Long Island's housing market has once again reached record highs — but it's not all good news. While home prices continue to soar, the number of sales has declined, and many potential buyers are finding themselves priced out of the market altogether.

“I’m not able to buy a house at this point in time,” says Huntington native Emily Gazzola, expressing the frustration of many young homebuyers. “It’s good for their generation. Not as good for our generation,” she adds, comparing today's market to when their parents were first-time buyers.

According to new data from OneKey MLS, the median sale price in July rose to $860,000 in Nassau County and $702,000 in Suffolk County — both new records. These increases come even as overall home sales have declined across the New York metro area.

“From January, we’re up 6% in Nassau median prices and 4% in Suffolk,” says John Messina, with Daniel Gale Sotheby’s International Realty in Cold Spring Harbor. He points to low housing inventory as a key factor driving prices higher.

Despite rising costs, Messina says demand remains strong.

“Some of the buyers who had stayed on the sidelines are coming back, and we have a whole host of new people — we have a lot of overseas buyers,” he notes.

His advice for those still searching? Stay persistent.

For many, the appeal of Long Island remains undeniable. “It’s tough. It’s a beautiful place to live. Obviously, a lot of people want to live here,” says Gazzola.

Looking ahead, all eyes are on the Federal Reserve, which is expected to make its next decision on interest rates next month. A rate cut could bring more buyers into the market — but until then, the waiting game continues.