Old Westbury ($2,434,374), East Hills ($1,537,161) and Roslyn ($1,312,893) are three villages in our community listed by Newsday among the 53 "million-dollar" communities on Long Island.
Long Island has 53 'million-dollar' communities, Zillow data shows
By Rachel Weiss, [email protected], Tuesday, April 16, 2024
There are 53 "million-dollar" communities on Long Island, according to new data released by Zillow.
The real estate marketplace company found that the United States has reached a record high in its number of cities where the typical home is worth $1 million or more.
There are 550 "million-dollar" cities currently, as inventory lessens and competition ensues on the housing market, according to Zillow's data. Last year, there were 491 cities on this list.
Out of 550 cities, 66 are located in New York State — and most of them are on Long Island. There are 32 Suffolk County communities named in the data, and 21 in Nassau.
Ten of the Long Island communities in the report have typical home values surpassing $2 million.
The priciest "million-dollar" location on the list in New York is Sagaponack, where the typical home value is $5,713,691, according to Zillow. Other East End communities include Water Mill, Bridgehampton, Wainscott and Amagansett.
The highest-priced Nassau location on the list is Sands Point, with a typical home value of $2,801,173, Zillow reported. More "million-dollar" Nassau County communities among the list are Old Westbury, Manhasset, Garden City and Jericho.
There are several North Shore communities in Suffolk included, such as Cold Spring Harbor, Lloyd Harbor and Huntington Bay. Sari Eidelkind serves this area as a real estate agent for Lucky to Live Here Realty, based in Cold Spring Harbor. This part of the North Shore has hovered around a million-dollar home value range for years, she said, even for starter homes.
"Due to this lack of inventory, it’s creating this buyer demand to pay up for what you want, especially if you want a specific ZIP code or address," said Eidelkind, who grew up in Cold Spring Harbor. The typical home value there is currently $1,472,493, according to Zillow.
According to the research, the other 13 "million-dollar" cities in New York State — outside of Long Island — are mostly located in Westchester County. Property size is still a real factor for homebuyers, even amid such a competitive market with climbing prices.
"People are looking for space," said Joyce Mennella, owner and broker of Lucky to Live Here Realty. "If they are staying in New York, they want to be on Long Island."
To read the full article in Newsday, click here.
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