Long Island Real Estate: Q2 Records, Fast Sales, and a Market That Still Favors Sellers

Week of July 7–13, 2026
By Jim Haydon | The Haydon Team | Smithtown, NY

If you were hoping the Long Island real estate market would finally start cooling off this summer, the latest numbers are not exactly helping your case.

We just closed out the second quarter of 2026, and Long Island’s housing market is still running hot. The Q2 median sale price reached $761,250, up 5% year-over-year, while the average sale price climbed to $921,983, up 7.8%. Both were record highs.

More than half of all Long Island sales, 55.9%, closed above the last asking price. That is not a soft market. That is, buyers are still competing.

Inventory is improving slightly seasonally, but that does not mean we are suddenly balanced. Active inventory remains roughly 37% below the decade average, which is the real reason prices have stayed so firm.

This week’s update also brings a small but important mortgage rate reminder. Last week, rates briefly dipped to a seven-week low. This week, they moved right back up. That is why trying to perfectly time the market is a tough game. The window opens, then it closes, sometimes before buyers even finish thinking about it.

Here is what buyers and sellers need to know across Long Island, Suffolk, Nassau, and right here in Smithtown.

Mortgage Rates: Last Week’s Window Got Smaller

According to Freddie Mac’s July 9, 2026 Primary Mortgage Market Survey, the average 30-year fixed mortgage rate rose to 6.49%, up from 6.43% the prior week.

The 15-year fixed rate increased to 5.82%, up from 5.79%.

That move is not huge, but it matters. Last week’s 6.43% rate was the lowest level in seven weeks. Buyers had a short affordability window, and this week reminded everyone how quickly rates can change.

The good news is that rates are still lower than they were one year ago, when the 30-year fixed averaged 6.72%. So while buyers may not love the mid-6% range, they are still in a better position than they were last summer.

The practical takeaway is simple: if you are buying, get your financing lined up before you find the house. The right property and the right rate do not always show up on the same day. Being ready gives you options.

Suffolk County: Still Sitting Near Record Highs

The most recent official OneKey MLS data shows Suffolk County’s median single-family sale price at $718,500 in May 2026. That is up 4.1% year over year from $690,000 in May 2025.

Suffolk’s all-time high is $720,000, which means May came in just $1,500 below the record.

The average sold price was $701,250, up slightly month over month. Homes sold in an average of 28 days, down 30% from April. The sold-to-list ratio was 102.1%, which means the average Suffolk home still sold above asking price.

Inventory remains tight at approximately 3.13 months of supply, down 13.8% year over year. That is the part sellers should pay attention to. Even with more homes coming on during the spring and summer season, Suffolk is still tighter than it was a year ago.

Sold listings increased 9.5% month over month, and new pending listings rose 13%, indicating buyers are still moving when the right homes hit the market.

Nassau County: A Record-Setting Market

Nassau County continues to lead on price appreciation.

The median single-family sale price reached $890,000 in May 2026, up 9.9% year over year from $810,000. That is a new all-time record.

The average sale price was $875,000, up 2.9% month over month. Days on market dropped to 30 days, down 14.3% from April. Sold listings increased 19%, and new pending listings jumped 21.4% month-over-month.

Inventory was approximately 3.06 months of supply, even tighter than Suffolk.

Nassau’s market is showing the same pattern we have seen across much of Long Island: buyers are active, inventory is limited, and properly priced homes are still commanding strong results.

Q2 Long Island Overview: Record Prices and Above-Ask Sales

The second quarter tells the bigger story.

Long Island’s Q2 median sale price reached $761,250, up 5% year-over-year, while the average sale price rose to $921,983, up 7.8%. Both figures were record highs.

Bidding activity remained strong, with 55.9% of sales closing above the last list price. That puts Long Island back above the 50% threshold for above-ask sales.

Inventory did rise year-over-year, with approximately 5,135 active listings in Q2, up 6.8%. But context matters. Inventory is still about 37% below the decade average, so we are not close to a balanced market.

The luxury segment also outpaced the broader market, with the top 10% of sales seeing stronger year-over-year appreciation. That is another sign that high-end buyers are still active, especially when the property is unique, well-located, or difficult to replace.

Smithtown: Fast Sales and Strong Sale-to-List Ratios

Here in Smithtown, the June numbers show a market that is still highly competitive.

According to the June 2026 Coldwell Banker area report, the median single-family sold price in Smithtown was $807,500. The average sold price was $831,714.

The most important number may be days on market. The median days on market was just 16 days, tied with June 2025. The average days on market dropped from 33 days last year to 25 days this year, a 24.2% improvement.

The list-to-sold price ratio came in at 104.9%, nearly identical to last year’s 105.1%. That means Smithtown homes are still selling almost 5% above asking price on average.

New listings improved, with 50 homes coming to market in June, up from 42 in June 2025. That is a 19.1% increase.

But sold listings fell to 14, down from 21 last June. That is not a sign that buyers disappeared. It is more likely a reflection of the limited available supply and fewer homes making it all the way to closing during the period.

Year-to-date, Smithtown’s median sold price is holding at $800,000, flat compared with the same point in 2025. The average sold price is also essentially flat at $845,144 compared with $846,703 last year.

In plain English: Smithtown prices are not falling. They are holding a very strong floor, and homes are selling faster.

Realtor.com’s June snapshot adds another layer. Smithtown had approximately 128 active listings, up 21.4% year over year. The median listing price was $849,995, up 7.5%, and the median days on market was 24 days, down 9.4% from last year.

For Smithtown, St. James, Nesconset, Commack, and Kings Park, the message is the same: buyers have a few more options than they did earlier this year, but the best homes are still moving quickly.

What This Means for Sellers

If you are thinking about selling, this is still a strong market.

The biggest mistake right now is assuming that strong market conditions mean you can skip preparation or overprice the home. You cannot.

Buyers are active but also sharp. They know when a home is overpriced. They know when a property needs work. And they know when something better may be coming next week.

The sellers winning right now are the ones doing three things well: pricing correctly, presenting the home properly, and launching with maximum exposure.

That combination is what creates competition. Competition is what creates strong offers.

What This Means for Buyers

For buyers, waiting for the market to soften has not worked out very well so far.

Prices are at record levels across Long Island. More than half of Q2 sales closed above asking. Smithtown homes are still selling in two to three weeks. And rates, while better than last year, are still moving week to week.

That does not mean buyers should panic. It means they need to be prepared.

Have your pre-approval ready. Understand your monthly payment. Know your must-haves versus nice-to-haves. And when the right house comes up, be ready to move.

Speed matters in this market, but so does discipline.

Legislative Update: Private Listings Still in the Spotlight

The New York Fair and Transparent Real Estate Listings Act is still awaiting Governor Hochul’s signature as of July 13, 2026.

The bill passed both chambers of the State Legislature and would require most residential listings to be publicly marketed within one day of a signed listing agreement. Sellers could still opt out, but they would need to do so in writing after receiving a disclosure about the possible tradeoffs.

The main issue is seller transparency. If a home is kept off the open market, the seller should understand that fewer buyers may see it, fewer offers may come in, and the final sale price could be affected.

This is a conversation every seller should be having before choosing a marketing strategy.

The Bottom Line

The Long Island market is still very much a seller’s market.

Q2 brought record prices. More than half of sales closed above asking. Inventory is up slightly, but still far below normal. Smithtown homes are selling quickly and averaging above the asking price. Mortgage rates gave buyers a brief break last week, then moved higher again.

For sellers, this remains a strong summer window.

For buyers, the strategy is preparation, speed, and clarity.

If you are thinking about buying or selling in Smithtown, St. James, Nesconset, Commack, Kings Park, or anywhere across Long Island, now is the time to look at the numbers and make a plan.