Long Island Home Prices Pulled Back. Are Buyers Gaining Ground?
By Jack Cutrone
Licensed Real Estate Salesperson | Patriot Real Properties
Military Relocation Professional (MRP) | Pricing Strategy Advisor (PSA)
Long Island’s September single-family median sale prices were below the August figures, but remained higher than a year earlier. That makes a shift in negotiating power worth watching—it does not establish that Suffolk and Nassau have become buyer’s markets.
For buyers who have struggled with affordability, a monthly price decline is welcome news.
For sellers, it raises a different question: Does this change what my home could sell for?
The answer requires more than one number. We need to understand what fell, how the comparison was made, and whether other market conditions are changing.
What Happened to Long Island Home Prices?
OneKey MLS reported the following single-family median sale prices:
County | August 2026 | September 2026 | Monthly change* |
Suffolk | $760,000 | $740,000 | Down approximately 2.6% |
Nassau | $911,000 | $860,000 | Down approximately 5.6% |
*Monthly changes calculated from the published median figures.
September’s medians remained 2.8% higher than a year earlier in Suffolk and 2.1% higher in Nassau.
Source: OneKey MLS market statistics
Prices can pull back from one month to the next while remaining above the previous year.
A Lower Median Does Not Mean Every Home Lost Value
The median is the middle price among the homes sold during a particular period.
It is not the average, and it does not measure the change in value of every individual property.
If a different mix of homes closes in September than in August, the median can change. Seasonal patterns can also influence monthly comparisons.
A Nassau homeowner should not assume their property lost 5.6% of its value simply because the county’s monthly median fell by that amount.
To evaluate a particular home, look at comparable properties, condition, location, and current competition.
Is Long Island Moving Toward a Buyer’s Market?
It is a reasonable question. The monthly price figures alone cannot answer it.
A buyer’s market involves the balance between available homes and demand. To assess whether that balance is shifting, I would look for several indicators moving together:
More months of supply: Available inventory increasing relative to the pace of sales.
Longer selling times: Comparable homes taking longer to attract buyers.
More price reductions: Sellers adjusting their original expectations.
More negotiation: Buyers obtaining terms or concessions that were harder to secure previously.
A sustained pattern: Changes continuing beyond one monthly report.
OneKey’s September report provides a mixed picture across its broader New York metropolitan service area. Inventory increased, while closed and pending sales declined from a year earlier. However, single-family homes went under contract faster than a year earlier and sold, on average, slightly above their original asking prices.
Those regional findings are a reason to avoid declaring a broad buyer’s market. They also cover counties beyond Suffolk and Nassau and should not be treated as Long Island-only statistics.
Source: OneKey MLS September regional report
My interpretation is that buyers have a reason to examine their options closely. They should not assume every Long Island seller has lost the upper hand.
What This Means for Buyers
You do not need a formal buyer’s market to find a negotiating opportunity.
Start with the individual listing.
How long has the home been available? Has its asking price changed? What work does it need? What similar properties can you choose from?
A listing facing substantial competition may present a different opportunity from a home that closely matches what buyers want at a supported price.
Build an offer around those facts.
Also remember that a lower purchase price does not automatically produce an affordable monthly payment. Review financing, property taxes, insurance, maintenance, and any association fees before deciding what works for you.
For help organizing your purchase, read my First-Time Home Buyer Guide for Long Island:
What This Means for Sellers
Review today’s competition before setting your price.
A strong sale from the summer can be useful evidence, but it needs context. What else is available now? How does your home compare? Have competing sellers adjusted their prices?
As a Pricing Strategy Advisor, I use relevant sales, active listings, property condition, and buyer response to help homeowners evaluate their position.
If a listed home is attracting little activity, investigate the reasons. Price, presentation, condition, and access for showings all deserve attention.
A monthly decline is not a reason to panic. It is a reason to keep your expectations connected to current evidence.
Learn more about selling your Long Island home:
Watch Your Local Competition
Suffolk and Nassau contain many different housing situations. Even within one community, price range and property type can affect the competition a buyer or seller faces.
A county median helps explain the broader picture. The most useful decisions come from reviewing the properties that are genuine alternatives to yours.
That is where you can assess whether buyers have more choices, whether sellers are adjusting, and what a realistic offer or asking price looks like.
Frequently Asked Questions
Did Long Island home prices fall in September 2026?
OneKey’s reported single-family median sale prices were lower in September than in August for both Suffolk and Nassau. Both counties’ September medians remained higher than a year earlier.
Does that mean Long Island is a buyer’s market?
Not necessarily. A monthly median decline does not establish a buyer’s market. Inventory relative to sales, selling times, price reductions, and negotiating conditions also matter.
Did my home lose the same percentage as the county median?
You cannot draw that conclusion from the county figure. A property-specific analysis needs comparable sales, current listings, condition, and location.
Should buyers offer below asking price?
The offer should reflect the particular property and available evidence. An asking price may be well supported, ambitious, or already adjusted. A countywide trend cannot determine the right offer by itself.
Should sellers lower their prices immediately?
Review the property’s position first. Compare competing listings and recent sales, then consider showing activity and feedback before deciding whether an adjustment is appropriate.
Make Your Next Move With Current Information
September’s price pullback deserves attention. It gives us a useful opportunity to discuss whether buyers are gaining ground and how sellers should respond.
The responsible conclusion is measured: monthly medians declined, annual medians remained higher, and the balance of negotiating power needs to be evaluated locally.
If you are buying or selling in Suffolk or Nassau County, I can help you review the competition and develop a plan based on your property, budget, and goals.
Jack Cutrone
Licensed Real Estate Salesperson | Patriot Real Properties
Military Relocation Professional (MRP) | Pricing Strategy Advisor (PSA)
631-926-9592
OneKey MLS county market statistics, including linked monthly county reports:
OneKey MLS September 2026 regional report, published October 14, 2026:
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