Nassau County's housing market is looking strong, with a median sale price of $735,000 in September 2023. This represents a 5.20% increase from last year's price of $699,000. Additionally, there were 912 closed residential sales and 848 pending transactions in September 2023. Compare this to the 1,208 closed and 1,020 pending transactions the month prior.
In the wider OneKey MLS Regional Area, the median sale price was $630,000 in September 2023, marking a 5.00% increase from the previous year's price of $600,000. In terms of transactions, there were 4,245 closed sales and 4,240 pending transactions in September 2023. This is slightly lower than the 5,344 closed and 4,775 pending transactions from the month prior.
As the housing market in Nassau County evolves, the limited supply of inventory and the increase in mortgage rates have led to affordability challenges for prospective buyers. The rise in mortgage rates, which have reached over 7%, has caused potential buyers to delay their home purchase plans. Additionally, existing homeowners are hesitant to list their homes for sale because they don't want to give up their low-rate mortgages from a few years ago when rates were much lower. Despite these challenges, the lack on inventory helps keep home prices elevated.
Nassau County, New York - Median Home Price
