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.
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