a dynamic real estate market characterized by low inventory and rising property values. The area is attracting considerable interest due to its appealing blend of suburban charm and proximity to key amenities.

Key Market Indicators

1. Months of Inventory

• Current Inventory: 1.07 months
• Change: Decreased by 8.5% month-over-month (MoM)
• Trend: This indicates a strong seller's market where demand significantly outstrips supply.

2. List to Sold Price Percentage

• Current Percentage: 102.6%
• Change: Increased by 2.2% MoM
• Trend: Properties are selling above their list prices, highlighting high buyer competition.

3. Median Days on Market

• Current Days: 23
• Change: Decreased by 53.1% MoM
• Trend: Homes are selling faster, reinforcing the high demand and swift market activity.

Pricing Trends

1. Median Sold Price

• Current Price: $675,000
• Change: Increased by 8.9% MoM
• Trend: A substantial rise in median sold prices indicates growing property values.

2. Median List Price for New Listings

• Current Price: $699,999
• Change: Increased by 7.7% MoM
• Trend: New listings are entering the market at higher price points, reflecting the confidence of sellers in achieving premium prices.

3. Median Price per Square Foot

• Current Price: $371
• Change: Increased by 6.9% MoM
• Trend: The cost per square foot is on the rise, showcasing the overall appreciation of real estate in Kings Park.

Active and Pending Listings

1. Active Listings

• Number of Properties: 12
• Median List Price: $694,499
• Median Days on Market: 18
• Median Price per Square Foot: $444

2. Pending Listings

• Number of Properties: 23
• Median List Price: $650,000
• Median Days on Market: 32
• Median Price per Square Foot: $398

Market Dynamics

The Kings Park real estate market is currently in favor of sellers due to several factors:

• Low Inventory: With only 1.07 months of inventory, the market is highly competitive.
• Rising Prices: The consistent increase in both list and sold prices points to strong demand.
• Quick Sales: Properties are spending fewer days on the market, indicating that buyers are eager and ready to close deals swiftly.

Conclusion

For sellers in Kings Park, this is an opportune time to list properties and capitalize on the favorable market conditions. Buyers, on the other hand, should be prepared for competitive bidding and act quickly to secure their desired homes.

The Northport real estate market has shown remarkable dynamics in April 2024, with significant trends that indicate a robust seller's market. This comprehensive report provides an in-depth analysis of the key statistics and trends that are shaping the residential property landscape in Northport, New York.

Market Overview

Northport's residential market, encompassing single-family homes, condos, townhouses, and apartments, is currently a seller's market. This means that the demand for properties exceeds the supply, giving sellers the upper hand. Let's dive into the key metrics that define the market's current state.

Inventory and Sales Metrics

• Months of Inventory: The market has just 2.2 months of inventory, a slight increase of 2.8% from the previous month but still indicative of a tight market. This figure has dropped by 39.1% over the past year, highlighting the increasing demand for homes in Northport.
• Median Days on Market: Properties in Northport are selling rapidly, with a median of only 25 days on the market, a substantial decrease of 60.32% from last month.
• List to Sold Price Ratio: Homes are selling for 101.2% of their listing price, up by 1.58% month-over-month, showcasing the competitive nature of the market.

Pricing Trends

• Median Sold Price: The median sold price for properties in April 2024 is $807,500, reflecting a modest increase of 0.62% from the previous month.
• Median Estimated Property Value: Estimated property values have climbed to $895,000, showing a 1.6% rise from last month and a robust 9% increase over the past year.
• Median List Price: New listings have a median list price of $999,000, up by a significant 23.2% month-over-month, indicating sellers' confidence in the market's strength.

Activity Insights

• New Listings: There were 33 new properties listed in April, a whopping 120% increase from the previous month. This influx of new listings could help balance the supply-demand dynamics in the coming months.
• Active Listings: The number of active listings increased by 5.9% to 36 properties, with a median list price of $1,099,000, up by 8.4% from the previous month.
• Pending Listings: The market saw a surge in pending listings, with 44 properties under contract, up by 15.8% from March 2024. The median list price for these properties is $987,000, a 9.7% increase month-over-month.

Market Volume

Total Sales Volume: The total sales volume for the month was $12,095,000, reflecting a 38.8% increase from the previous month. This uptick in volume underscores the heightened activity and value within the market.

Conclusion

The Northport real estate market in April 2024 is clearly thriving, with strong indicators of a seller's market. Properties are selling quickly and often above their list price, suggesting high demand and competitive buyer activity. With median prices on the rise and an increase in both new and active listings, Northport remains an attractive market if you are looking to sell your home.

For potential sellers, now is an opportune time to list properties, given the high demand and favorable pricing trends. Buyers should be prepared for a competitive market, with swift transactions and potentially above-list price offers being common.

Stay tuned for more updates and detailed market analysis to help you navigate the Northport real estate landscape effectively. Whether you're looking to buy, sell, or invest, the current trends highlight Northport as a hotspot for real estate activity.

For more detailed insights and personalized advice, feel free to contact us at Educators Realty. We are here to help you make the most informed decisions in this dynamic market.

See Northport homes for sale here.

See recently sold Northport homes here.

The National Association of REALTORS® (NAR) has released the 2024 Snapshot of Race and Home Buying in America, offering valuable insights for real estate professionals aiming to better understand homeownership trends across racial and ethnic groups. This comprehensive report highlights the progress, challenges, and disparities faced by minority communities in achieving homeownership, a critical factor in wealth building and financial stability.

Homeownership Trends by Racial and Ethnic Group

Overall Homeownership Rates

Recent data from the American Community Survey in 2022 reveal noteworthy trends:

• Black Homeownership: Increased to 44.1%, showing resilience despite economic hurdles
• Hispanic Homeownership: Rose significantly to 51.1%, reflecting growing market participation.
• Asian Homeownership: Increased to 63.3%, indicating strong homebuying activity.

Despite these gains, the gap between Black and white homeownership rates remains substantial, underscoring ongoing disparities.

Regional Homeownership Variations

Homeownership rates vary widely by state, influencing local real estate markets:

• White Americans: Highest rates in Delaware (83%), South Carolina (79%), and Michigan (79%); lowest in the District of Columbia (47%), Hawaii (59%), and California (63%).
• Black Americans: Highest rates in Mississippi (57%), South Carolina (55%), and Delaware (55%); lowest in North Dakota (19%), Wyoming (19%), and Wisconsin (26%).
• Asian Americans: Highest rates in South Carolina (74%), Hawaii (74%), and Maryland (74%); lowest in North Dakota (28%), South Dakota (32%), and the District of Columbia (39%).
• Hispanic Americans: Highest rates in New Mexico (71%), Vermont (65%), and Wyoming (65%); lowest in New York (28%), Massachusetts (33%), and Rhode Island (36%).

Demographic Shifts and Homeownership Potential

Millennials are now entering prime homebuying age, significantly influencing market trends. Over the next five years, a surge in Black, Asian, and Hispanic households reaching the median age for homebuyers is expected, potentially boosting homeownership rates among these groups.

Affordability Challenges

Affordability remains a critical issue. Rising home prices and mortgage rates disproportionately impact minority groups, who typically have lower median incomes. In 2020, Black Americans had a median household income of $47,800, compared to $75,700 for white Americans. This income gap affects the ability to save for down payments and secure housing, emphasizing the need for affordable housing solutions.

Access to Credit

Access to credit is essential for homeownership. However, minority households often face significant barriers in obtaining mortgage credit due to systemic issues in credit scoring and lending practices. These challenges contribute to lower homeownership rates and exacerbate economic inequalities.

Strategies for Real Estate Professionals

To address these disparities and support minority homebuyers, real estate professionals should consider the following strategies:

• Education and Outreach: Provide resources and workshops on financial literacy, credit improvement, and home buying processes tailored to minority communities.
• Advocacy and Policy Support: Advocate for policies that promote affordable housing, fair lending practices, and down payment assistance programs.
• Community Engagement: Build relationships with local community organizations to better understand and address the unique needs of minority homebuyers.

Conclusion

Closing the racial homeownership gap requires a collaborative effort from policymakers, community leaders, and real estate professionals. By understanding the unique challenges faced by minority groups and implementing targeted strategies, the real estate industry can play a pivotal role in promoting equitable homeownership opportunities.

For a deeper dive into these trends and detailed regional data, the full report by the National Association of REALTORS® is an essential resource for real estate professionals committed to fostering a more inclusive housing market.

Market Overview

Balanced Market with Moderate Growth - Queens County is currently experiencing a balanced market with moderate growth. The months of inventory stand at 5.89, showing a slight decrease of 2.97% from the previous month, indicating that while there is sufficient supply, demand remains strong.

Rising Home Prices - The median sold price for properties in Queens County has risen to $767,500, reflecting a 5.14% increase from last month. The median estimated property value is $791,000, a slight increase of 0.3% month-over-month and a year-over-year increase of 0.1%.

Key Market Metrics

Active Listings

• Number of Properties: 2,213
• Median List Price: $775,000 (up 0.8% MoM)
• Median $/Sqft: $697 (up 0.7% MoM)
• Total $ Volume: $2,031,854,799 (up 1% MoM)

Pending Listings

• Number of Properties: 443
• Median List Price: $789,000 (up 1.8% MoM)
• Median $/Sqft: $643 (up 1.4% MoM)
• Total $ Volume: $374,354,948 (up 3% MoM)

Sold Listings

• Median Sold Price: $767,500 (up 5.1% MoM)
• Median $/Sqft: $583 (up 3% MoM)
• Total $ Volume: $245,321,133 (up 5.8% MoM)

Days on Market and List-to-Sold Price Ratio

Median Days in RPR

• New Listings: 42 days (down 2.4% MoM)
• Active Listings: 73 days (up 7.4% MoM)
• Pending Listings: 61 days (up 13% MoM)
• Sold Listings: 56 days (up 15.2% MoM)

List-to-Sold Price Ratio

• The average list-to-sold price ratio in Queens County is 96.8%, showing a slight increase of 0.23% from the previous month, indicating that homes are selling close to their asking prices.

Conclusion

The Queens County real estate market in April 2024 continues to demonstrate balanced conditions with moderate price growth. With rising home prices and a stable list-to-sold price ratio, both buyers and sellers can find opportunities in this market. For buyers, it’s important to act quickly due to the competitive nature of the market. For sellers, the current conditions present an ideal time to list properties, capitalizing on the appreciating home values.

Staying updated with the latest market trends is crucial for making informed real estate decisions. For personalized advice and detailed market analysis, consider working with an Educators Realty Realtor.