R
ichard Haggerty, CEO of OneKey MLS, had high hopes for 2024 but acknowledged that the Long Island market remains challenging due to low inventory and high demand. "It's kind of like a one-note report that we've had ever since the post-COVID boom," he said. The median price of single-family homes in Nassau County was $775,000 in November, while in Suffolk County it was $651,000.

    Buyers are now more willing to compromise, according to Karen Sharf of Daniel Gale Sotheby's International Realty. "Today, buyers go in knowing that the property's going to move quickly, the property's going to go for generally over ask, and that they need to be flexible in terms of what their contingencies are." Sharf advises buyers to do their homework, be educated, and be ready to move fast.

    Richard Haggerty still recommends sellers put their homes on the market, citing high home prices and a lack of interest rate drops. "I think that the time is now, because we're not going to see the low interest rate environment that we had for many, many years," he said. To buyers, Haggerty advises: "Be patient, be nimble, be ready to move when you see a property that you like."

    The National Association of Realtors' vice president of policy advocacy, Bryan Greene, attributed the changes in the real estate landscape to the resolution of lawsuits over broker commissions rules. The settlement established revised practices, including a written agreement between buyers and agents on who will pay the buyer's agent commission.

    Long Island Board of Realtors President Kevin Leatherman likened the new process to hiring a contractor, where the homeowner receives a written estimate and negotiates a fee before work begins. Both the buyer's and seller's agents are still paid using transaction proceeds, but the seller no longer negotiates compensation for both agents.

    Daniel Gale Sotheby's International Realty agent Jeanne Leonard noted that 2024 brought about significant changes in the industry, including revisions to New York State's required property condition disclosure practices. Sellers must now submit a property disclosure form, and Leonard recommends buyers equip themselves with a strong team, including a real estate attorney, broker, and mortgage professional.

    Leonard is optimistic about 2025, citing low inventory and high demand as motivators for buyers and sellers to make a move. "You're never going to have a crystal ball to know what the market's going to do," she said.