Long Island condo prices rise 15.6% in Nassau, 12.5% in Suffolk in July

Long Island homeowners looking to downsize often turn to the condo market, but recent data show that option getting significantly more expensive. 

Condo prices in both counties are increasing faster than in the single-family home market. The median condo price in Nassau County in July rose 15.6% to $870,000, compared with the same month a year ago. That was higher than the $860,000 median price for single-family homes in July, which increased 6.8% as compared with July 2024, according to data from OneKey MLS.

In Suffolk County, condo prices have been surging as well but still come at a discount when compared with the typical house. The median price for a condo was $537,000 last month, or 12.5% more than the same figure a year ago. The median single-family home price was a record $702,000 during the same month but rose at a slower pace, 6.5%, compared with the year before.

Data on condo prices can be volatile because far fewer sell each month compared with houses. In Nassau, 61 condos sold last month, while 137 units sold in Suffolk. However, OneKey data on hundreds of sales over the past 12 months show that July was not an anomaly and the pattern of fast-rising condo prices has persisted.

Condo prices rose 16.9% in Nassau and 11.7% in Suffolk when counting all sales recorded over the past 12 months, compared with the same stretch a year earlier.

Newly built condos that cater to luxury buyers have driven prices higher, said Jonathan Miller, CEO of Manhattan appraisal firm Miller Samuel.

"The lower end of the market gets very little new supply," Miller said.

Long Island’s condo market is outperforming the country as a whole. U.S. condo prices fell about 1.8% in July compared with the previous year, according to data from ICE Mortgage Technology. Nine of the 11 condo markets where prices fell the most from a year ago were located in Florida, with Cape Coral on the Gulf Coast seeing the greatest decline, 13.4%, according to the report. Florida’s condo market has also been hurt by rising insurance costs and special assessment fees to cover building improvements.

Lyssa Gugliotta, an associate broker at Howard Hanna Coach Realtors in Smithtown, said condo buyers often include younger buyers looking to own for the first time or older Long Islanders looking to shed the responsibilities of home maintenance, such as snow shoveling and landscaping.

But they’re finding that available condos aren’t always significantly cheaper than homes on the market, Gugliotta said.

"Years ago, they were just so much more affordable," Gugliotta said. "The taxes are high, the HOA [fees] are high. When you add it all up, it’s not like you’re saving a lot, but there are conveniences that you’re getting."

It can be hard for buyers to find a condo that meets their needs at a price they're willing to pay, Gugliotta said. Availability is improving in Suffolk, where the number of condo listings rose nearly 16% as of the end of July, but the same figure fell by almost 21% in Nassau, according to OneKey data.

One issue is that condo owners are staying put for longer given rising home prices and elevated mortgage rates, Gugliotta said.

"People who thought, ‘I’m just going to stay in this for two years,’ they’re staying for longer, so the condos aren’t turning over," she said.

Condo buyers have more to consider than merely the price. Communities come with different amenities as well as monthly costs for upkeep of common areas. Buyers also must consider whether a development charges any special assessment fees to make major building upgrades.

Some older homeowners on Long Island are resistant to moving to a condo where they will be responsible for monthly charges, said John Anthony Savoca, a real estate agent at HomeSmart Premier Living Realty in Melville. That has contributed to Long Island’s significant shortage of single-family homes for sale, he said.

"The idea of paying a large HOA [fee] on top of a price for a condo is a very difficult thing for many people to swallow," he said.