Zillow report: 28 LI communities have million-dollar starter homes
The eye-opening report found 237 U.S. cities have a million-dollar price tag for the least expensive home in the area. Five years ago, Zillow said there were only 84 such cities.
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It’s no secret that homes are expensive on Long Island. A new report by Zillow shows the typical starter home in dozens of Long Island communities will cost buyers at least $1 million.
The eye-opening report found 237 U.S. cities have a million-dollar price tag for the least expensive home in the area. Five years ago, Zillow said there were only 84 such cities.
RELATED: NJ now has 21 towns where starter homes cost more than $1 million
Long Island makes up around 12% of these communities. Zillow found 31 cities in New York with million-dollar starter homes—28 of which are on Long Island.
For the first time, the villages of Ocean Beach and East Williston are on the list. Zillow reports that the typical starter home in Ocean Beach costs $1,079,163. In East Williston, the least expensive home is valued at $1,047,565.
Sagaponack rounds out the list as the most expensive area, with the typical starter home valued at $3,022,302.
Realtors said the biggest driver in rising home prices on Long Island is low inventory—and one of the reasons behind that is high interest rates.
“A lot of my customers want to sell, but it’s just not the right time for them right now,” said Jim Szollosi, of Signature Premier Properties. “And that brings into question, where’s the line in the sand with the interest rates? What’s the number where people are going to feel more comfortable putting their home on the market and getting into a new mortgage at that rate? Is it 5%, 4.5%, 5.5%? Where’s that number where people are going to feel comfortable making that move.”
According to Zillow, New York has the second most million-dollar starter home cities.
Here is the full list of Long Island communities:
Sagaponack, NY – Typical Starter Home Value: $3,022,302
Water Mill NY – Typical Starter Home Value: $2,253,479
Wainscott, NY – Typical Starter Home Value: $2,242,528
Sands Point, NY – Typical Starter Home Value: $2,222,625
Bridgehampton, NY – Typical Starter Home Value: $1,992,316
Amagansett, NY – Typical Starter Home Value: $1,957,470
Old Westbury, NY – Typical Starter Home Value: $1,852,154
Quogue, NY – Typical Starter Home Value: $1,776,131
Muttontown, NY – Typical Starter Home Value: $1,643,843
Oyster Bay Cove, NY – Typical Starter Home Value: $1,598,517
Laurel Hollow, NY – Typical Starter Home Value: $1,592,775
Lloyd Harbor, NY – Typical Starter Home Value: $1,549,180
Manhasset, NY – Typical Starter Home Value: $1,503,837
Upper Brookville, NY – Typical Starter Home Value: $1,323,818
Sag Harbor, NY – Typical Starter Home Value: $1,320,635
East Hills, NY – Typical Starter Home Value: $1,302,730
East Hampton, NY – Typical Starter Home Value: $1,269,768
Montauk, NY – Typical Starter Home Value: $1,264,917
Asharoken, NY – Typical Starter Home Value: $1,260,871
Cold Spring Harbor, NY – Typical Starter Home Value: $1,223,474
Remsenburg, NY – Typical Starter Home Value: $1,169,849
Mill Neck, NY – Typical Starter Home Value: $1,157,203
Southampton, NY – Typical Starter Home Value: $1,152,572
Orient, NY – Typical Starter Home Value: $1,152,022
Huntington Bay, NY – Typical Starter Home Value: $1,137,870
*Ocean Beach, NY – Typical Starter Home Value: $1,079,163
Shelter Island, NY – Typical Starter Home Value: $1,072,001
*East Williston, NY – Typical Starter Home Value: $1,047,565
