The Island Now

North Hempstead home prices continue to rise

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Posted: Thursday, September 22, 2016 10:14 am

With the median price of properties sold in Nassau County rising 4.4 percent since last August, numbers show that the Town of North Hempstead contributed heavily to the rise, according to the Multiple Listing Services of Long Island.

The biggest increase occurred in Port Washington with properties selling for 9.6 percent more this August than in August 2015. The median sales price was $800,000,  up from $730,000  last year and $775,000  in July.

Prices surged in New Hyde Park, too, surpassing last year’s value by $35,000 — a 6.7 percent rise from $520,000 to $555,000. 

Roslyn, Great Neck and Manhasset all saw increases in the past year, despite experiencing some dips throughout the year.

Properties in Manhasset sold for a median price of $1,425,000 in August, surpassing last year’s August price of $1,380,000 by 3.3 percent, and properties in Roslyn increased 2.2 percent, to $802,500.

Floral Park’s price rose again, climbing 3 percent from last year, continuing a trend that has shown a positive increase every month compared with last year.

Although many areas experienced a rise in price, Karen Inglina, a North Shore realtor with Keller Williams, said  signs point toward the market slowing down.

“We are in a seller’s market right now,” she said. “Yes, about 4.5 percent higher, but signs of slowing are on the horizon.”

Inglina said the market will probably slip near December, because affordablity has been on the decline since January while prices outpace wage growth.

Despite the rise in many areas in the Town of North Hempstead, both Mineola and Williston Park struggled throughout the year.

Mineola’s median price for sold properties was only higher than last year’s rates for two months in 2016, tallying $402,500 in August, or 

 2.1 percent less than the previous year.

Williston Park’s median price for sold properties in August was $529,000, down 2.9 percent from last year, making it the ninth time it’s slipped below last year’s value in 12 months.

But in both Mineola and Williston Park, more properties were sold this August compared with last year.

Mineola’s sold property count has risen every month since September 2015 and Williston Park’s sold property count has risen every month since January.

In Floral Park, 257 properties were sold this August, exceeding last August’s total by 28.5 percent.

Port Washington and Manhasset’s median price for sold properties rose since last August, but both towns experienced a drop in properties sold — Port Washington dropping 1.4 percent and Manhasset 3 percent.

Property sales surged in New Hyde Park and Great Neck in the last year. 

In August 2015, 500 properties were sold in Great Neck, and the total rose 12.6 percent this year to 563. New Hyde Park saw a 13.4 percent jump from 262 to 297.

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