The East End Real Estate
Market Report: 1Q 2024

“While the East End experienced a slight slowdown in the beginning of 2024 — following a period of positive growth at the end of last year — there are bright spots to note. Despite a drop in sales across the North and South Forks, there’s a glimmer of improvement as the South Fork saw a modest increase compared to the previous quarter. Further, pricing statistics continue to hold near record-high levels, showcasing the resilience of the market. Notably, the median price of single-family homes on the South Fork rose for the third consecutive quarter, reaching $1.9M after a notable 15% increase. Similarly, the North Fork’s median price hovered around $989K, nearly matching the record set in 4Q 2023.

At the close of the quarter, the number of available listings saw a 4% annual increase, only the second uptick in supply in over three years. This growth signals a potential shift for the warmer months ahead. With a broader range of options available, prospective buyers can explore the much sought-after East End market with increased flexibility and choice.”

– Ernie Cervi, Regional Senior Vice President, East End

South Fork/Hamptons

In early September 2022, an all-encompassing attack on Suffolk County government systems caused a significant disruption in recorded real estate data. Due to the breach, the county did not report closings for several weeks in September and October. Therefore, the number of sales and dollar volume figures in Third Quarter and Fourth Quarter 2022 are negatively affected. Had the breach not occurred, reported figures likely would have been higher than what is shown in this report.

Sales on the South Fork continued to decline in the First Quarter of 2024, down 23% to 352. This is the lowest first quarter figure since Corcoran began reporting over a decade ago.

  • All but four of the fourteen villages and hamlets saw a drop in sales this quarter as compared to last year, with Southampton experiencing the most significant annual fall of 45%. Conversely, Quogue and Amagansett saw a 50% and 45% YOY rise in sales respectively.
  • The drop in sales naturally lead to a drop in sales volume, which was down 25% YOY to $1.096B. Amagansett was again an outlier, with sales volume up due to a $40M sale this quarter.

South Fork pricing remained at near-record levels, with median price up 15% to $1.900M — the third consecutive quarter of YOY increases.

  • Average price of a single-family decreased just 2% YOY to $3.112M as there were fewer sales over $30M in 1Q 2024 versus last year.
  • 10 out of the fourteen villages and hamlets witnessed an increase in median price. With 31% fewer sales over $2M this quarter compared to 1Q 2023, the median price in Westhampton Beach was down 26%.

In the residential luxury market (top 10% of all residential sales):

  • Luxury median price on the South Fork increased 13% YOY to $10.111M, although average price fell 9% YOY due to three fewer sales above $30M this quarter versus to last year.
  • The top closing was a $40M estate in Amagansett, yet Bridgehampton/Sagaponack and Water Mill closed more luxury sales on the South Fork this quarter.

North Fork

For the first time since 2013, sales on the North Fork fell below 100 reported closings in the first quarter of the year.

  • All but one of the submarkets saw closings fall this quarter, with Mattituck/Laurel seeing the biggest annual drop of 37%. Only Southold/Peconic experienced an increase, as sales were up 8% YOY.
  • Sales volume followed a similar trend and was down 21% YOY to $116.966M.

Median and average price were up this quarter, falling just shy of the records set in the Fourth Quarter of 2023.

  • At $989K, median price saw a 10% annual rise, while average price was reported at $1.181M, a 3% YOY increase.
  • Half of the six submarkets saw annual growth in average price this quarter. Average price in Cutchogue increased 32% YOY as only three sales were under $1M in 1Q 2024 compared to the ten under $1M last year.
  • Additionally, half of the six submarkets saw an increase in median price in 1Q 2024. Greenport had the most significant decrease of 19%, as there were fewer sales above $1M this quarter.

In the residential luxury market (top 10% of all residential sales):

  • The average luxury sale price on the North Fork was down 3% YOY.
  • Fewer sales this quarter over $3M led to a fall of 16% YOY for median price.
  • Southold/Peconic had three luxury sales accounting for 30% of the North Fork’s top sales in 1Q 2024.

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