Median Home prices in Nassau and Suffolk Hold Steady While Sales Activity Lessens
WEST BABYLON, N.Y., Oct. 14, 2022 /PRNewswire/ — OneKey® MLS has released the September 2022 real estate market reports, including reports for Long Island. The Long Island residential closed median sale price for September 2022 is $625,000, a 4.2% increase over the price reported in September 2021 of $600,000. Nassau County reported a closed median sale price of $695,000, representing a 5.2% increase over the prior year’s reported median price. Suffolk County reported a closed median sale price of $550,000, a 5.7% increase over the prior year’s reported median price. Queens county reported a closed median sale price of $680,000, a 2.9% decrease from the prior year’s reported median price. Prices for the Long Island region remain stable, while inventory is ticking up. There is a 3.3-month supply of homes on the market currently, up from 3.0 last month.
In a month-over-month comparison, September sales activity in both Nassau and Suffolk Counties has slowed. Nassau County reported 1,055 closed sales transactions and 1,382 pending transactions in September 2022, following 1,381 and 1,169 pending transactions reported in August 2022. Suffolk County reported 1,335 closed sales transactions and 1,272 pending transactions in September 2022, following 1,686 closed and 1,632 pending transactions the prior month.
There are two major factors contributing to the decline of transactional activity in our area. Jim Speer, CEO OneKey® MLS, attributed the drop in pending and closed sales to both historical seasonality and the unexpected increases in mortgage rates that have been taking place since the beginning of this year.
“Pending median home prices for Nassau and Suffolk counties peaked in May and closed median prices reached all-time highs in July. Since that time home prices have been returning to more expected levels.” Speer continued, “The Long Island real estate market is headed toward a more balanced market that still favors sellers because of the limited supply of inventory. Supply and demand is always at play, keeping prices in check on Long Island. The demand for housing remains constant. With current financing conditions, serious buyers are still in the market, adapting their home choices to suit their needs.”
OneKey® MLS generates real estate market reports for the New York Metropolitan area including Long Island, Manhattan, the Hudson Valley. For more detailed market reports of our region, visit https://www.onekeymls.com/market-statistics
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SOURCE OneKey MLS