T
he Long Island housing market is experiencing a severe shortage of homes for sale, making it extremely challenging for buyers to find a property that suits their needs. According to William Levin, a broker with ReMax City Square in East Meadow, if a buyer finds a desirable home, they must act quickly as it's unlikely to be on the market for long.

    The root cause of this frenzy is simple economics: a dwindling inventory of houses and high demand. The Elliman Real Estate report reveals that only about 3,200 Long Island homes were listed in the last quarter of 2024, the lowest figure since 2003. As a result, the median home price has skyrocketed to $700,000.

    Jonathan Miller, author of the Elliman Report, attributes this phenomenon to the nationwide problem of low housing inventory, driven by higher interest rates. Consumers who locked into lower mortgage rates years ago are hesitant to sell, leading to a shortage of homes on the market. This is unusual, as typically rising interest rates would lead to decreased home prices.

    Miller notes that he's never seen such an extreme imbalance in his 40-year career. The issue appears to have no end in sight, leaving prospective buyers with limited options and higher prices. "You want a balance between sellers and buyers," Miller said, emphasizing the need for more homes on the market to create a healthier housing market.