Long Island home prices vs. Florida, Georgia, Arizona

If you're in the market for a home on Long Island, there's one number to keep in mind: 700,000.

That was the record-breaking median price of homes on Long Island (excluding the East End) among sales that closed during the July to September period, according to data from real estate brokerage Douglas Elliman and appraisal firm Miller Samuel. In October, median single-family home prices reached $795,000 in Nassau County and $670,000 in Suffolk, according to data from OneKey MLS, the multiple listing service that covers Long Island.

While areas like the Hamptons and the Gold Coast have always fetched eye-watering prices, the Island's increasing median costs have astounded real estate agents. But there's little mystery to the reasons behind Long Island's explosive market, as agents interviewed by Newsday were quick to point to the area's limited housing inventory. Additionally, a period of historically lower mortgage interest rates that ended in 2021, and now have returned to levels seen in the 2000s, also served to heat up the market. Then, there is Long Island's X factor, according to agents: its long-standing desirability.

"Where else can you be 30 minutes from the greatest city in the world and close to shorelines? Long Island has the best shopping, restaurants, schools, beaches, it's insane," said Michael Alpert of Daniel Gale Sotheby's International Realty. "Having all these conveniences are priceless, or in this case, [had] for a $700,000 median price."

So what exactly can the median price buy on Long Island, and how does this compare to other states?

This three-bed, two-bath ranch on a 0.18-acre lot in Babylon Village originally listed at $629,000 and received multiple offers within three days, according to listing agent Megan Gardner of Signature Premier Properties.

"Highly desirable for all segments of the market, ranches are great for first-time homebuyers and anyone wanting to 'rightsize,' " she said. "People really connected with the layout. The home is bright and sunny. The rooms had a great flow."

The home featured a living room with hardwood floors, a large picture window, an eat-in kitchen with stainless steel appliances, granite countertops, high-hat lighting and built-in wine rack, as well as a loft area with a skylight.

Gardner added that homes in the Village of Babylon are highly sought-after, because residents can enjoy amenities like a pool, nine-hole golf course and parks. This house is along the Great South Bay, offering the feel of a seaside town with a vibrant downtown. She added that this area offers easy access to New York City.

"The Great South Bay area in particular — Bay Shore, Babylon, Islip — are particularly resistant to market shifts," according to Gardner. "Homes there will always hold their value and always be sought-after."

This 25-year-old, 2,200-square-foot Colonial with three bedrooms and 2½ bathrooms was a case of the right buyer finding the right home, according to buyer's agent Alpert.

"The buyers were moving from Queens and were looking for more square footage, more yard and proximity to the beaches, parkways — this just seemed to fit the bill," he said. "It checked all their boxes."

This transaction also showed that there's "flexibility in this price range," Alpert said, as it was originally listed at $679,990, and that buyers may find lower priced homes by going farther east.

The West Babylon home offered a landscaped and fenced-in backyard, fireplace, fully finished basement, central air conditioning, updated appliances, security cameras and an attached garage.

Originally listed at $679,999, this 1,309-square-foot Cape with four bedrooms and one bathroom went into contract less than two weeks later after multiple offers, according to listing agent Mary Macaluso of Compass Greater NY.

One of its main perks was that its guts were recently updated, including the electrical and gas heat systems, along with a roof that was replaced five years ago, Macaluso said. It was also "very deep in the neighborhood, a picturesque part of it," featured a "nice" backyard, was close to the Long Island Rail Road station and made of brick, which Macaluso said a lot of buyers found desirable.

"It's convenient to everything, with Jericho Turnpike and Hillside Avenue and all of the shopping," she said. But, she added, the home "needed a complete overhaul."

"It was outdated," she said. "The kitchen wasn't original but it needed to be updated. The sole bathroom also needed to be updated. The full basement was unfinished." She added that thanks to limited inventory, even homes that need extensive renovations often fetch a high price.

This 1,159-square-foot, two-bed, one-bath home didn't last long on the market — about three weeks — before being scooped up for $35,000 more than its $725,000 asking price following multiple offers, according to buyer's agent Sari Eidelkind of Lucky to Live Here Realty.

The one-story Craftsman-style home was renovated in 2023, and featured a covered front porch, fully fenced backyard, fireplace and an open concept living space connecting its living room, dining area and kitchen. The renovated kitchen featured quartz countertops, herringbone tile backsplash and stainless steel appliances.

A mile from Huntington Village, the home provided easy access to restaurants, schools, parks, shopping, town beaches and LIRR station. All these elements, combined with a low-inventory market, created a huge demand for the home, said Eidelkind.

"It was all about timing. When a great turn-of-the-century home comes to the market at the right place, plus with taxes around $10,000 ... it doesn't last long," she said. "It's just a stunning little home. The trifecta of opportunity."

Built in 1957, this 1,450-square-foot Cape with three bedrooms and two bathrooms was one for water lovers: a channel leading out to the bay is in the backyard with space for a boat. It also featured central air conditioning, hardwood floors, a full basement and garage. Originally listed for $649,000, the home went into contract less than a month after it was listed and received multiple offers, said Cynthia Hassan of Brookhampton Realty.

"For a waterfront home, $700,000 is a good deal," said Hassan. "We've been in this industry for 20 years, have seen a lot of gorgeous waterfront homes, and this home was a perfect fit for the buyer," who, she added, is a newlywed local to the area.

The inside of the nearly 70-year-old house also helped seal the deal, said Hassan's partner, Mary Brantmeyer. "It was well-kept and well-preserved. It was immaculate," she said. "The eat-in kitchen is larger than most homes its size. It's on a road off the beaten path."

As to why Long Island homes now are fetching these prices, Brantmeyer said, "It's the price you pay for a wonderful lifestyle. We have good schools, beaches, nightlife, we see more development. You can't buy Long Island anywhere else, it's got it all."

What you can get in other states for a similar amount

Dream of ditching Long Island's shores for desert life? This 3,002-square-foot home equipped with solar panels and an in-ground pool is in a gated community.

It featured three bathrooms, a three-car garage, dual living/dining areas, chef's kitchen with quartz countertops and backsplash, plus soaring ceilings and rows of windows. The primary bathroom had a soaking tub, shower, large walk-in closet and dual vanities.

In the backyard was an expansive covered porch that ran the length of the home, dry bar with quartz countertop, remote-controlled sun shade, outdoor grilling area and a double gas fire pit by the pool seating area.

Located about 40 miles from Atlanta, this 25-year-old, 4,062-square-foot home featured four bathrooms and a 1.78-acre lot with an in-ground pool. It sold in October for $675,000.

The kitchen was renovated in 2022 and featured a quartz countertop, tiled backsplash, black stainless appliances, butcher block top island, breakfast bar, walk-in pantry and hardwood flooring. The family room featured a gas fireplace.

The primary bathroom sported two vanities, a jetted tub, separate shower and walk-in closet. The partially finished basement included a guest bedroom, guest bathroom and TV and game room.

A 300-acre park is within walking distance of the home.

Situated in a gated community between Tampa and Orlando, this 4,120-square-foot home sold earlier this year for $695,000.

The home had four bathrooms, a living room with a cathedral ceiling, outdoor patio and office. The primary bathroom had separate vanities, Jacuzzi tub and oversized walk-in shower. It also had a central vacuum system and in-wall pest system. The kitchen sported granite countertops and stainless steel appliances. The second floor had a laundry chute.