By Hank Russell
Home sales prices went up again in Nassau and Suffolk last month, according to the latest report from the New York State Association of REALTORS® (NYSAR). However, it was a mixed bag on sales as both counties went in opposite directions.
In Nassau County, 740 homes were sold during the month of November, which is down 6.9% from the same month last year, when there were 791 sales. The shrinking inventory may have played a role: last month, there were 2,028 homes available, which is 11.1% less than the 2,281 homes on the market the previous November.
The number of new listings fell 4.6% year over year to 752 from 788, and there was a 2.4-month supply available, down 11.1% from the 2.8-month supply in November 2023, based on NYSAR data. That could explain the higher prices; this November, the median sales price was $759,000, a 6.9% increase over the November 2023 price of $710,000.
Despite a lack of available inventory, Suffolk saw a 9.2% jump in home sales last month. There were 1,106 homes that were bought in November 2024, compared to 1,013 during the November of last year.
Availability became an issue as the number of homes for sale dropped 6.0% from 2,933 last year to 2,756 last month. New listings dropped 12.2% to 921 from 1,049, as well as its housing supply — from 2.7 months in November 2023 to 2.5 months this November, a 7.4% decline. The median sales price, meanwhile, went up 5.8% year over year, from $600,000 to $635,000.
Percentage-wise, the U.S. outperformed Nassau in home sales, but not Suffolk. Nationwide, there was a 6.1% yearly increase, according to the National Association of REALTORS®. But both counties outdid the U.S. in the median sales price, which saw a 4.7% increase. According to the NAR, the median sales price is $406,100 — lower than on Long Island. The state’s median sales price is even lower, at $405,000, based on NYSAR data.
Nationwide, the housing supply saw an increase from 3.5 months last November to 3.8 months, which is an 8.6% spike and more than what either Nassau or Suffolk had. Statewide, housing supply fell 12.1% from 3.3 to 2.9 months.