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Of the 10 most expensive residential sales to close across Nassau and Suffolk counties since Wednesday, Aug. 28, all 10 sold for below asking price, data from Zillow shows.
The most expensive listing – a one-bedroom, three-bathroom ranch on 1.62 acres in Great Neck that was listed for $7.8 million – closed on Wednesday, Aug. 28, for $6.5 million, 16-percent under asking.
The cheapest of the 10 – a six-bedroom, six-bathroom newer build on one acre in Woodbury that had sought $3.495 million – closed on Thursday, Aug. 29, for $3.350 million, 4-percent under asking.
It would appear Long Island’s luxury housing market is mirroring residential sale trends nationwide, where the typical home sold in June 2024 went for 0.3-percent less than asking price, according to Redfin.
That marked the first time the typical home sold under list price this time of year since the onset of the COVID-19 pandemic in 2020, the real estate website said.
“The likelihood of homes selling below asking price is rising because there’s more supply than demand, at least for certain types of homes in certain parts of the country,” Redfin reports.
“New listings are up 8.2-percent year over year nationwide, while pending home sales are down 4.3-percent, the biggest decline in four months.”
Click here to view the 10 most expensive Long Island home sales on Zillow in the past week.
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