Since the beginning of the year, mortgage interest rates have been on a downward trend. Early in March, rates briefly fell to 6.67% for a 30-year fixed-rate loan, marking their lowest level since October 2024. While rates have started to inch up again as we approach April, they remain in the mid-6% range. Most importantly, home buyers are taking notice! According to the latest Mortgage Bankers Association (MBA) report, mortgage applications are up more than 11%.
The Long Island real estate market typically heats up in the spring as the snow melts, temperatures rise, and the school year winds down. We expect it to be no exception this year. Fueled by strong buyer demand, it could be one of the most robust markets we’ve seen since the height of the COVID market frenzy.
Desirability and High Buyer Demand Will Set the Pace for Long Island Real Estate This Spring
Our local market remains one of the most desirable in the country. Long Island offers the perfect balance—an easy commute to NYC with a quieter, suburban, or even rural lifestyle. With top-rated schools, quality amenities, and larger homes with spacious lots, Long Island real estate consistently commands a premium price—regardless of broader economic fluctuations.
Strong buyer demand out of the gate will help set the pace for the spring 2025 real estate market. If you want to buy, expect competition for the best and most desirable homes. Even if rates fluctuate slightly, they remain well below last year’s peaks, and buyers eager to move before the market shifts are acting now. Working with a Long Island real estate expert with deep connections to both the industry and the community will be critical to your success. Winning a home isn’t just about offering the highest price. Strong terms, persuasive negotiation skills, and positive rapport between the agents matter, too!
Growing Inventory May Reduce Seller Inventory Later in the Year
Long Island’s desirability has kept inventory tight for now, but that could shift later this year as lower interest rates, life changes, and, yes, growing inventory motivate more sellers to enter the market. The latest data shows that the number of properties for sale nationwide has grown by a staggering 27%.
What does that mean as a prospective Long Island home seller? If you plan to move, listing sooner rather than later will allow you to take advantage of this year’s early buyer demand and lower interest rates. Waiting to sell until late summer or fall could mean the market shifts out of your favor. Let’s talk strategy to ensure you get the maximum value for your current property!
As we move further into spring, the Long Island real estate market is shaping up to be one of the most active in recent years. With mortgage rates still well below last year’s peaks, buyers are eager to make their move—meaning sellers who list now can take advantage of strong demand before inventory increases later in the year. Whether you’re looking to buy or sell, strategy matters. As Long Island’s top real estate team, we can help you navigate this shifting market and maximize the opportunities ahead! Let’s connect and put a winning strategy in place for your next move.
