Sold median prices for residential property from August through September saw a modest increase of 1.2% month over month from $760,800 to $770,000. However, year over year prices are up 10%.
It appears that the demand is still insatiable for those who still have the need or, as some call it, FOMO (fear of missing out) in purchasing a home.
However, the number of homes sold decreased from 8915 to 8,254, a 7.4% decrease. The lack of inventory can be directly attributed to these statistics. Although interest rates are lower than last year, the decrease in the Fed rate by ½% (overnight lending rate between banks) did not affect mortgage rates.
The week after this decrease, rates increased to 6.9% for a 30-year fixed-rate mortgage. The chart below provides a clear picture of the residential market in Nassau County.
| Median Sold Prices
Residential Properties |
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| Month | Current Year | Prior Year | % Change |
| Sep-2024 | $770,000 | $700,000 | 10.0 |
| Aug-2024 | $760,800 | $700,000 | 8.7 |
| Jul-2024 | $750,000 | $695,000 | 7.9 |
| Jun-2024 | $750,000 | $699,000 | 7.3 |
| May-2024 | $740,000 | $700,000 | 5.7 |
| Apr-2024 | $730,000 | $700,000 | 4.3 |
| Mar-2024 | $725,000 | $700,000 | 3.6 |
| Feb-2024 | $725,000 | $700,000 | 3.6 |
| Jan-2024 | $720,000 | $700,000 | 2.9 |
| Dec-2023 | $715,000 | $700,000 | 2.1 |
| Nov-2023 | $710,000 | $699,000 | 1.6 |
| Oct-2023 | $705,000 | $698,000 | 1.0 |
From the chart below, Condos saw a good increase from August through September of $738,000 to $752,250 (1.9%). The year-over-year increase was 12.3%.
Due to a condo’s long-term rental investment quality, this may have been a contributing factor. Also, I believe the sheer lack of single-family homes, may have driven more to consider purchasing a condo. The number of condo sales in September was 714 compared with 712 in the same month last year and 712 units in August of 2023. There was an increase from August of 2024 from 693 units.
Condo Properties
Month Current Year Prior Year % Change
Sep-2024 $752,250 $670,000 12.3
Aug-2024 $738,000 $654,500 12.8
Jul-2024 $730,000 $670,000 9.0
Jun-2024 $730,000 $660,000 10.6
May-2024 $725,000 $670,000 8.2
Apr-2024 $700,000 $675,000 3.7
Mar-2024 $700,000 $675,000 3.7
Feb-2024 $698,000 $675,000 3.4
Jan-2024 $690,000 $675,000 2.2
Dec-2023 $690,000 $670,000 3.0
Nov-2023 $680,000 $665,000 2.3
Oct-2023 $680,000 $655,000 3.8
| The sold median price The median sold prices for coops in September showed a very slight increase of $1500 to $315,000 from August. But year over year the increase was 5%.
The days of double-digit increases are over. The number of units sold went from 819 to 800 units year-over-year, a decrease of -2.3%. This was down over 24 months, when inventory in October 2022 was far greater than in October 2023. The lack of inventory and higher mortgage rates contributed to much less sales. Also, one must pass a coop board review, the necessity of having adequate income, higher credit scores and low debt/income ratios may have eliminated many who weren’t qualified to purchase. Excessive credit card debt year over year is another factor in lowering credit scores and increasing debt/income ratios. Co-op Properties |
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| Month | Current Year | Prior Year | % Change |
| Sep-2024 | $315,000 | $300,000 | 5.0 |
| Aug-2024 | $313,500 | $300,000 | 4.5 |
| Jul-2024 | $312,000 | $295,000 | 5.8 |
| Jun-2024 | $310,000 | $295,000 | 5.1 |
| May-2024 | $310,000 | $295,000 | 5.1 |
| Apr-2024 | $310,000 | $295,000 | 5.1 |
| Mar-2024 | $310,000 | $295,000 | 5.1 |
| Feb-2024 | $310,000 | $290,000 | 6.9 |
| Jan-2024 | $310,000 | $290,500 | 6.7 |
| Dec-2023 | $309,000 | $290,000 | 6.6 |
| Nov-2023 | $300,000 | $290,000 | 3.4 |
| Oct-2023 | $300,000 | $290,000 | 3.4 |
Although purchasers are still out there buying even though rates are now up again. How long this will continue is anyone’s guess. Things just may chug along, unaffected and unfazed.
I believe those homeowners who continue to increase their credit card debt, who will no longer be able to pay their bills and mortgages, will eventually have to sell or go into foreclosure.
Currently everything looks fine, with the majority having excellent appreciation and equity. But this just might slowly change. Although there is no bubble in inventory as there was in 2008; there is a bubble in the housing prices that have gone through the roof. The cost of housing has become excessive for the majority and only those who are substantially sound are buying.
Will President-elect Trump consider making any future strides with builders and focus on the severe lack of inventory, unaffordability in housing, and high interest rates?
Stats courtesy of MLS.COM
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com or via https://WWW.Li-RealEstate.Com