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Long Island Housing Market Report, September 2024

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Real Estate Broker/Owner with Educators Realty

Long Island Real Estate Market Report - September 2024: A Comparative Analysis

This report provides a comparative overview of the real estate market trends in three Long Island counties: Nassau, Suffolk, and Queens, for September 2024. The analysis focuses on key metrics such as median sold prices, days on market, and list-to-sold price ratios, offering insights into the dynamics of each county's market.

Median Sold Prices

  • Nassau County: $820,000 (up 1.8% month-over-month and 8.3% year-over-year)
  • Suffolk County: $670,000 (up 0.75% month-over-month and 9.8% year-over-year)
  • Queens County: $798,000 (up 2.31% month-over-month, but median estimated property value down 1.5% year-over-year)

Days on Market

  • Nassau County: 27 days
  • Suffolk County: 30 days
  • Queens County: 42 days

Properties in Nassau and Suffolk counties are selling at a rapid pace, indicative of the high demand and competitive landscape in these seller's markets. Queens County shows a comparatively slower sales pace, aligning with its more balanced market conditions.

List-to-Sold Price Ratios

  • Nassau County: 101.2%
  • Suffolk County: 101.9%
  • Queens County: 97.2%

Both Nassau and Suffolk counties are witnessing homes selling slightly above their asking prices, further underscoring the strong seller's market conditions. In contrast, Queens County shows homes selling slightly below asking price, providing buyers with more negotiating leverage.

Conclusion

The Long Island real estate market presents a varied landscape, with Nassau and Suffolk counties heavily favoring sellers due to low inventory and high demand. Queens County offers a more balanced market with greater opportunities for negotiation. Understanding these county-specific dynamics is crucial for both buyers and sellers to navigate the market effectively and achieve their real estate goals.

Read the complete market reports here:
Nassau
Suffolk
Queens

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Richard Weeks
Dallas, TX
REALTORĀ®, Broker
Thanks for sharing your market update.Ā  Great information for buyers and sellers in your area.
Oct 20, 2024 03:22 AM