Zillow report: 28 LI communities have million-dollar starter homes

"

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

"