Suffolk Sales Climb, While Nassau’s Drop
By Hank Russell
Home prices in Suffolk and Nassau Counties rose last month, but sales results were uneven as Nassau saw fewer takers than Suffolk.
According to data from the New York State Association of REALTORS®, Suffolk’s median sales price in October was $650,000, up 8.3% from the same month last year, when it was $600,000. In Nassau, it went from $720,000 in October 2023 to $770,000 last month, which is a 6.9% increase.
Both counties’ sales prices outdid the statewide average. The NYSAR reported that the median sales prices for October 2024 was $415,000; that was an 11.0% improvement over the previous October ($374,000). According to the group, this was the sixteenth consecutive month that median sales prices have risen in year-over-year comparisons.
But when it came to home sales, it was a different story. Suffolk’s home sales numbers were up 7.3% year over year, from 1,129 to 1,211. Suffolk outperformed New York State percentage-wise; the Empire State saw a 3.8% year-over-year drop in closings. Nassau, meanwhile, saw a downward trend over the same timeframe, with 856 this past October — a decline of 9.4% from October 2023, when 945 homes were bought.
Suffolk seemed to have a better housing market last month, according to NYSAR. The number of new listings rose 9.4% from 1,391 to 1,522 and the number of homes for sale increased 5.4% from 3,082 to 3,247. In Nassau, while there were 1,025 new listings in October — a 3.7% jump over last year (988) — there were fewer homes on the market. There were 2,337 houses for sale, down 3.3% compared to October 2023 (2,418).
Interest rates rose every week during October, according to Freddie Mac, settling in at an average interest rate of 6.43 percent on a 30-year fixed-rate mortgage. This is up from the 6.18 percent average last month, but still well below the 7.62 percent average in October 2023.