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Long Island, New York Market Report

By
Real Estate Broker/Owner with Educators Realty

Long Island Real Estate Market Report - September 2024

Overview

The Long Island real estate market, encompassing Nassau and Suffolk counties, continued to demonstrate strength and resilience in August 2024. While both counties show a seller's market, there are subtle differences in their performance.

Nassau County

  • Median Sold Price: Increased 5% month-over-month to $840,000.
  • Median Estimated Value: Rose by 1.1% month-over-month to $783,840, indicating sustained appreciation.
  • Months of Inventory: Decreased significantly by 9.1% to 2.88 months, suggesting a tighter market with fewer homes available for sale.
  • List to Sold Price %: Remained high at 101.2%, indicating that homes are selling close to their asking price.
  • See the full Nassau County Real Estate Market Report Here.
  • See Homes for sale in Nassau County here.

Key Trends:

  • Strong Demand: The decrease in months of inventory and high list-to-sold price percentage point to a market with robust buyer demand.
  • Rising Prices: Both the median sold price and median estimated value increased, reflecting continued price appreciation in Nassau County.
  • Seller's Market: The low months of inventory and high list-to-sold price percentage solidify the seller's market conditions.

Suffolk County

Key Trends:

  • Growing Demand: The decline in months of inventory and high list-to-sold price percentage highlight increasing buyer interest.
  • Price Appreciation: The rise in median sold price and median estimated value demonstrates ongoing price growth in Suffolk County.
  • Seller's Market: The low months of inventory and high list-to-sold price percentage confirm a seller's market.

Conclusion

Both Nassau and Suffolk counties are experiencing a thriving real estate market characterized by strong demand, rising prices, and a favorable environment for sellers. While Nassau County exhibits slightly higher price points, Suffolk County is also witnessing robust growth. The overall outlook for the Long Island real estate market remains positive, with continued demand and price appreciation expected in the coming months.

 

Show All Comments Sort:
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Thanks for your market report. It is always great to see what is going on in different parts of the country

Sep 29, 2024 07:01 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Christopher and thank you for the market report you are sharing with us here in the Rain.  Make it a great day!

Sep 29, 2024 07:54 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing, enjoy your weekend, and

here's a GOOD LUCK to your favorite Football Team! 🏈 Bill  Go JETS! 

#ChandlerRealtor #SellmyGilbertHome

Sep 29, 2024 10:10 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Christopher Robson this is really good information for both Buyers and Sellers in your area.

Sep 29, 2024 11:24 AM
Christopher Robson

Thank You. 

Oct 18, 2024 02:45 PM