A million dollars won't get you what you might expect in this housing market.

Prices for houses on Long Island have gone up since the pandemic began, and as a result, prices with a high price tag look a lot different.

"A lot of people think for a million-dollar home, they want everything brand new, everything updated," says real estate agent Adriane Shamlian.

A five-bedroom, three-bathroom multifamily home in Floral Park is being listed by Shamlian and Peter Caputo at ERA/Caputo Agency for over $1 million.

They both say many properties are hitting that mark now.

"It's not uncommon now to be over $1 million in a house," Caputo says. "The prices of houses have been going up because of the shortage of inventory."

The trend is being seen across the country.

The real estate website Redfin says a record 8.2% of American homes are now worth $1 million or more.

That is nearly twice as many as there were before the pandemic began.

Raqif Clanton is trying to buy a home in the Elmont area, but he says his budget is well under $1 million.

"$500,000, $600,000, I think that's a little too steep," Clanton says. "I'm just going to keep looking."

Experts say getting pre-approved can help people compete against cash buyers.

It's also important to have an open mind and be willing to make compromises.

Prospective homeowners can also be open to buy a fixer upper if they plan on keeping the house for a long time.