Median price for Nassau properties sold in May jumps $50K since last year

Median price for Nassau properties sold in May jumps $50K since last year
The median closed residential home price in Nassau County for May was $654,000 according to OneKey MLS. (Photo courtesy of Coldwell Banker Residential Brokerage)

The median price for residential homes throughout Nassau County sold in May increased by $4,000 over the past month and by more than $50,000 over the past year, according to statistics from One Key Multiple Listing Service.

According to the statistics, the median price for residential homes sold last month throughout the county was $654,000, an increase from $650,000 in properties sold in April, and an increase from $602,000 for properties sold in May 2020. The figure is also a $104,000 increase from residential properties sold in May 2019.

The median price of co-ops sold throughout the county in May increased from $245,000 last May and May 2019 to $282,500 last month, according to the statistics.  Condominium properties sold, on the other hand, decreased from $590,000 in May 2020 to $580,000 last month.  The combination of all three properties sold in May had a median price of $635,000, an increase of $50,000 from May 2020, according to the statistics.

The trend of year-to-date increases throughout a combination of the three properties has carried over from April, according to the figures. The median price of residential properties sold in Nassau County in April was $80,000 higher than in April 2020.

More than 1,000 residential properties were sold in April, compared with just 516 in 2020, a figure that most likely was impacted by the coronavirus pandemic’s restrictions on in-person tours and open houses. In April 2019, more than 800 residential properties were sold in the county, according to the statistics.

In April, a combined 1,254 properties were sold throughout the county, compared to 1,046 in May. In May 2020, there were a total of 583 properties sold, resulting in a 79.4-percent increase last month, according to the statistics.

On Long Island, the median price for all homes sold was $580,000, an 18 percent increase from last year’s $491,000 figure. The monthly closed sales activity throughout the island increased from May 2020 to 2021, with 3,131 total properties sold, including condos and co-ops, a 65 percent increase from the 1,896 sold in May 2020.

The median sale price for a home on Long Island was $515,000 in 2020, an 8.4 percent increase from 2019, according to One Key.

In more than 40 years of providing local real estate analysis to Long Islanders, last year was the first time that the median price for closed home sales exceeded $500,000. 

Nassau County reported an annual median home sale price of $575,000, a 7.5 percent increase from $535,000 in 2019.

Nassau’s 2020 median home sale price was $130,000 higher than Suffolk County’s $445,000, but Suffolk had an 11.3 percent increase from its 2019 median sale price of $399,900. Queens County saw a 6 percent increase from 2019, with the median home price reported at $615,000 in 2020.

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