Long Island Real Estate: Summer Arrives, Prices Hold Firm

Summer is officially here, and the Long Island real estate market is still telling a familiar story: tight inventory, strong prices, and buyers who have not disappeared.

The latest May 2026 market data shows a market that has not cooled the way many people expected heading into the warmer months. Pending sales increased in both Suffolk and Nassau. Homes are still selling quickly. And even with mortgage rates hovering around 6%, buyer demand remains strong.

For anyone waiting for the market to “finally slow down,” the numbers are pretty clear: that slowdown has not shown up in any meaningful way.

Here’s where things stand right now across Suffolk County, Nassau County, and here in Smithtown.

Suffolk County: Prices Still Near Record Highs

In Suffolk County, the median sale price for single-family homes reached $718,500 in May 2026, according to OneKey MLS data. That is up 4.1% from May 2025, when the median was $690,000, and is only $1,500 below Suffolk’s all-time high of $720,000, reached last year.

The reason prices are holding firm is not complicated: there still are not enough homes for sale.

Suffolk County had 3.13 months of supply in May, down 13.8% from a year earlier. A balanced market usually needs about five to six months of supply. Suffolk is still well below that, which means sellers continue to have the advantage when a home is priced and presented correctly.

Homes are also moving quickly. The average days on market dropped to 28 days, down sharply from April. Sold listings increased 9.5% month-over-month, and new pending listings jumped 13%.

The sold-to-list price ratio came in at 102.1%, meaning homes are still selling above asking price on average.

That does not mean every home sells in a weekend. Overpriced listings are still sitting. But when a property is priced correctly, shows well, and launches with the right strategy, buyers are still stepping up.

Nassau County: A New Record High

Nassau County pushed even higher in May, setting a new record.

The median sale price for single-family homes reached $890,000, up 9.9% from $810,000 in May 2025. That is the highest median sale price ever recorded for Nassau County.

Inventory remains extremely tight, with only 3.06 months of supply. Closed sales rose 19% month-over-month, while new pending listings surged 21.4%. Days on market dropped to 30 days, down 14.3% from April.

Nassau is currently outpacing Suffolk in appreciation, and the price gap between the two counties continues to widen.

Across Suffolk and Nassau combined, there were 5,987 homes listed for sale at the end of May, down from 6,565 homes at the same time last year. That is an 8% decline in available inventory.

At the same time, contracts signed reached 2,465, up 12.6% from May 2025.

That tells the real story. Buyers are still active. The issue is not a lack of demand. The issue is a lack of available homes.

Smithtown: Still One of Long Island’s Tightest Local Markets

Here in Smithtown, the local market continues to reflect the same pattern we are seeing across Long Island: limited inventory, strong pricing, and quick-moving buyers.

Redfin’s most recent monthly data shows Smithtown’s median sale price at $850,000 as of March 2026, up 10.4% year-over-year. Price per square foot reached $428, up 16.5% from the prior year.

That price-per-foot jump matters. It shows buyers are still willing to pay a premium for homes in Smithtown, especially when the home is updated, well-maintained, and positioned correctly.

Zillow’s latest available data shows the average Smithtown home value at approximately $812,922, up 7.4% over the past year. Homes are going pending in about 18 days, meaning a properly priced home is often under contract in less than 3 weeks.

The surrounding areas within the Town of Smithtown, including Kings Park, Commack, Nesconset, and St. James, are seeing similar conditions. Well-presented homes are attracting strong activity. Overpriced homes are being forced to wait.

That is the filter in this market. Buyers are active but not careless. They will move quickly on the right house, but they push back on anything that feels stretched.

Mortgage Rates: Stable, Not Perfect, But Manageable

According to the Freddie Mac Primary Mortgage Market Survey for the week of June 25, 2026, the average 30-year fixed mortgage rate was 6.49%, up slightly from 6.47% the week before. The average 15-year fixed rate was 5.84%.

That weekly increase is minor. The bigger picture is that rates are lower than they were a year ago, when the 30-year fixed averaged 6.77%.

Buyers waiting for rates to drop dramatically are still waiting. But the serious buyers have adjusted to the market in front of them. They are writing offers, getting into contract, and competing for the homes that make sense.

Nobody loves a 6.49% mortgage rate. But buyers have learned that waiting for the perfect rate can mean paying more for the house later.

What’s Happening in Albany and the Industry

There are also a few important industry developments worth watching.

The New York State Legislature passed the Fair and Transparent Real Estate Listings Act in early June with overwhelming bipartisan support. If signed by Governor Hochul, the law would require agents to publicly market most residential listings on the MLS or another publicly accessible platform within one calendar day of signing a listing agreement.

Sellers would still be allowed to keep a home off-market, but they would need to sign a state disclosure form acknowledging that private marketing could result in fewer offers and a lower sale price.

This is a major development in the ongoing debate around private listings, office exclusives, and seller transparency.

Separately, the New York Attorney General’s office has opened an antitrust investigation into Compass following its $1.6 billion acquisition of Anywhere Real Estate. The investigation focuses on concerns about market dominance and private listing practices.

The real estate industry is changing quickly, and these issues will likely shape how homes are marketed in New York going forward.

The Bottom Line

Heading into summer, Long Island’s real estate market is not cooling off in any meaningful way.

Prices are at or near record highs in both Suffolk and Nassau. Inventory remains tight. Buyer demand is still active. And homes that are priced, prepared, and marketed correctly are still selling quickly.

For sellers, the fundamentals remain strong. This is still a market where preparation, pricing, and launch strategy matter.

For buyers, the competition is real. The best homes are not sitting around waiting. You need to be ready, educated, and decisive when the right property comes up.

If you have questions about the market, your neighborhood, or what your home may be worth in today’s conditions, reach out anytime.