As we move through 2024, Nassau County continues to reflect strong activity in its real estate market, marked by rising property values and high buyer demand. Let’s dive into the key metrics shaping the market in August 2024.
1. Seller's Market Dominates
Nassau County remains a seller's market, with only 2.88 months of inventory available, a decrease of 9.1% month-over-month (MoM). A balanced market typically has about 6 months of inventory, so this reduction underscores the competitive nature of the current real estate environment.
2. Rising Home Prices
The median sold price in Nassau County in August 2024 hit $840,000, a 5% increase from the previous month. This is complemented by the fact that homes are selling above their asking prices, with a list-to-sold price ratio of 101.2%.
The median estimated property value is now $783,840, reflecting a 7.7% increase year-over-year (YoY). The steady rise in home values showcases Nassau County's ongoing attractiveness to buyers.
3. Quick Turnover for Homes
Properties in Nassau County are selling fast. The median days on the market (DOM) is 25 days, reflecting a 8.7% decrease MoM. As competition tightens, buyers are acting swiftly to secure their homes.
4. Listing Trends
New listings for August 2024 saw a slight increase, with 1,014 properties coming to market, a 10.3% rise MoM. Despite the slight increase in available properties, inventory is still historically low and demand remains robust, leading to continued upward pressure on prices.
5. Price Per Square Foot
The median price per square foot for homes sold in Nassau County stood at $506, reflecting a 1.6% MoM increase. With a limited supply of new homes and rising demand, price per square foot continues to inch upward, further emphasizing the premium placed on Nassau County properties.
Final Thoughts
Nassau County's real estate market remains strong as we head into the latter part of 2024. A combination of rising home values, reduced inventory, and quick sales all point to a market that continues to favor sellers. For potential buyers, now is a key time to act, as prices are likely to continue their upward trend.
Whether you are looking to buy or sell in Nassau County, staying on top of these trends is essential to making informed decisions in this competitive market. Contact an experienced Realtor at Educators Realty to help guide you in this current housing market.