Long Island’s real estate market stays brutally tight in 2026. Inventory hit a record low in February. Only 4,192 homes listed across Nassau and Suffolk counties. That’s down nearly 20% from last year. Single-family homes dropped even more—to just 3,511 listings, a 20.7% decline.
Why Inventory Crashed
Sellers refuse to list. Many hold low-rate mortgages from past years. Current rates hover near 6%. As a result, homeowners stay put. This lock-in effect shrinks supply fast. Consequently, buyers compete hard for every available property.
Prices Keep Climbing
Nassau County median single-family price reached $850,000 in February. That marks a 6.3% jump year-over-year. Suffolk prices also rose steadily. Homes sell quickly when they appear. Yet overall sales fell because fewer options exist.
What This Means for Agents
Fewer closings hurt commissions. Many agents left the business last year. Part-timers especially struggled with zero deals. Survivors now pivot to rentals or investor properties. However, the grind continues for those who remain.
Spring Outlook
More listings may trickle in during March and April. Still, experts doubt a big surge. Low supply remains the new normal. Buyers must act fast on good listings. Sellers gain leverage if they price right.
This crunch favors prepared buyers and strategic sellers. Stay informed as the market evolves.