We apply a recently developed theory for metastability in open quantum systems to a one-dimensional dissipative quantum Ising model. Earlier results suggest this model features either a nonequilibrium phase transition or a smooth but sharp crossover, where the stationary state changes from paramagnetic to ferromagnetic, accompanied by strongly intermittent emission dynamics characteristic of first-order coexistence between dynamical phases. We show that for a range of parameters close to this transition or crossover point the dynamics of the finite system displays pronounced metastability, i.e., the system relaxes first to long-lived metastable states before eventual relaxation to the true stationary state. From the spectral properties of t...