INSIGHTS
LONG ISLAND, BROOKLYN & QUEENS
2024 MIDYEAR MARKET REPORT
Market Overview
The housing market is showing signs of positive momentum across all the communities we serve during the first half of 2024. Median home prices continue to rise to record levels with low inventory at the root of the increase. As a result, properties are moving quickly especially homes that are priced well and in good condition. In Nassau and Suffolk, sales have increased slightly, primarily in the $500K to $1M range, and while inventory has grown slightly, it is still off from last year and half of the pre-pandemic 2019 level. Brooklyn and Queens, after several quarters of tight supply, have the highest inventory in the past 5 quarters.
Interest rates continue to have a significant influence in this market. Mortgage rates dipped in June (the average 30-year fixed mortgage rate stood at 6.86%) fueled by optimism that the Federal Reserve might soon lower interest rates. The Fed revised its previous forecast of three potential rate cuts this year to just one, leaving the possibility of lower rates later this year. Falling rates will increase the buyer pool and over time make it more attractive for owners to sell. This should bring price moderation.
Other traditional economic indicators also suggest a positive outlook for the real estate market. The Federal Reserve Bank of Atlanta estimates that GDP will grow at an annual rate of 2.2% in Q2 2024, up from 1.4% in Q1. The stock market has shown robust performance, with the Dow reaching an all-time high in mid-May and the S&P 500 Index increasing by 3.48% in Q2. Unemployment has increased slightly to 4%, due in part to efforts to return inflation rates to the targeted 2%. Consumer confidence has been volatile; in May, the index rose to 102.0 from 97.5 in April before dipping to 100.4 in June, according to
the Conference Board Consumer Confidence Index. Overall, consumers' views on the economy are cautiously optimistic.
Looking ahead to the remainder of 2024, we anticipate that the real estate market will continue this steady progress. The increase in inventory is expected to continue while interest rates are expected to slowly come down, providing more options for buyers and potentially easing some of the competitive pressures seen in previous quarters. Demand is likely to remain strong, especially in the higher-end segments, driven by factors such as lifestyle changes and the ongoing appeal of our region as a desirable place to live.
For a deeper engagement with our market insights or to explore real estate opportunities, we encourage you to connect with our expert team of Real Estate Advisors are poised to guide you through the intricacies of these dynamic regions.
Deirdre O’Connell Chief Executive Officer
Nassau County & Suffolk County Brooklyn & Queens
Number
Vs.
Definitions
Median
The threshold which divides the real estate market into two equal halves, in reference to pricing. One half of the homes in the market were sold at a price above the median home price, while the other half were sold below that price.
Average
The sum of prices of all homes sold in a certain area in a certain period, divided by the number of properties sold in the same area in that period.
Inventory
Housing inventory is a measure of our market's supply and affects value. Inventory is measured as active properties on the market at the end of the quarter.
Nassau County
Brooklyn Queens Click to Explore Data by County
Suffolk County
North Fork Hamptons
Brooklyn
2024 Midyear Summary • January 1 – June 30, 2024
4,940 -7%
Number of Sales YTD 2024 vs YTD 2023
109 +5%
Average Days on Market YTD 2024 vs YTD 2023
$985K +4%
Median Sales Price YTD 2024 vs YTD 2023
$1.27M +3%
Average Sales Price YTD 2024 vs YTD 2023
1,645 -7%
Listing Inventory*
YTD 2024 vs YTD 2023
Residential
2024 Midyear Summary • January 1 – June 30, 2024
Bay Ridge
Bedford Stuyvesant
Boerum Hill
Brooklyn Heights
Bushwick
Carroll Gardens
Clinton Hill
Cobble Hill
Crown Heights
Ditmas Park
Dumbo
East Williamsburg
Flatbush
Fort Greene
Greenpoint
Greenwood
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South
$985,000 $1,075,009 $2,540,533 $1,608,000 $980,000 $2,785,000 $875,000 $2,289,500 $1,141,289 $925,000 $1,575,000 $880,000 $641,875 $1,847,500 $1,555,000 $1,499,999 $731,000 $890,000 $1,100,000 $1,565,000 $1,290,000 $1,200,000 $735,000 $1,950,000 $1,200,000 $1,167,994 $1,445,000 $1,167,500
Rentals
Bay Ridge
Bedford Stuyvesant
Boerum Hill
Brooklyn Heights
Bushwick
Carroll Gardens
Clinton Hill
Cobble Hill
Crown Heights
Ditmas Park
Dumbo
East Williamsburg
Flatbush
Fort Greene
Greenpoint
Greenwood
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South
Red Hook Stuyvesant Heights
$3,000
Town Homes
2024 Midyear Summary • January 1 – June 30, 2024
NEIGHBORHOOD
Bay Ridge
Bedford Stuyvesant
Boerum Hill
Brooklyn Heights
Bushwick
Carroll Gardens
Clinton Hill
Cobble Hill
Crown Heights
Ditmas Park
Dumbo
East Williamsburg
Flatbush
Fort Greene
Greenpoint
Greenwood
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South
$1,173,000 $1,250,000 $2,837,500 $2,200,000 $1,170,000 $2,830,000 $877,500 $3,200,000 $1,195,000 $1,285,000 $1,595,625 $1,495,000 $830,000 $2,625,000 $1,727,500 $1,499,999 $1,102,750 $959,500 $1,150,000 $1,850,000 $2,310,000 $1,300,000 $880,000 $1,899,950 $1,250,000 $1,230,650 $1,492,500 $1,812,500
Condos & Co-Ops
Bay Ridge
Bedford Stuyvesant
Boerum Hill
Brooklyn Heights
Bushwick
Carroll Gardens
Clinton Hill
Cobble Hill
Crown Heights
Ditmas Park
Dumbo
East Williamsburg
Flatbush
Fort Greene
Greenpoint
Greenwood
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South Red Hook
$340,000 $750,000 $1,988,500 $1,375,000 $671,863 $2,025,000 $840,260 $1,600,000 $725,000 $560,000 $1,608,125 $852,500 $450,000 $1,032,000 $1,395,000 $1,450,000 $471,510 $419,999 $522,500 $1,250,000 $1,075,000 $769,800 $675,000 $1,999,900 $790,000 $494,000 $1,346,500 $949,000
2024 Midyear Summary • January 1 – June 30, 2024
6,459 +3%
Number of Sales
YTD 2024 vs YTD 2023
98 -4%
Average Days on Market
YTD 2024 vs YTD 2023
$660K 0%
Median Sales Price
YTD 2024 vs YTD 2023
$726K 0%
Average Sales Price
YTD 2024 vs YTD 2023
4,144 +5%
Listing Inventory
YTD 2024 vs YTD 2023
NEIGHBORHOOD
Astoria Bayside
Bellerose College Point Corona
Douglaston East Elmhurst
Flushing Forest Hills
Fresh Meadows
Glendale
Jackson Heights
Jamaica Estates
Kew Gardens
Little Neck
Long Island City
Maspeth
Middle Village
Oakland Gardens
Ozone Park
Rego Park
Richmond Hill Ridgewood
$1,078,000 $718,000 $785,000 $500,000 $998,000 $850,000 $659,000 $417,000 $954,100 $875,000 $451,013 $687,500 $287,500 $375,000 $1,150,000 $818,000 $826,500 $367,000 $733,250 $430,444 $754,500 $1,100,000 $625,000 $475,000 $660,000 $698,000 $678,596
NEIGHBORHOOD
$1,150,000 $750,000 $877,500 $908,681 $999,000 $885,000 $855,000 $565,000 $969,250 $860,000 $780,000 $669,500 $377,500 $375,000 $901,151 $866,500 $834,000 $540,000 $739,000 $491,790 $749,500 $1,110,000 $625,000 $1,030,000 $897,500 $758,000 $656,771
Condos/Co-ops/HOA
Astoria Bayside
Bellerose
College Point
Corona
Douglaston
East Elmhurst
Flushing Forest Hills
Fresh Meadows
Glendale
Jackson Heights
Jamaica Estates
Kew Gardens
Little Neck
Long Island City
Maspeth
Middle Village
Oakland Gardens
Ozone Park
Rego Park
Hill
Nassau County
2024 Midyear Summary • January 1 – June 30, 2024
4,430 -2%
Number of Sales
YTD 2024 vs YTD 2023
60 -11%
Average Days on Market
$730K +11%
Median Sales Price
$899K +13%
Average Sales Price
YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023
2,564 -32%
Listing Inventory
2024 vs YTD 2023
Locust Valley, NY • MLS#
Nassau County
Baldwin / N. Baldwin / Baldwin Harbor
/ N. Bellmore
Place
$765,000 $1,175,000 $629,000 $850,000 $747,500 $3,000,000 $790,000 $799,000 $3,700,000 $3,550,000 $627,500 $1,225,000 $1,645,000 $732,500 $865,000 $650,000 $767,250 $540,000 $1,150,000 $707,500 $880,000 $930,000 $790,000 $695,000 $687,500 $1,180,000 $1,757,500 $660,000
2024 Midyear Summary • January 1 – June 30, 2024
Locust Valley/Lattingtown
Lynbrook
Malverne
Manhasset
Manhasset Hills
Masspequa / Massapequa Park
Matinecock
Merrick / N. Merrick
Mill Neck
Mineola
Muttontown
New Hyde Park
North Hills
Oceanside
Old Brookville
Old Westbury
Oyster Bay
Oyster Bay Cove
Lookout
$1,262,500 $1,028,000 $640,000 $640,000 $723,000 $2,000,000 $1,329,500 $710,000 $3,531,000 $810,000 $2,385,000 $655,000 $1,632,500 $795,000 $2,550,000 $680,000 $2,700,000 $2,269,950 $780,000 $2,100,000 $860,000 $1,262,500 $1,050,500 $699,000 $1,300,000 $1,630,000 $1,920,000 $1,100,000
Nassau County
$625,000 $3,720,000 $1,180,000 $683,000 $1,556,500 $825,000 $1,030,000 $1,825,000 $665,000 $700,000 $750,000
Locust Valley, NY • MLS# 3418872
Nassau County
NEIGHBORHOOD
Suffolk County
2024 Midyear Summary • January 1 – June 30, 2024
5,504 -6%
Number of Sales
YTD 2024 vs YTD 2023
56 -12%
Average Days on Market
YTD 2024 vs YTD 2023
$610K +13%
Median Sales Price
YTD 2024 vs YTD 2023
$757K +13%
Average Sales Price
3,103 -27%
Listing Inventory
YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023
Suffolk County
$565,000 $975,000 $465,000 $560,000 $795,000 $1,542,500 $715,000 $995,000 $725,000 $659,950 $800,000 $710,500 $1,275,000 $825,000 $1,738,000 $600,000 $645,000 $605,000 $1,720,000 $3,150,000 $850,000 $615,000 $675,000 $682,500 $1,208,250 $907,500
NEIGHBORHOOD
2024 Midyear Summary • January 1 – June 30, 2024
348 +5%
Number of Sales
YTD 2024 vs YTD 2023
76 +8%
Average Days on Market
YTD 2024 vs YTD 2023
$726K +1%
Median Sales Price
YTD 2024 vs YTD 2023
$884K -1%
Average Sales Price
YTD 2024 vs YTD 2023
329 +20%
Listing Inventory
YTD 2024 vs YTD 2023
$1,001,000 $584,000
$430,000
$1,350,000
$1,217,500 $535,000 $925,000 $895,000 $1,322,500 $855,500
2024 Midyear Summary • January 1 – June 30, 2024
450 +13%
Number of Sales
YTD 2024 vs YTD 2023
108 +2%
Average Days on Market
$950K +17%
Median Sales Price
$1.64M +12%
Average Sales Price
YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023
672 +25%
Listing Inventory
2024 vs YTD 2023
Residential Hamptons
NEIGHBORHOOD
Amagansett
Bridgehampton
Center Moriches
East Hampton
East Moriches
East Quogue
Eastport
Hampton Bays
Manorville
Montauk
Moriches
North Haven
Noyack
Quogue
Remsenburg
Sag Harbor
Sagaponack
Shinnecock
Southampton
Speonk
Springs
Wainscott
Water Mill
Westhampton
$4,525,000 $3,760,000 $599,000 $1,762,500 $745,000 $1,100,000 $829,000 $906,250 $494,250 $1,788,000 $555,000 $3,125,000$2,550,000 $1,350,000 $1,862,500 $15,437,500$2,397,500 $705,000$3,180,000$1,675,000 $2,200,000 $2,625,000
631.298.0300
631.298.4130
631.754.3400
516.674.2000
718.638.6500