The median sale price for Nassau County residential real estate inched up by a modest 1.5% in January 2023, compared to the previous January, reflecting a slowing market as mortgage rates hover near 15-year highs.
In January 2023, the median sale price for residential real estate in Nassau County was $660,000, according to OneKey MLS, compared to $650,000 in January 2022.
The median sale price for residential homes, condos, and co-ops in Nassau County peaked at $720,000 in July 2022. They also saw their fastest growth that month, rising by 11.5% compared to July in the previous year.
While median sale prices are leveling off, there’s been a steep decline in property closings. Sales of residential properties in Nassau County fell by 42% in January 2023 compared to the same month last year.
According to OneKey MLS, Nassau County saw 709 closed residential sales transactions in January 2023, compared to 902 closed in December 2022, reflecting a 21% drop. Median sale prices also increased by just over 1 percent on a month-over-month basis.