Manhasset Real Estate Market Update: October 2024
The Manhasset real estate market has undergone remarkable changes over the past decade. From 2012 to 2024, we’ve seen significant shifts in home prices, market activity, and inventory levels. These changes reflect both local and national economic trends, making this an ideal time to evaluate the market's current state.
Below, we’ll break down the most critical updates in median sales prices, average time on the market, and housing inventory.
Comparing Manhasset Housing Trends: October 2012 vs. October 2024
The data clearly shows how Manhasset’s real estate market has evolved, moving from a balanced market in 2012 to a strong seller’s market in 2024.
Median Sales Price
One of the most striking changes is the increase in home values. In 2012, the median sales price for a home in Manhasset was approximately $800,000. Fast forward to 2024, and that figure has skyrocketed to $1,725,000—a staggering 115% increase in just over a decade.
This growth highlights the increasing desirability of Manhasset as a residential area. Factors such as excellent schools, proximity to New York City, and a strong sense of community continue to make Manhasset a sought-after location for buyers.
Average Market Time
Homes in Manhasset are selling much faster than they did a decade ago. In 2012, the average market time was around 55 days. In 2024, homes sell in just 27 days on average, representing a 51% decrease.
This shift demonstrates the intense competition among buyers. Low inventory and high demand create a sense of urgency that leads to quicker sales. Homes in desirable neighborhoods often receive multiple offers, with many selling above the asking price.
Inventory of Homes
Housing inventory in Manhasset has also seen a dramatic decline. In 2012, the inventory level was seven months, offering buyers a balanced market or even a slight advantage. However, by 2024, inventory had dropped to just 3.04 months—a clear indicator of a seller’s market.
When inventory falls below six months, it signals that more buyers than homes are available. In Manhasset, this imbalance has contributed to rising prices and quicker sales, creating a challenging environment for buyers but a lucrative one for sellers.
What These Changes Mean for You
Manhasset’s real estate market trends highlight a thriving community with strong property values and consistent demand. Here’s what this means depending on your real estate goals:
For Sellers
If you’re a homeowner, this is an exceptional time to consider selling. Rising home prices, reduced market times, and low inventory levels make now a seller’s dream. Buyers are competing fiercely, which can lead to higher offers and favorable terms.
Even if you’re not planning to sell immediately, understanding your home’s current value is essential. With property values up significantly, you may be surprised at how much equity you’ve built over the years.
For Buyers
While the market heavily favors sellers, buyers should act quickly and decisively. With limited inventory and homes selling faster than ever, it’s crucial to have a strong strategy in place. Working with a knowledgeable real estate professional can help you navigate competitive bidding situations and secure the right home for your needs.
Why Manhasset
The appeal of Manhasset continues to grow. Its blend of suburban charm and urban convenience makes it a top choice for families, professionals, and retirees. Key factors driving demand include:
- Highly rated schools: Manhasset is known for its top-tier public and private schools.
- Commuter-friendly location: With quick access to New York City via the Long Island Rail Road, it’s an ideal spot for those working there.
- Vibrant community: From charming shops and restaurants to beautiful parks and recreational spaces, Manhasset offers a high quality of life.
Ready to Make a Move?
The Manhasset real estate market is dynamic and full of opportunities. Whether you’re considering selling, buying, or simply curious about your home’s current value, now is the time to take action.
Contact me, Rachel Doppelt, at 646-780-9190 or visit my link for a FREE Market Analysis. I’ll help you navigate the market confidently, ensuring you get the best possible outcome for your real estate goals.
Let’s work together to make the most of this thriving market. Manhasset has so much to offer—don’t miss your chance to be part of this incredible community!
