Will Rising Interest Rates Have a Negative Impact on Long Island?

Will rising interest rates have a negative impact on Long Island home sales?

Here is our update on the Nassau County real estate market and what we predict will happen in the upcoming months.

Nassau County
Average Sales Price
Dec 2021 – $822,921
Jan 2022 – $810,888
decreased 1%

Average Days On Market
Dec 2021 – 58
Jan 2022 – 58
had no change 0%

Average Pending Price
Dec 2021 – $891,196
Jan 2022 – $843,911
decreased 5%

Sale to List Price Ratio
Dec 2021 – 99.51%
Jan 2022 – 99.49%
had no change 0%

Number of Sold Listings
Dec 2021 – 1134
Jan 2022 – 1010
decreased 11%

Months Supply of Inventory
Dec 2021 – 1.8
Jan 2022 – 2.3
increased 28%

Mortgage Rate
Dec 2021 – 3.27%
Jan 2022 – 3.71%
increased 13%

Top Sales
1. $5,250,000- 151 Bayside Drive Atlantic Beach, NY
2. $4,800,000- 14 Quaker Ridge Drive Brookville, NY
3. $3,750,000- 75 Bacon Road Old Westbury, NY
4. $3,750,000- 232 Centre Island Road Centre Island, NY
5. $3,725,000- 535 Split Rock Road Syosset, NY
6. $3,700,888- 41 Beverly Road Great Neck, NY
7. $3,350,000- 15 Stable Court Muttontown, NY
8. $3,330,000- 104 Woodhill Lane Manhasset, NY
9. $3,300,000- 946 W Shore Road Mill Neck, NY
10. $3,025,000- 6 Winfield Terrace Great Neck, NY

0:00 Welcome to the Nassau County Market Update
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Here at Dean Miller Real Estate, we believe in being the guide in your home shopping, purchase and buying processes. Our aim is to put you int he best position possible to become the hero of your story.
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Dean Miller Real Estate is a modern day real estate agency who believes that the status quo is no longer acceptable in the real estate industry. Our goal is to help 10,000 families with their housing needs by the end of 2029 and will achieve this goal by building relationships, by continuously providing up to date information, while using the most cutting edge tools, systems and techniques to help their clients and agents achieve life changing results. Understanding the true needs of their clients is paramount to success.
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To contact us;
3330 Park Avenue, #4, Wantagh, NY 11793
Phone: 516-248-5007
Website: https://deanmillerrealestate.com/
Instagram: https://www.instagram.com/deanmillerrealestate
Facebook: https://www.facebook.com/deanmillerrealestate
LinkedIn: https://www.linkedin.com/in/deanmillerny
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DEAN MILLER REAL ESTATE