The Federal Reserve has said they will not increase rates this month but indicated there will probably 

be one more increase this year. This suggests the Fed is edging toward a peak in the series of rate 

hikes it unleashed in March of 2022. This unprecedented series of rate increases has made borrowing 

much costlier for consumers and businesses. Industry watchers are forecasting one or two rate cuts 

In 2024. 

Queens County Market Stats 8/2023

The supply of homes for sale is nearing a balanced market with 5.8 months of inventory currently for 

sale (6 months for sale represents a balanced market with equal number of buyers and sellers). 

Sold property sales are down -20.7% from last year at this time while pending sales (in contract) are 

up 4.4%. Sold median closed price was $650,000 and down -4.4% from $680,000, the median closed 

price for this time in 2022. 

Nassau County Market Stats 8/2023: 

Nassau County continues to have a low 2.3 months of inventory for sale – well below the balanced 

Market of 6 months supply. This indicates a real sellers market is the result with limited supply and 

higher buyer demand. Sold property sales are down -16.1% from the previous year, while pending 

sales are down -8.5%. The sold median closed price is $730,000-up 4.3% from last year’s $700,000. 

Sources – Zillow, One Key MLS