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
- Median Sold Price: Increased 2.54% month-over-month to $666,500.
- Median Estimated Value: Increased by 1.3% month-over-month to $657,310.
- Months of Inventory: Decreased by 14.08% to 3.05 months, indicating a faster-paced market.
- List to Sold Price %: Remained strong at 102.1%, suggesting that homes are selling slightly above their asking price.
- See Suffolk County homes for sale here.
- See the full Suffolk County real estate market report here.
- See recently sold homes in Suffolk County here.
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.
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