Real Estate Trends on Long Island: Highest-Priced Areas and Price Changes in Recent Years

Long Island, New York, is home to some of the most expensive real estate in the country, particularly in Nassau County and parts of Suffolk County. The highest prices are concentrated in the Gold Coast on the North Shore, The Hamptons, and North Fork.

1. The Hamptons

The Hamptons, including areas like Southampton, East Hampton, and Sagaponack, consistently have some of the highest real estate prices. Known for their luxury estates and vacation homes, prices have seen substantial growth in the last few years. The COVID-19 pandemic intensified the demand as people sought second homes, driving up prices by over 20-30% since 2020. Sagaponack, for instance, frequently ranks among the most expensive zip codes in the U.S., with median home prices exceeding $5 million.

2. North Shore’s Gold Coast

The North Shore of Long Island, often referred to as the “Gold Coast,” is famous for its historic estates and affluent communities. Towns such as Great Neck, Manhasset, and Old Westbury continue to experience high real estate demand. Over the past five years, real estate prices in this region have steadily climbed, driven by limited supply and proximity to New York City. The median home price in Manhasset now hovers around $2 million.

3. North Fork

Though historically more affordable than the Hamptons, North Fork has become increasingly popular, with vineyards, waterfront properties, and a laid-back lifestyle attracting buyers. Home prices in Greenport and Southold have seen a significant increase, particularly over the last two years, with some areas reporting a 15-20% rise due to heightened interest from city dwellers.

Price Trends Over the Last Few Years

The real estate market on Long Island, particularly in high-demand areas, has seen rapid appreciation in recent years. This trend accelerated during the pandemic as buyers sought more space and second homes, resulting in bidding wars and skyrocketing prices. However, in 2023 and 2024, the market began to stabilize somewhat, although prices remain elevated. Overall, median home prices in these luxury markets are 30-50% higher than they were five years ago, reflecting both increased demand and limited inventory.

Despite some recent stabilization, the demand for luxury properties in these regions ensures that prices will likely continue to trend upward, albeit at a slower pace than in the immediate post-pandemic period. Buyers looking to invest in these areas should be prepared for competitive markets and significant price tags.