Home prices in Nassau jump 7 percent

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Home prices in Nassau jump 7 percent

Home prices in Nassau County rose again last month — with the median price of sold properties jumping 7 percent from January 2016, according to Multiple Listing Services.

Residential single/multifamily properties, condominiums and co-ops all rose, with a significant $62,500 gain for condos, from $500,000 to $562,500.

While some real estate agents believed Nassau’s steady market would drop off after the presidential election, the county has seen three healthy months in November, December and January, with increases of 7 percent, 8 percent and 7 percent from the previous year.

The median price for sold properties in the county increased to $475,000 from last January’s mark of $442,000.

Residential single/multifamily properties rose from $454,411 to $480,000 and co-ops increased from $199,000 to $215,000.

After only seeing a slight increase in December, the number of sold properties in the county grew about 5 percent, increasing from 882 last year to 925.

The sales of residential single/multifamily properties rose slightly, while condos and co-ops saw larger increases, jumping from 49 to 62 and 58 to 71, respectively.

Following the upward trend of the median price for sold properties, the median price of pending sales rose, too, to a mark 8.1 percent higher than January 2016.

With a jump from $430,000 to $465,000 for properties pending sale, the median price of residential single/multi-family properties and condos rose slightly, while co-ops fell from $240,000 to $180,000.

Although there was a price increase for pending sales, the number of properties pending sale fell 2.7 percent in January, from 776 to 755 — the second month in a row there has been a decrease.

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