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Nassau County housing prices continue to stagnate

Jessica Parks
A five-bedroom Dutch Colonial that was for sale in Port Washington last year. (Photo courtesy of Douglas Elliman/Dana Eaton)

Home prices in Nassau County continued to stagnate in November, with a median sales price of $525,000, according to the Multiple Listing Service of Long Island.

In August, the median home price peaked for the year at $550,000 but it dropped to $525,000 in September and remained there through November.

But November’s median sales price was 7.8 percent above the same month the previous year, when the price was $487,000.

Data from the past 24 months indicates that home prices and property sales typically peak in the summer, and slowly decrease through the fall into the new year. In January, the number of sales and home prices flatten until they begin to climb again in the spring.

Buyers in Nassau County had 4,978 homes to choose from, an inventory increase of almost 15 percent from last November, but a small drop from October.

The number of property sales also increased since the previous year. There were 1,092 homes sold in the county, up 4.7 percent from November 2017.

But the sold property count decreased from the month before with October seeing 99 more homes sales than November did.

The median price for pending sales in Nassau County in November was $519,999,  a 1 percent increase from the prior year.

Pending home sales in the county declined 3.4 percent from the same month last year. There were 947 pending home sales in November, a drop of almost 300 from the month before.

For Long Island as a whole, the average home price of $457,500 reflected an increase of 5.17 percent from the year before. But the price fell from the previous month.

The report’s housing data includes Queens in its Long Island statistics.

A total of 3,120 closed sales in Nassau, Suffolk and Queens was a 6 percent drop from last November and a 14.8 percent decrease from October of this year.

Available inventory for the three counties was 16,483 homes, an 11.2 percent increase from the same month last year.

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Jessica Parks

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