Market Overview

Nassau County continues to experience a solid seller’s real estate market, As of July 2024, the market is characterized by low inventory and high buyer demand, making it a prime environment for those looking to sell their homes.

 

Median Sold Price: The median sold price for properties in Nassau County is $805,000, reflecting a modest month-over-month increase of 0.6%.

  • Months of Inventory: The county has 2.9 months of inventory, which is an 8.8% decrease compared to the previous month, and a significant 43.7% decrease compared to the same period last year. This low inventory indicates a strong seller's market
  • Median Days on Market: Homes are selling quickly, with a median of 23 days on the market, underscoring the high demand in the area.

Price Analysis

The average home prices in Nassau County have seen steady growth over the past year. The median estimated property value stands at $775,470, representing a 1.6% increase from the previous month and a robust 7.4% increase over the past year. The continuous rise in property values reflects the sustained demand and limited supply of homes.

  • Median List Price: The median list price in July 2024 was $825,000, a 1.7% increase from the previous month, indicating that sellers are pricing their homes confidently in this seller-friendly market.
  • Price per Square Foot: The median price per square foot is $501, slightly up by 0.4% month-over-month.

 

Sales Analysis

Home sales in Nassau County remain strong, with a total of 842 properties sold in July 2024. This represents a 1.4% increase in the number of properties sold compared to the previous month.

  • List to Sold Price Ratio: On average, homes are selling for 101.8% of their listing price, reflecting competitive bidding and multiple offer situations.
  • Total Sales Volume: The total sales volume for the month was approximately $887 million, a 3.6% increase from the previous month.

 

Inventory Analysis

The inventory of homes in Nassau County is shrinking, which is contributing to the upward pressure on prices.

  • Active Listings: There were 2,259 active listings in July 2024, a decrease of 8.3% from the previous month.
  • New Listings: The number of new listings in July was 1,125, showing a 2.8% month-over-month increase. Despite this, inventory remains tight.
  • Months of Inventory: The county's 2.9 months of inventory highlights the ongoing scarcity of available homes, keeping the market tilted in favor of sellers.

 

Seasonal Fluctuations

The summer months typically bring increased market activity, and July 2024 is no exception. Buyers are actively seeking homes, driving competition and reducing the days on market. As we move towards the fall, we may see a slight cooling in activity, but the market is expected to remain robust due to the persistent low inventory.

 

Supply and Demand

Nassau County is currently experiencing a classic case of high demand and low supply. This imbalance is driving prices higher and making it a competitive market for buyers. Sellers can expect to receive strong offers, often above the asking price, as buyers compete for limited available properties.

 

Seller Tips

For sellers in Nassau County, now is an excellent time to list your home. Consider the following tips:

  • Price Competitively: While the market is hot, pricing your home slightly below market value can ignite a bidding war.
  • Market Your Property: High-quality photos, virtual tours, and staging can make your home stand out in a crowded market.
  • Work with a Realtor: Partnering with an experienced realtor from Educators Realty can help you navigate offers and close deals efficiently.

 

Buyer Tips

For buyers, the current market requires strategic planning and quick decision-making:

  • Get Pre-Approved: Secure financing before you start your home search to strengthen your offer.
  • Act Quickly: Be prepared to move fast when you find the right property, as homes are selling in just over three weeks on average.
  • Work with a Professional: Educators Realty can help you find the right home and negotiate effectively in this competitive environment.

 

Forecast and Predictions

Looking ahead, Nassau County's real estate market is likely to remain strong through the remainder of 2024. The low inventory and sustained buyer demand suggest that prices will continue to rise, albeit at a potentially slower pace as interest rates and economic conditions evolve. Whether you're considering selling or buying, the expertise of Educators Realty can guide you through the process. For a free home valuation or buyer consultation, contact Educators Realty today at (516) 517-2400 or visit educatorsrealty.com.