Short answer. Long Island is not purely a buyers market or a sellers market right now. It depends on the town, the price range, and how a home is positioned. Some segments still favor sellers, while others give buyers more leverage than they had before.
Right now, Long Island is behaving like a balanced market that leans differently depending on where you look. In lower and mid price ranges, well priced homes are still attracting strong interest. In higher price ranges, buyers are taking more time, asking more questions, and pushing back on price and terms. The market has slowed in pace, but it has not stalled.
For buyers, this means you have more control than you did during the peak frenzy, but not unlimited leverage. You may have more room to negotiate, especially on homes that have been sitting or priced optimistically. At the same time, when a home is priced correctly in a desirable location, competition can still show up quickly. Preparation matters more than timing.
For sellers, the days of testing high numbers without consequence are mostly gone. Buyers are more informed and more patient. Homes that are priced realistically and marketed well are still moving, while homes that start too high often lose momentum. Strategy matters more than speed, and pricing correctly from the start is often the difference between a smooth sale and a long one.
One reason this question is so hard to answer with a simple label is because Long Island is made up of many micro markets. Nassau and Suffolk behave differently. North Shore and South Shore behave differently. A $600,000 home attracts a very different buyer pool than a $1.2 million home. Lumping all of that into one label rarely helps someone make a good decision.
Bottom line. Long Island is not one market. It is many. Buyers have more leverage than before in certain areas, while sellers still hold an advantage in others. The key is understanding where your situation fits, rather than relying on a broad market label.
If you want to know whether the market favors buyers or sellers for your specific town and price range, I’m happy to walk through it with you and give you a clear answer based on today’s data