L
ong Island's median home price has reached a record-breaking $700,000, according to data from Douglas Elliman and Miller Samuel. This figure is based on sales that closed between July and September. In October, the median single-family home prices in Nassau County were $795,000, while in Suffolk County they were $670,000.

    Real estate agents attribute Long Island's high prices to its limited housing inventory and historically low mortgage interest rates that ended in 2021. The area's desirability is also a major factor, with many buyers willing to pay top dollar for the convenience of being close to New York City and having access to good schools, beaches, and shopping.

    A $700,000 budget can buy a range of homes on Long Island, depending on location and condition. For example, a 0.18-acre lot in Babylon Village sold for $629,000 but received multiple offers within three days. The home featured a living room with hardwood floors, an eat-in kitchen with stainless steel appliances, and a loft area with a skylight.

    In West Babylon, a 2,200-square-foot Colonial with three bedrooms and 2½ bathrooms was sold for $655,000 after being on the market for just three weeks. The home had a landscaped backyard, fireplace, fully finished basement, central air conditioning, updated appliances, security cameras, and an attached garage.

    A $700,000 budget can also buy a waterfront home in Center Moriches that backs up to Orchard Neck Creek. This 1,450-square-foot Cape with three bedrooms and two bathrooms was built in 1957 and features central air conditioning, hardwood floors, a full basement, and garage. The home received multiple offers and went into contract less than a month after it was listed.

    In comparison, similar budgets can buy larger homes in other states. For example, a $675,000 budget can buy a 3,002-square-foot home in Arizona with solar panels and an in-ground pool, or a 4,062-square-foot home in Georgia on a 1.78-acre lot with an in-ground pool. In Florida, a $695,000 budget can buy a 4,120-square-foot home with four bathrooms and a living room with a cathedral ceiling.

    Real estate agents say that Long Island's high prices are the price of a wonderful lifestyle, with good schools, beaches, nightlife, and development opportunities. As one agent said, "You can't buy Long Island anywhere else – it's got it all."