Long Island condo prices are down in 2026 through middle of the summer

Long Island condo prices have fallen in both Nassau and Suffolk counties so far this year, but agents said a shortage of options for buyers means bargains will continue to be hard to find.

The median condo sale price in Nassau County was $770,000 among sales that closed through the end of July, which was 5.3% lower than the $813,500 median price during the same stretch in 2025, according to the latest data from OneKey MLS.

The dip was less significant in Suffolk County, where the median condo price year-to-date, at $512,500, fell 2% compared with the same seven-month stretch last year.

Condo prices have fallen even more significantly in other parts of the country, as buyers face high prices, elevated mortgage rates and rising HOA fees.

It's still a relatively competitive market. It just may not sell in a weekend anymore.

— Kerri Passamenti, Better Homes and Gardens Real Estate Realty Connect agent

But there continues to be sufficient demand for the small number of condo listings to prop up prices, said Kerri Passamenti, a real estate agent at Better Homes and Gardens Real Estate Realty Connect in East Setauket.

"It's still a relatively competitive market," Passamenti said. "It just may not sell in a weekend anymore."

Number of condo listings down

The number of condo listings in Nassau fell 18% to 176 at the end of July compared to the same point a year ago, while Suffolk condo listings plummeted 31% to 283.

Condo buyers often have their hearts set on an individual development, and depending on the size of a condo complex, only a handful of units might become available in a given year, Passamenti said.

For ranch-style units that allow buyers to age in place, there could be more competition, she said.

"People may be willing to spend an extra $50,000 because they know it's very rare that's going to come up again," she said.

There have been

at least 154 condos and co-ops

that sold for

$1 million or more this year

compared with

195 last year,

according to OneKey MLS data.

Median sale prices reflect the mix of units that sell during a given period, so a shift toward more sales of older, less expensive units can move median prices lower.

For example, this year, there have been at least 154 condos and co-ops that sold for $1 million or more compared with 195 last year, according to OneKey MLS data.

Data on condo prices can be more volatile because there are fewer sales than in the broader single-family home market, said Richard Haggerty, CEO of OneKey MLS, the multiple listing service that covers Long Island.

About 1 in 10 home sales that closed this year through July were condo sales.

"Condos are challenging because we don't have a tremendous volume of them, so a subset of sales in luxury development or, conversely, a lower-price development can skew the numbers," Haggerty said.

How is Long Island's condo market compared to the rest of the country?

Nationwide, several condo markets have experienced falling prices as buyers weigh rising monthly costs related to insurance, HOA fees and lump-sum special assessments tied to aging buildings.

In the second quarter of the year, the median condo price nationwide was $377,200, which was 1.4% higher than the same quarter a year ago. That data includes only existing buildings and excludes new construction.

But certain metropolitan areas reported declines. The median price fell 8.9% in Winston-Salem, North Carolina; 8.2% in Reno, Nevada; 8.1% in Myrtle Beach, South Carolina; and 7% in Dallas, Texas.

In Long Island's luxury market, sales have been strong at The Boardwalk in Long Beach, said Glen Fox, an agent at Douglas Elliman Real Estate and director of sales at The Boardwalk.

Condos there have sold for between $875,000 and $4.5 million and nearly 80% of units are sold, he said. The building hasn't had to offer discounts on the listing prices to attract buyers, he said.

Fox said buyers often look for turnkey properties because they'd prefer to take on a larger mortgage than borrow money and spend time on renovations.

Condo hunters should make sure they understand whether buildings they're buying in may need upgrades that require all owners in the development to contribute toward a special assessment. Higher construction costs, including labor and materials, since the pandemic have increased the potential cost of such projects, Fox said.

"Those special assessments are always hard to swallow," Fox said.