Long Island’s housing market, particularly in Suffolk and Nassau Counties, is still a seller’s market, but the red-hot pace is cooling.
Here’s what we’re seeing:
- Buyer Demand Is Slowing Slightly: Higher rates and affordability concerns are reducing urgency for some.
- Homes Still Sell, Just More Slowly: Days on market are rising slightly — more homes are lingering past the first weekend.
- Sellers Still Hold Leverage: Inventory is low, and serious buyers remain active — especially for well-priced homes.
📉 Cooling Doesn’t Mean Cold
“Cooling” means the market is normalizing, not crashing. Think:
- More time on market before offers roll in
- Fewer (but still some) bidding wars
- Buyers who are taking their time and negotiating more
🏡 For Sellers
If you’ve considered listing, now is still a strong window — but strategy matters. You need:
- Smart pricing from day one
- Strong presentation and staging
- Clear understanding of buyer behavior shifts
💡 The Price-Right Strategy Matters More Than Ever
One of the biggest mistakes sellers make in a cooling market is starting too high and planning to “test” the market. Here’s why that can hurt you:
- Your listing gets the most attention in the first 7–10 days. If you miss that sweet spot with the wrong price, the best buyers might skip it.
- Overpriced homes sit longer, and long market time = red flag to buyers.
- Price drops signal desperation. Even small reductions can make buyers wonder what’s wrong with the property — even if it’s perfectly fine.
Instead, we recommend a data-driven pricing strategy based on nearby sales, market trends, and buyer behavior. Price it right the first time — and let the market reward you.
I can help walk you through recent comps and give you a realistic, strategic price range — not a guess or fluff number.
📊 For Buyers
If you’ve been waiting on the sidelines, you may now have:
- More negotiation room
- Less competition
- A chance to revisit properties that may have been overlooked
Still, the best deals don’t sit long. Being pre-approved and decisive is key.
🔎 What I’m Watching This Week
- Will mortgage rates ease closer to the mid-6s?
- Will we finally see more listings in May?
- Are price drops increasing in your neighborhood?
🤝 Let’s Talk Strategy
Every neighborhood is different. Every house is unique. And right now, precision beats guessing — whether you’re buying or selling.
Want a free home valuation or a quick buyer consultation? I’m here.
Stay smart and stay informed,
— Matthew Klages
Licensed Real Estate Agent | Long Island, NY
📱 (631)792-2550
📧 Matthew@RealtyEvol.com
🌐 MattKlages.com