Inhabit by Corcoran

“The East End market continued to demonstrate its strength in the third quarter, with sustained buyer demand and impressive price growth. On the South Fork, sales held steady year over year, while the median price climbed to a record $2.268 million, supported by strong activity at the luxury end of the market.

The North Fork also found its footing, posting its first increase in closings after two quarters of decline. While luxury sales helped drive a record average price, more were reported below $1 million, highlighting the diversity of today’s buyer pool. The solid market activity, even with limited supply, continues to prove East End’s unmistakable draw.”

– Ernie Cervi, Regional Senior Vice President, East End

South Fork sales held steady as prices climbed.

• Single-family closings were essentially unchanged YOY at 412, up 16% from last quarter but 20% below the ten-year third-quarter average of 518.
• East Quogue/Hampton Bays (+6) was the only submarket west of the canal to post a gain.
• Median price rose 8% YOY to a third-quarter record $2.268M as sales above $3M grew to 38% of the market from 33%.
• Average price climbed 17% to $3.956M, helped by nine sales at or above $20M (versus four a year ago).
• Sales volume rose 17% to $1.630B, the highest third-quarter total since 2022.

North Fork closings rebounded, with median and average price moving in opposite directions.

• Single-family closings rose 22% YOY (+18) to 99, the first annual increase after two quarters of decline.
• Aquebogue/Jamesport (+110%) and Mattituck/Laurel (+79%) each added 11 sales.
• Sales volume rose 25% to $138.070M, with four of six submarkets posting gains.
• Median price fell 14% to $964K as sales under $1M grew to 58% of the market
• Average price rose 3% to a third-quarter record $1.395M, due entirely to the $12.35M Old Field Vineyard sale in Southold.

Luxury prices climbed on both forks as high-end sales gained share.

• South Fork luxury (top 10%) average price rose 29% to $15.765M as sales at or above $20M more than doubled.
• Median price rose 22% to $13.150M on a smaller share of sales below $10M.
• The quarter’s top sale was a $59M oceanfront home in Wainscott, while Bridgehampton/Sagaponack had the most luxury sales (nine).
• North Fork luxury average price rose 20% to $4.507M and median price rose 21% to $3.750M as half of luxury sales were at or above $4M compared to 13% a year ago.

Condo sales declined on the South Fork and edged up on the North Fork.

• South Fork condo sales fell 18% YOY to 33.
• Dollar volume fell 29% to $38.687M, with median price down 11% to $1.075M and average price down 14% to $1.172M.
• North Fork condo sales rose 33% to eight.
• Volume rose 34% to $6.872M and median price rose 20% to $893K, while average price was essentially unchanged at $859K.

Land sales gained on the South Fork, while commercial sales slowed across both forks.

• South Fork land closings rose 11% YOY to 39.
• Median price rose 79% to $2.100M as sales at or above $2M grew to 54% of the market from 40%.
• North Fork land closings were unchanged at 12
• Median price fell 12% to $590K and average price fell 2% to $817K, with fewer sales at or above $1M.
• South Fork commercial sales fell 57% to nine as only four were at or above $2M (13 a year ago), driving declines in volume (-59%) and median price (-40%).
• North Fork commercial closings were unchanged at six.
• Volume and average price each fell 67% and median price fell 37% from a year ago, when an $11.55M sale lifted the figures.

Inventory on the East End continues to be limited.

• East End listings totaled 1,554 at the end of September, down 28% YOY to the lowest third-quarter level on record and 21% below the five-year third-quarter average.

Read the latest full report