INSIGHTS
LONG ISLAND, BROOKLYN & QUEENS
Q3 2024 MARKET REPORT
Market Overview
The housing market across the communities we serve demonstrated resilience and growth in Q3 2024. While sales activity experienced a slight adjustment, median home prices continued their upward trend, showcasing the market's strength. In the overall market there was an 11% year-over-year reduction in the number of transactions led by Brooklyn down 14%, Queens down 3%, Nassau down 5% and Suffolk down 2%. Despite this reduction, there is strong demand in select segments and heightened competition for well-priced properties have propelled prices higher, indicating a healthy market.
This positive momentum is further reflected in the distribution of transactions by price range during Q3 2024. Homes priced under $500K remained steady, while the mid-range segment between $500K and $1M saw the largest growth, highlighting increasing activity in this important market sector. Sales of properties in the $1M to $2M range remained stable, and luxury homes over $2M continued to attract discerning buyers. These trends suggest that the mid-range market is a significant driver of overall price growth, offering excellent opportunities for both buyers and sellers.
The housing market's strength coincides with encouraging economic indicators. Mortgage rates have dipped from 6.95% in June to 6.08% at the end of September, providing relief and increased affordability for prospective buyers—particularly those in the below $1 million range who are most sensitive to interest rate changes.
Unemployment has slightly decreased from 4.3% in July to 4.2% in August, and the equity markets have reached new highs. The S&P 500 gained 2.3% in September, reflecting optimism among investors. These positive economic factors will stimulate the housing market further, as favorable mortgage rates and strong stock market performance boost buyer confidence and activity. Historically, we have seen a rise in the real estate market at the conclusion of a Presidential election cycle along with improved consumer confidence and renewed buyer interest. As a result, we anticipate increased momentum in all our markets for the remainder of this year and the first quarter of 2025, adding to the current market’s positive trajectory.
Our Professional Real Estate Advisors are here to help you navigate these opportunities and guide you in making the best decisions for your real estate goals in this new, more stable environment. Feel free to reach out for a personalized consultation.
Deirdre O’Connell Chief Executive Officer
Nassau County & Suffolk County Brooklyn & Queens
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Table of Contents
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
Q3 2024 Summary • January 1 – September 30, 2024
7,201 -14%
Number of Sales YTD 2024 vs YTD 2023
103 +6%
Average Days on Market YTD 2024 vs YTD 2023
$989K +4%
Median Sales Price YTD 2024 vs YTD 2023
$1.28M +3%
Average Sales Price YTD 2024 vs YTD 2023
1,660 -3%
Listing Inventory*
Residential
Q3 2024 Summary • January 1 – September 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
Gowanus
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South
Red Hook
Stuyvesant Heights
Sunset Park Williamsburg
$998,000 $1,180,000 $2,063,159 $1,675,000 $957,500 $2,500,000 $916,425 $2,151,000 $1,141,789 $892,500 $1,654,301 $1,100,000 $630,000 $1,543,178 $1,490,000 $1,285,000 $1,340,000 $689,500 $902,500 $1,100,000 $1,592,500 $1,175,000 $1,111,000 $735,000 $1,999,900 $1,234,500 $990,000 $1,440,000 $1,100,000
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
Gowanus
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South
Red Hook
Stuyvesant Heights Sunset
$3,780 $4,225 $3,500 $3,000 $6,500 $3,865 $2,960 $4,200 $4,357 $3,200 $3,495 $2,750 $2,800 $3,100 $4,150 $3,997 $3,170 $2,698 $4,000 $3,200 $2,700 $4,500
Bay Ridge
Bedford Stuyvesant
Boerum Hill
Brooklyn Heights
Bushwick
Carroll Gardens
Clinton Hill
Cobble Hill
Crown Heights
Ditmas Park Dumbo East Williamsburg Flatbush
$1,238,000 $1,459,500 $2,950,000 $2,369,500 $1,225,000 $3,030,000 $1,282,500 $3,904,000 $1,253,500 $1,605,000 $1,595,625 $2,997,500 $830,000 $3,360,000 $1,750,000 $1,380,000 $1,755,000 $1,262,000 $990,400 $1,140,000 $2,230,000 $2,310,000 $1,500,000 $885,000 $1,999,900 $1,300,200 $1,290,000 $1,650,000 $1,915,000
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
Gowanus
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South Red
$580,000 $970,000 $1,609,554 $2,775,000 $695,500 $1,250,000 $918,213 $1,800,000 $975,000 $949,998 $1,575,000 $966,400 $570,000 $1,249,000 $1,425,000 $1,165,000 $935,000 $675,000 $765,000 $1,082,500 $1,810,000 $1,775,000 $869,800 $665,000 $1,950,000 $855,000 $619,096 $1,399,000 $1,150,000
Co-Ops Brooklyn
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
Gowanus
Kensington
Midwood
Ocean Hill
Park Slope
Prospect Heights
Prospect Lefferts
Prospect Park South
Red Hook
Stuyvesant Heights
$340,000 $1,077,509 $2,242,500 $1,075,000 $850,000 $1,864,500 $849,000 $1,902,500 $899,000 $541,500 $1,885,000$450,000 $710,000 $1,575,000 $1,807,500 $1,200,000 $470,000 $500,000 $805,000 $1,175,000 $933,000 $590,000 $727,564 $2,180,410 $1,193,000 $716,000 $1,057,500 $757,000
Q3 2024 Summary • January 1 – September 30, 2024
9,561 -3%
Number of Sales
YTD 2024 vs YTD 2023
94 -3%
Average Days on Market
YTD 2024 vs YTD 2023
$665K 0%
Median Sales Price
YTD 2024 vs YTD 2023
$731K 0%
Average Sales Price
4,433 +6%
Listing Inventory
YTD 2024 vs YTD 2023 Q3 2024 vs Q3 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
$985,000 $757,000 $774,000 $863,000 $965,000 $837,500 $689,864 $389,500 $1,188,000 $850,000 $429,000 $202,500 $320,000 $387,500 $1,056,214 $890,000 $870,000 $407,526 $700,000 $458,000 $807,385 $1,250,000 $685,000 $405,000 $820,000 $690,000 $545,000
Douglaston, NY MLS# 3581623
NEIGHBORHOOD
NEIGHBORHOOD
Town Homes
$1,048,888 $1,150,000 $788,500 $880,000 $979,000 $1,088,000 $885,000 $980,000 $797,500 $1,099,944 $860,000 $881,000 $675,000 $712,500 $425,000 $1,025,576 $872,000 $847,000 $960,000 $727,500 $601,884 $760,000 $1,167,500 $650,000 $1,060,000 $999,000 $710,500 $730,000
NEIGHBORHOOD
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
Richmond Hill
$599,000 $253,500 $257,500 $203,750 $486,720 $350,000 $224,000 $499,999 $370,000 $170,000 $274,999 $330,000 $914,600 $484,289 $470,000 $329,000 $500,000 $365,000
Nassau County
Q3 2024 Summary • January 1 – September 30, 2024
7,186 -5%
Number of Sales
YTD 2024 vs YTD 2023
56 -10%
Average Days on Market
$750K +10%
Median Sales Price
$939K +11%
Average Sales Price
YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023
2,402 -30%
Listing Inventory
2024 vs Q3 2023
Nassau County
/ N. Bellmore
$1,078,500 $647,500 $850,000 $750,000 $2,750,000 $795,000 $905,000 $3,700,000 $5,425,000 $612,500 $1,314,000 $1,680,000 $737,500 $816,000 $705,000 $780,000 $565,000 $1,275,000 $700,000 $982,110 $980,000 $790,000 $725,000 $680,000 $1,250,000 $2,050,000 $675,000
Nassau County
Manhasset Hills
Masspequa / Massapequa Park
Merrick / N. Merrick
$970,000 $1,200,000 $747,000 $632,500 $725,000 $2,087,500 $1,407,500 $725,000 $3,531,000 $810,000 $2,570,000 $675,000 $1,760,000 $840,000 $2,440,000 $689,000 $2,825,000 $2,294,950 $800,000 $2,100,000 $880,000 $1,250,000 $1,075,000 $760,000 $1,299,000 $2,077,500 $1,827,500 $1,160,000
NEIGHBORHOOD
$629,000 $3,720,000 $1,100,000 $705,000 $1,556,500 $799,500 $1,100,000 $2,850,000 $665,000 $693,500 $750,000 $722,250
Glen Cove, NY • MLS# 3575760
Nassau County
NEIGHBORHOOD
Glenwood Landing, NY
MLS# 3569602
Suffolk County
Q3 2024 Summary • January 1 – September 30, 2024
9,161 -2%
Number of Sales
YTD 2024 vs YTD 2023
52 -8%
Average Days on Market
YTD 2024 vs YTD 2023
$625K +12%
Median Sales Price
YTD 2024 vs YTD 2023
$767K +13%
Average Sales Price
3,100 -26%
Listing Inventory
YTD 2024 vs YTD 2023 Q3 2024 vs Q3 2023
$585,000 $975,000 $489,000 $570,000 $832,500 $1,605,000 $748,750 $999,999 $740,000 $660,000 $832,500 $715,000 $1,250,000 $850,000 $2,075,000 $615,000 $675,000 $620,500 $1,875,000 $2,675,000 $900,000 $639,300 $690,000 $705,000 $1,191,500 $925,000
NEIGHBORHOOD
Q3 2024 Summary • January 1 – September 30, 2024
549 +7%
Number of Sales
YTD 2024 vs YTD 2023
76 +11%
Average Days on Market
YTD 2024 vs YTD 2023
$750K +5%
Median Sales Price
YTD 2024 vs YTD 2023
$943K +4%
Average Sales Price
YTD 2024 vs YTD 2023
336 +22%
Listing Inventory
Q3 2024 vs Q3 2023
$940,000 $624,500 $480,000 $1,100,000 $1,185,000 $578,500 $950,000 $897,500 $1,150,000 $885,500
$1,137,500
Q3 2024 Summary • January 1 – September 30, 2024
731 +17%
Number of Sales
YTD 2024 vs YTD 2023
102 +3%
Average Days on Market
YTD 2024 vs YTD 2023
$910K +12%
Median Sales Price
$1.57M +13%
Average Sales Price
691 +20%
Listing Inventory
YTD 2024 vs YTD 2023 YTD 2024 vs YTD 2023 Q3 2024 vs Q3 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
$4,100,000 $3,220,000 $650,000 $1,660,000 $745,000 $1,043,750 $775,000 $872,500 $540,000 $1,788,000 $588,000 $3,125,000$2,650,000 $1,570,000 $1,862,500 $8,700,000$1,750,000 $705,000$3,180,000
$1,506,250 $1,999,000 $2,625,000
631.298.0300
631.298.4130
631.754.3400
516.674.2000
718.638.6500