Market Overview
The Long Island housing market remained strong and seller-favorable through May 2026, entering the peak summer selling season with tight inventory and resilient buyer demand. Seasonal trends aligned with typical spring-to-summer momentum, as families prioritized moves before the school year and holidays like Memorial Day spurred activity. Despite elevated mortgage rates, well-priced, move-in-ready homes continued to attract multiple offers, though overall transaction volume stayed moderated compared to peak pandemic years.
Inventory Levels
Inventory remained historically low, supporting price stability. Island-wide active listings hovered in a tight range, with Nassau and Suffolk showing modest seasonal increases in new listings but still well below balanced market levels (typically 4-6 months of supply). Compared to May 2025, inventory was down approximately 10-17% in key metrics, reflecting limited new construction and homeowners staying put due to locked-in low rates from prior years.
Home Prices
Median sale prices reached new highs in May, driven by low supply.
- Nassau County: Median single-family home price hit a record $890,000 (+9.9% year-over-year).
- Suffolk County: Median climbed to $718,250 (+4.1% year-over-year).
Prices showed modest month-over-month gains from April, consistent with spring/summer seasonality where demand peaks. Year-over-year appreciation remained solid but moderated from double-digit gains in prior years, reflecting a more balanced but still competitive environment.
Mortgage Rates & Outlook
The 30-year fixed mortgage rate averaged around 6.5-6.6% in mid-June 2026. Rates have been relatively stable but elevated, impacting affordability and contributing to selective buyer behavior.
Predictions: Experts forecast rates may ease slightly into the low-to-mid 6% range or upper 5% by late 2026, potentially boosting activity if economic conditions (inflation, Fed policy) cooperate. Inventory is expected to gradually increase with more seasonal listings, which could moderate price growth to 3-6% annually while maintaining seller advantages for well-presented properties.
Key Takeaways for Clients
- Sellers: Prime time to list—low competition and strong pricing power, especially for updated homes.
- Buyers: Act decisively on quality listings; prepare for competition but benefit from professional negotiation in a data-driven market.
As we head into the heart of the summer selling season, the Long Island market continues to reward prepared sellers and decisive buyers in this low-inventory environment. Whether you’re thinking of listing your home to capitalize on strong pricing or exploring opportunities in Nassau or Suffolk County, our team at Jones Hollow Realty Group is here to provide expert guidance every step of the way. Contact us today to schedule a complimentary market analysis or property consultation — let’s turn your real estate goals into reality this season.