THE Village of Lynbrook, an older suburb with a venerable rail link to Brooklyn that lured early commuters, has aged gracefully, like an old shoe of high quality.

It is comfortable, scuffed here and there, but too solidly prosperous to be down at the heel. Good schools and ample rail service enhance this Nassau County community on Long Island's South Shore.

''The unique thing about Lynbrook is the way it has been able to maintain its local flavor,'' said Hilary H. Becker, an owner/ broker at Becker Real Estate Services and a Lynbrook native. ''You also have a lot of people who grew up here still living here, and that makes it more friendly.''

Real estate salespeople said they were short on listings, a reflection, they said, of the tendency of older residents to stay on. ''We have people lined up waiting,'' said Louis Leggi, a broker with At Your Service Realty. ''We get a listing on Saturday, we have a buyer on Monday.''

In the current seller's market, home prices have regained and even surpassed the peaks of the mid-80's.