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.