With 2025’s first quarter complete, we wanted to hear from those with their boots on the ground how Long Island’s real estate market is faring. Was it a good or bad Q1? Have you noticed any changes in response since the close of Q1? What are their expectations for the second quarter?
FoxRidge is a 17-acre estate in Oyster Bay Cove made special by the quiet buffer of surrounding conserved land, is asking $7.5 million. Christina Teagle, Christina F. Porter and Tara M. Fox of Daniel Gale Sotheby’s International Realty represent the property.
(Courtesy of Daniel Gale Sotheby’s International Realty)
Abigail Mago
FIRE ISLAND SALES & RENTALS
Abigail Mago
The first quarter is traditionally a sleepy time on Fire Island, with few showings taking place. That being said, year over year, our showing volume was up considerably as compared to the first quarter of 2024. We’re also pacing way ahead of last year in terms of rental booking volumes, so that is a strong sign for the market as well. Sales inventory levels are up a little bit year over year, which is actually a good thing for us because we have been starved for inventory for so long. Fire Island listing inventory peaked last August with a good chunk of new listings coming on market, and then declined into the fall as properties got sold off. We’ve seen a nice increase in new listings during April in preparation for what is typically the beginning of our busy selling season. It’s probably a little bit too soon to call how the 2nd quarter will stack up, given all of the turmoil in the equities market and the general sentiment of uncertainty. That being said, strong Q1 performance in the Hamptons market, which tends to be a leading indicator of Fire Island market conditions, and record high Wall Street bonuses are both very bullish signs, at least for the luxury segment of the market. While anecdotally, it does feel like the year is off to a bit of a slow start, I tend to think we will see a nice rev up of activity in the second and third quarters. Last year, we had a pretty abysmal first quarter but ended up with a record year, so I think there’s a good chance the activity follows a similar pattern this year.
Annette Alicanti
Douglas Elliman
Roslyn
Anette Alicanti
In the first quarter, mortgage rates remained high, but there is still an abundance of buyers in both the luxury and investor markets. The difference in the market with the higher interest rates is the seriousness of the buyer. I am still seeing a major advantage for sellers because of the lack of inventory. I am seeing a strong second quarter with buyers hoping to buy before interest rates go down, so they can refinance their properties while there is less competition in this playing field. New Construction is on the rise in lower tax areas, creating new housing under the $1 million mark. In this high-interest rate market, cash continues to be king. Sellers are looking for big down payments and highly qualified buyers. High-end areas continue to have multiple offers and soft bidding wars, like in previous years. I’ve gone into 2025 optimistically with lots of new opportunities for my buyers and sellers!
Bryan McMillen
SALES MANAGER
DANIEL GALE SOTHEBY’S INTERNATIONAL REALTY
Bryan McMillen
As we closed out the first quarter of 2025, I was encouraged to see an upbeat real estate landscape here in Nassau County – largely due to an increase in inventory to better match consistently high demand. Despite a degree of national uncertainty and the stock market roller coaster, our Nassau County markets showed real momentum in key spots. Sales volume was up 5% year-over-year and the median sales price rose 9% to $770,000, which signifies the continuously high buyer demand. Inventory increased by 20% – that is a significant increase, which created a healthier balance between supply and demand. Since Q1 ended, we’ve noticed an uptick in activity at open houses. Well-priced properties are still moving quickly, most typically with multiple bids. Buyers are showing increased urgency, possibly due to uncertainty around interest rates and the exhaustive nature of the very competitive market. Sellers continue to benefit from strong pricing. Looking ahead to Q2, increasing inventory might help ease pressure for buyers; I still expect bidding wars, but fewer of them. If mortgage rates hold steady, I anticipate the same consistent activity and pricing strength through the spring. Q1 set a confident tone despite Wall Street uncertainty; that uncertainty remains, but the appeal of Nassau County and other fundamentals suggest we’re on a solid path for the next quarter.
Jack Pearson
THE CEEJACK TEAM
BRIDGEHAMPTON
Jack Pearson
The Hamptons market began lifting off in the first quarter, and since then, with the weather warming, the urge to take the real estate plunge has blossomed. But with that in mind, negotiations are arduous and complicated, requiring the CeeJackTeam at Compass to be laser-focused to finesse the deal through fruition.
Sheri Winter Parker
THE CORCORAN GROUP
CUTCHOGUE
Sheri Winter Parker
So far, I have found the market this year Busy — with a capital B! Our research team determined that single-family home sales on the North Fork have climbed 17% year-over-year during the first quarter, so I don’t think I’m alone! There are a lot of new listings, and sellers are sensitive to pricing. With our guidance, they are thoughtful and realistic about what number they can achieve. I am pleased to report that I’ve taken on approximately $62M in new sales listings since January. Some are already in contract and some are pending contracts, while others are getting ready to launch for the late spring/summer market. On the flip side, buyers are still looking to purchase at all price points. In fact, I think the current stock market volatility has helped real estate sales as it’s a safe place to park money, and it’s a tangible asset to have. It’s the only investment you can also live in and enjoy! With the ongoing demand for homes in our region, I expect that 2025 is going to be a stellar year for North Fork real estate.
Nick Campasano
MANAGING DIRECTOR
THE AGENCY
SOUTH SHORE OFFICE
Nick Campasano
Coming out of 2024, I wasn’t entirely sure what to expect from the market. Last year was incredibly active for me personally, but questions around interest rates and inventory remained constant — and those conversations haven’t quieted down in 2025 either. Despite the ongoing uncertainty, Q1 of this year turned out to be one of my busiest first quarters to date. As professionals in this industry, we can’t sit back and wait for rates to drop or listings to fall into our laps. Instead, we need to actively generate opportunities — whether that means finding untapped inventory, re-engaging overlooked segments, or collaborating in new ways. Creativity isn’t optional anymore; it’s essential. That said, I’ve noticed an uptick in buyer hesitation, driven not just by interest rate volatility, but also by price point and location. Certain markets are experiencing more pronounced slowdowns, while others remain active and competitive. It’s become clear that buyers are growing increasingly selective; areas offering value, strong amenities, or perceived long-term stability are seeing less resistance and quicker movement. If rates stabilize, and that confidence trickles across more segments, I believe we’re in for a strong and busy summer season. There’s demand out there — it’s just about how and where we meet it.
Molly Deegan
BRANCH REAL ESTATE GROUP
SEA CLIFF
Molly Deegan
In Q1 2025, Long Island’s real estate market remained highly competitive, with record-high prices driven by low inventory and steady demand. In Nassau County, the median home price climbed to $795,000 — a 5.7% increase year-over-year — while Suffolk saw a more dramatic 13.3% jump to $680,000. Many homeowners are holding onto low mortgage rates, which has tightened inventory even further, down over 6% from last year. At Branch Real Estate Group, we’ve seen this firsthand. Buyers are motivated, but they’re facing limited options and longer decision timelines. Homes are spending more time on the market, with average days on market reaching 66 in Nassau and 64 in Suffolk, signaling a subtle shift from the frenzy of recent years. Looking ahead to Q2 and beyond, we expect prices to remain strong, especially in high-demand areas like the North Shore and coastal Suffolk. However, rising inventory — should it materialize — could begin to rebalance the market slightly. Affordability will continue to push buyers east toward communities like Riverhead and Patchogue. If you’re considering buying or selling in 2025, it’s crucial to partner with a local expert who understands the nuances of this evolving market. I’m here to help you navigate it every step of the way.
Jacob Simon
THE PORT JEFFERSON TEAM
SERHANT.
Jacob Simon
Quarter one was a great quarter here on Long Island. Demand remains high, but there are still not enough sellers to meet it. Since the end of quarter one and moving into quarter two, we’re seeing some economic uncertainty causing buyers to pause big decisions, like moving, to wait and see how things unfold. However, the luxury market is rising as investors shift cash from the declining stock market into stable, high-value real estate, like luxury homes. I expect the market to stay hot in quarter two, especially due to seasonal demand. A major shift would be needed to rebalance low inventory and high demand, and I don’t see this happening this quarter.
This article appears in the May edition of Behind The Hedges Powered by the Long Island Press. Read the full digital edition by tapping here. To read past Real Estate Roundtables, click here.