More New Listings in the Region
By Hank Russell
Home prices on Long Island are showing no signs of slowing down, with closings being a mixed bag in the region and supply at a standstill. However, both counties have seen more new listings hitting the market.
The New York State Association of REALTORSⓇ (NYSAR) just came out with its report and it shows that Nassau and Suffolk home prices have increased by 10.7% and 10.1%, respectively. The median sales price in Nassau last month was $775,000, compared to $700,000 the previous March. In Suffolk, it was $635,000, higher than last year, when it was $577,000.
The difference between the two counties was the number of homes sold and those for sale. There was a slight dip in closings in Nassau year over year from 690 to 686 — a 0.6% decrease. Home sales in Suffolk, meanwhile, rose 7.4% in March to 852 from 793 in March 2024, based on NYSAR data.
Compared to last year, Nassau had fewer homes available for sale. There were 2,090 homes on the market in March, a yearly decline of 4.8% from March 2024’s number of 2,195. However, Suffolk saw a 6.1% jump in availability, with 3,018 homes last month, as opposed to 2,844 the previous March.
An increase in new listings hit Long Island, which may result in more inventory. Nassau added 1,210 listings to its roster last month, which is 5.5% greater than it was in March 2024, with 1,147. Suffolk had 13.9% more new listings, from 1,411 in March 2024 to 1,607 this March.
However, supply has been virtually stagnant. Nassau’s supply fell 3.8% from 2.6 to 2.5 months, while Suffolk’s remained the same at 2.7 months.
The state of the current real estate market is like “the Yin-Yang, the expression and sign we often see but never truly incorporate or accept in our lives,” said Joe Moshé, the broker and owner of Charles Rutenber Realty, Inc. in Plainview. “It is the fluctuating perpetual cycle of opposites, good and evil, happy and sad, hot and cold, ups and downs, life and death, that affect us every day, year and throughout our lifetime. Real estate is no exception. It cycles like everything else. As we move through the phases of our lives, we have different wants and needs, like family, jobs, entertainment, health, financial and the home we live in.”
Moshé said anyone who is looking to buy and sell a home must consider a series of factors, such as living conditions, the educational quality of local schools, whether they are looking to expand or downsize and their lifestyle, then “do it. One never knows when the cycle will change and what changes it might bring. We must live for today.”