Thursday, October 1, 2026
Low housing inventory and strong buyer demand continues to shape the real estate market across the Five Towns, where homes are selling quickly and, in many cases, above asking price.
Local agents say limited supply combined with an aging housing stock is also contributing to a growing number of rebuilds, as buyers weigh the cost of renovation against starting from scratch.
“There is low inventory,” said Gil Shemtov, a Woodmere-based agent with Douglas Elliman. “Whatever is coming on the market is moving.”
Ronnie Gerber, a Hewlett-based agent with the same firm, said properly priced homes are often generating multiple offers.
“If the homeowners are reasonable with the price, very often they’re getting over the asking, because they’re creating bidding wars,” Gerber said.
Why low inventory is driving competition
The shortage of available homes has created what agents describe as urgent demand, with buyers acting quickly when properties become available.
“Very, very good,” Gerber said of current demand. “There’s a lot of pent-up demand for houses, because there’s been so few for so long.”
Homes that are priced appropriately are moving at a rapid pace, Shemtov said, while overpriced listings tend to sit longer and lose momentum.
“If it’s priced right, it goes,” he said.
The pace of the market has left little room for hesitation. Shemtov described situations where homes receive multiple offers within days, sometimes before an open house even takes place.
“They can’t drag their feet because it’s gone,” Gerber added.
Aging homes prompting rebuild decisions
Much of the Five Towns housing stock dates to the 1950s, which is influencing how buyers approach newly purchased properties.
“Everything was built in the 50s,” Gerber said. “So, when people buy things and they start to think that they’re going to renovate them, as they start to do it, they realize you might as well just rebuild the house.”
Rising construction costs and outdated systems — including plumbing, electrical and roofing — are often revealed once renovation begins, agents said, shifting projects toward partial or full teardowns.
“If you’re going to put in a couple hundred thousand or a million dollars, you might as well rebuild,” Gerber said.
Shemtov said many homes fall into a renovation cycle of about 10 to 15 years, but buyer preferences are increasingly favoring newer construction or fully updated properties.
“A lot of people have the mindset that new and pretty is going to go much faster,” he said.
Renovated homes hold a clear advantage
Move-in-ready homes continue to command strong interest, in part because they offer cost certainty in an unpredictable construction environment.
“It’s always better to sell one that’s done,” Gerber said. “They know exactly what they’re spending.”
Buyers purchasing homes in need of work face both financial and logistical challenges, particularly when renovation costs are unclear.
“You never know how much money or how extensive it’s going to be,” Gerber said.
Shemtov added that many buyers prefer avoiding renovation altogether, especially in households where both partners are working.
“They don’t have time to do the renovations,” he said.
As a result, updated kitchens and bathrooms — often the most disruptive and costly upgrades — remain key selling points.
Market conditions expected to remain steady
Agents said the current conditions follow a slower winter season, when snow and weather limited both listings and buyer activity. As conditions improved, activity increased on both sides of the market.
“I think it’s going to pretty much stay the way it’s been,” Gerber said.
Both agents expect continued competition for well-priced homes, along with sustained demand from buyers prepared to act quickly.
“The takeaway here is simple,” Shemtov said. “Buyers need to be prepared because when it comes, and it’s good, it goes quick.”
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