January 2021 Residential Real Estate Market Update

REAL ESTATE MARKET UPDATE FOR QUEENS & NASSAU COUNTIES, NY – 1/2021
The residential real estate market for Queens and Nassau Counties has continued to be very active since
July, 2020, almost making up for 3 months of closure earlier in the year due to the Covid-19 pandemic.

The sold property median price for Queens increased 7.8% in December – rising to $648,888 from
$602,000 for the same time last year. The sold property median price for Nassau County increased
13% to $606,500 from $536,500 for last year at this time.

Inventory levels vary throughout Queens but average at 7 months with some neighborhoods
Experiencing a shortage of homes for sale. Six months of inventory represents a balance between buyer
Demand and supply of homes for sale, so most areas of Queens have a fairly healthy balance of
Inventory for sale at this time.

Nassau County and Long Island in general have a real shortage of homes for sale with only a 2.6 month
Supply of homes for sale (below six months is a sellers’ market with high demand and multiple bidding
For homes).

What is predicted for 2021? Nationally economists feel uncertainty remains high but they are
optimistic, forecasting US Real Gross Domestic Product (GDP) to expand by a healthy 3.8% in 2021.
Unemployment Is predicted to end at 5.2% for the year . New York City has more difficult budget issues
To deal with since as the commercial market contracted after the virus gripped the city property
Transfer taxes decreased by 50%. This and other budget shortfalls will add to the time necessary to
Recover.

Realtor.com chief economist Danielle Hale expects national home sales to grow 7% and prices to rise another 5.7% on top of 2020’s already high levels. Supply is expected to increase through 2021 as sellers grow more comfortable with the market environment and make their next lifestyle move.

Studies show that although there has been big movement this past year from dense urban cities,
Most have relocated just within 50 miles from their previous home. Similarly we have seen many move
From NYC to Queens and Long Island, and expect that will continue as people look for a larger living
Space, amenities for work space, study space and even multigenerational homes that can
Accommodate their extended family.

Contact us for a free update on your home’s current value, and the latest on our specialized Relocation
Programs, 50+ Lifestyle Moves Program and complete services through our Keit Team Concierge!

Statistics One Key Multiple Listing Service
References: Bisnow, Bloomburg News, Realtor.com