What Long Island Homeowners Need to Know about Today's Housing Market

Here’s something every Long Island homeowner should know: our local housing market is shifting back toward a more balanced, healthier place. And while that might sound like a slowdown, it’s actually a positive change — especially if you’re thinking about selling.

The past few years were anything but normal. Homes were flying off the market, bidding wars were the norm, and sellers held all the cards. But that was an extreme seller’s market — not a sustainable one.

Now, we’re returning to a more typical market — and that’s a good thing. There’s still plenty of opportunity if you’re considering selling your home in Nassau or Suffolk County this year or next. You just need the right strategy and the latest local insights.

Here’s your Long Island market update:

1. Inventory’s Up — and Buyer Power Is Balancing Out

Here on Long Island, we’re starting to see inventory rise, especially in some Nassau County communities and eastern Suffolk towns. While we’re not yet at 2019 levels, the number of active listings has noticeably increased compared to the past few spring seasons. That gives buyers more options — and means sellers need to work a little harder to stand out.

But this varies by price point and neighborhood. In some school districts, homes under $700K are still moving fast and drawing multiple offers. In others, especially in the luxury market, buyers are taking their time and negotiating harder.  We are seeing a lot more negotiations and concessions on homes priced over $1 Million. 

Bottom line: more inventory means more competition. You’ll need to position your home strategically — and that starts with pricing.

2. Pricing Right Is Everything on Long Island

We’re seeing a clear trend in Long Island MLS data: homes priced correctly from the start are still selling quickly and often for full asking price. But homes that are even slightly overpriced are sitting — and many are taking price reductions just to get buyers through the door.

Across Nassau and Suffolk, about 20% of active listings last month made at least one price reduction before selling.

That means sellers who are clinging to 2021 pricing expectations may be missing the mark. As Danielle Hale, Chief Economist at Realtor.com, puts it:

“Today’s sellers would be wise to listen to feedback they’re getting from the market.”

In other words, don’t guess. Use your local agent’s expertise — and the most recent comps in your specific school district — to find a price that works. In this market, if your price isn’t compelling, it’s not selling.

3. Flexibility Wins on Long Island Right Now

During the frenzy of the pandemic market, buyers were skipping inspections and making offers well over asking just to get in. That’s not today’s market.

Now, Long Island buyers are being more selective — and they’re asking for reasonable concessions like repairs, credits, or closing cost help. And here’s the important thing: smart sellers are saying yes.

In our local transactions, we’re seeing more deals come together because sellers are willing to negotiate in good faith. According to Redfin’s national data, nearly 44.4% of sellers are making concessions — and Long Island’s market is in line with that trend.

But remember — home values on Long Island have risen dramatically over the past five years. Even if you offer a small concession to close a deal, you’re still likely walking away with a sizable profit compared to what your home was worth just a few years ago.

Bottom Line

This isn’t a bad market. It’s just a different one — more balanced, more thoughtful, and more like what we saw pre-2020. The sellers who are winning right now on Long Island are the ones who understand this shift and lean into it with the right expectations.

Let’s talk about what’s happening in your neighborhood, what buyers are looking for right now, and how to make the most of this moment — whether you’re planning to sell this summer or sometime next year.

Want a personalized home value update or pricing strategy for your home? I’ve got you. Let’s connect.