How Does The Long Island Market Stack Up Nationally?

Long Island Real Estate: How Do We Stack Up Nationally? 🤔 My Take!

Hey there, Long Island! Thomas Brady here, your Licensed Associate Real Estate Broker from Vintage American Realty, bringing you the latest insights from our fascinating local real estate market.

We all know Long Island is a special place, and our housing market is no exception! But have you ever wondered how Nassau and Suffolk Counties stack up against the broader national real estate trends? Let's dive in! 🧐

💰 Price Tag: Long Island's Premium Living 💰

First things first, let's talk numbers. When you look at median home prices, Long Island is definitely playing in a different league than the national average.

• Our Home Turf (Q1 2025 data, and recent updates):

  • Nassau County: We're seeing median single-family home prices around $810,000 - $820,000, with a May 2025 median sold price of about $779,912. Wow!

  • Suffolk County: A bit more accessible, with median single-family home prices around $670,000 - $655,000, and an April 2025 median sold price of $645,276.

  • Overall Long Island (April 2025): The median sale price sits around $705,000.

• National Average: To put that in perspective, the national median home value is closer to $303,400.

The Takeaway: We're living in a highly desirable, and therefore, higher-priced market. Our proximity to NYC, fantastic schools, and vibrant communities command a premium! 🏞️🏫🏙️

📈 Appreciation: Our Homes Are Gaining Value! 📈

Good news for homeowners! Our properties have been appreciating nicely, often outperforming or keeping pace with national trends.

• Long Island Love:

  • Nassau County: Saw a strong 11% - 12.3% year-over-year increase in Q1/March 2025, and 8.2% in May 2025!

  • Suffolk County: Not far behind with 11.7% in Q1 and 7.4% in March 2025, with an impressive 10.4% in April 2025.

  • Overall LI: A healthy 7.5% increase last month compared to last year.

• National Trend: While national appreciation can vary, Long Island's consistent growth underscores the enduring demand for our unique lifestyle.

The Takeaway: Your Long Island home isn't just a place to live; it's a solid investment that's growing in value! 🏡💰

📉 Inventory: The Scarcity Challenge Continues 📉

This is where Long Island truly stands apart. We've been experiencing critically low inventory for what feels like ages, and it's a key driver of our market's dynamics.

• Our Tight Market: At the end of January 2025, we had under 5,000 homes listed across both counties! That's a tiny number for our population. Nassau's single-family inventory was down 9% year-over-year in March, and Suffolk's overall inventory shrank by over 5% in January.

• National Picture: While inventory is a concern nationally, Long Island's situation is particularly acute due to limited new construction and sustained buyer interest.

The Takeaway: Low supply means more competition for buyers and continued price stability for sellers. If you're thinking of selling, now might be your moment! 🚀

⏱️ Days on Market: A Slight Slowdown (But Still Quick!) ⏱️

We're seeing a slight shift here, which is a good sign for buyers seeking a little more breathing room.

• LI's Pace: In April/May 2025, homes on Long Island sold after about 34 days on the market (Redfin data). We also saw Nassau homes take about 10 more days in January compared to last year.

• National Context: A rising "Days on Market" often signals a market cooling from a frenzy. While our market is still moving quickly, it's not the lightning speed we saw during the peak of the pandemic.

The Takeaway: Buyers, you might have a bit more time to make a decision, but desirable homes still move fast! Sellers, pricing correctly is more important than ever. 🎯

💸 Mortgage Rates & Affordability: The Current Reality 💸

High mortgage rates are impacting everyone, and on Long Island, where prices are already elevated, it's an even bigger factor.

• LI's Affordability Squeeze: With rates around 6.5% to 7% for a 30-year fixed loan, the cost of homeownership here is significant. This is leading to fewer bidding wars and buyers being more selective.

• National Impact: This is a national trend, but its effect is magnified in high-cost-of-living areas like ours.

The Takeaway: Affordability is a challenge, but serious buyers are still in the market. It means fewer casual lookers and more committed purchasers. 💪

🤝 Buyer vs. Seller Market: Finding Our Balance 🤝

We're seeing a subtle shift. While prices remain strong, the market is moving from an extreme seller's advantage to a more balanced playing field.

• LI's Evolution: Buyers are becoming more discerning, looking for value, and sometimes asking for concessions, especially on homes that need a bit of TLC or are aggressively priced.

• National Trend: Many areas are experiencing this normalization after years of intense seller-dominated conditions.

The Takeaway: It's still a good time to sell, but the days of multiple no-contingency offers might be fewer. For buyers, there's a bit more room to negotiate, particularly if you're prepared to make a smart offer. 😉

My Final Thoughts 🏡❤️

Long Island remains a robust and highly sought-after real estate market, consistently operating at a premium compared to national averages. Our unique blend of suburban charm, excellent amenities, and proximity to major metropolitan areas ensures sustained demand.

While national trends provide a benchmark, our local market truly marches to the beat of its own drum!

Whether you're looking to buy your dream home, sell your current property, or just want to chat about the market, don't hesitate to reach out. I'm always here to help you navigate the nuances of Long Island real estate!