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How has the market been this past September? 

Sold median prices for residential property from August through September saw a modest increase of 
1.2% month over month from $760,800 to $770,000.  However, year over year prices are up 10%.  It 
it appears that the demand is still insatiable for those who still have the need or as some call it fomo 
(fear of missing out) in purchasing a home. However, the number of homes sold decreased from 8915 
to 8,254, a 7.4% decrease.  The lack of inventory can be directly attributed to these statistics. Although 
interest rates are lower than last year, the decrease in the Fed rate by ½% (overnight lending rate 
between banks) did not affect mortgage rates.  The week after this decrease, rates increased to 6.9% 
for a 30-year fixed-rate mortgage. The chart below provides a clear picture of the residential market in 
Nassau County. 
Median Sold Prices 
       Residential Properties 
Mon
th 
Curre
nt Year 
Pri
or 
Year 
% 
Chan
ge 
Sep-2024 
$770,000 
$700,000 
10.0 
Aug-2024 
$760,800 
$700,000 
8.7 
Jul-2024 
$750,000 
$695,000 
7.9 
Jun-2024 
$750,000 
$699,000 
7.3 
May-2024 
$740,000 
$700,000 
5.7 
Apr-2024 
$730,000 
$700,000 
4.3 
Mar-2024 
$725,000 
$700,000 
3.6 
Feb-2024 
$725,000 
$700,000 
3.6 
Jan-2024 
$720,000 
$700,000 
2.9 
Dec-2023 
$715,000 
$700,000 
2.1 
Nov-2023 
$710,000 
$699,000 
1.6 
Oct-2023 
$705,000 
$698,000 
1.0 
 
 
 
 
  
  From the chart below, Condos saw a good increase from August through September of 
$738,000 to $752,250 (1.9%).  The year-over-year increase was 12.3%.  Due to a condo’s long
term rental investment quality, this may have been a contributing factor.  Also, I believe the 
sheer lack of single-family homes may have driven more to consider purchasing a condo.  The 
number of condo sales in September was 714 compared with 712 in the same month last year 
and again 712 units in August of 2023. There was an increase from August of 2024 from 693 
units. 
Condo Properties 
Month Current Year        Prior Year   % Change 
Sep-2024  $752,250        $670,000      12.3 
Aug-2024   $738,000        $654,500      12.8 
Jul-2024     $730,000        $670,000       9.0 
Jun-2024    $730,000        $660,000      10.6 
May-2024   $725,000        $670,000        8.2 
Apr-2024    $700,000        $675,000        3.7 
Mar-2024    $700,000        $675,000        3.7 
Feb-2024    $698,000        $675,000        3.4 
Jan-2024     $690,000        $675,000        2.2 
Dec-2023    $690,000        $670,000        3.0 
Nov-2023    $680,000        $665,000        2.3 
Oct-2023     $680,000        $655,000        3.8 
  
 The sold median price  The median sold prices 
for coops in September showed a very slight 
increase of $1500 to $315,000 from August. But 
year over year the increase was 5%.  The days of 
double-digit increases are over.  The number of 
units sold, year-over-year went from 819 to 800 
units, a decrease of -2.3%.  This was down over 24 
months, when inventory in October 2022 was far 
greater than October 2023.  The lack of 
inventory and higher mortgage rates contributed to 
decreased sales. 
  
  Also, one must pass a coop board review, the necessity       
of having adequate income, higher credit scores, and low 
debt/income ratios may  have eliminated many who weren’t qualified to 
purchase.   Excessive credit card debt year over year is another factor in       
lowering credit scores and increasing debt/income ratios.   
  
  
Co-op Properties 
Month 
Current 
Year 
Prior 
Year 
                                                                % Change 
Sep-2024 
$315,000 
$300,000 
5.0 
Aug-2024 
$313,500 
$300,000 
4.5 
Jul-2024 
$312,000 
$295,000 
5.8 
Jun-2024 
$310,000 
$295,000 
5.1 
May-2024 
$310,000 
$295,000 
5.1 
Apr-2024 
$310,000 
$295,000 
5.1 
Mar-2024 
$310,000 
$295,000 
5.1 
Feb-2024 
$310,000 
$290,000 
6.9 
Jan-2024 
$310,000 
$290,500 
6.7 
Dec-2023 
$309,000 
$290,000 
6.6 
Nov-2023 
$300,000 
$290,000 
3.4 
Oct-2023 
$300,000 
$290,000 
3.4 
  
  
Although purchasers are still out there buying even though rates are now up again.  How 
long this will continue is anyone’s guess. Things just may chug along, unaffected and 
unfazed.  I believe those homeowners who continue to increase their credit card debt, who 
will no longer be able to pay their bills and mortgages will eventually have to be sold or go into 
foreclosure.  Currently, everything looks fine, with the majority having excellent 
appreciation and equity.  But this just might slowly change.  Although there is no bubble in 
inventory as there was in 2008; there is a bubble in the housing prices that has gone 
through the roof.  The cost of housing has become excessive for the majority and only those 
who are substantially sound are buying. 
 
We’ll see what President-elect Trump will consider in making any future strides 
with the severe lack of inventory, unaffordability in housing, and high interest 
rates.  
  Stats courtesy of MLS.COM 
Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 
in Great Neck. For a free 15-minute consultation, value analysis of your home, or to 
answer any of your questions or concerns he can be reached by cell: (516) 647
4289 or by email: Phil@TurnKeyRealEstate.Com or via https://WWW.Li
RealEstate.Com