South Fork/Hamptons

The Hamptons market remains incredibly active, even with inventory continuing to decline year-over-year and overall prices still on the rise.

  • Reported closed sales in 2Q 2022 were the second-highest of any second quarter since 2014.
  • Year-over-year sales may have dropped 28%; however, quarter-over-quarter activity increased 7%.
  • The two areas gaining the most sales quarter-over-quarter were Southampton Town and Southampton Village—rising 41% and 43%, respectively.
  • West of the Shinnecock Canal, where sales typically make up a quarter of overall South Fork sales, saw an increase in deal activity of 11%.

In the Residential Luxury Market (top 10% of all residential sales):

  • While median price increased 13%, average price fell 26% due to only one reported sale over $40M in 2Q 2022.
  • The most expensive sale of the quarter was 35 Potato Road in Sagaponack, at $46.5M.
  • Luxury sales predominately took place in Bridgehampton/Sagaponack and Southampton Village, each reporting 15 transactions.
  • With luxury market sales down 28% on the South Fork, luxury market sales volume followed with a decline of 47% to $788.260M.

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

  • On the South Fork, the top 10% of reported sales in First Quarter 2022 exhibited an increase in median and average price as the share of sales over $10M grew from 30% to more than half.
  • The most expensive sale of the quarter was 70 Further Lane in East Hampton Village for $59.5M.
  • With sales down 37% on the South Fork, luxury market sales volume also decreased to $995.764M, an annual change of 14%.

North Fork

The North Fork market saw year-over-year sales decline—yet quarter-over-quarter, sales increased by 5%, proving activity is strong in the six submarkets despite limited available homes.

  • All villages and hamlets displayed year-over-year declines in sales, although quarter-over-quarter sales increased in Greenport and Southold 15% and 29%, respectively.
  • Overall, sales volume was down 30% year-over-year to $146.386M.
  • Mattituck/Laurel was the only one of the six areas with an increase in volume, improving 11% year-over-year to $32.698M.

Echoing price metrics in South Fork, both median and average prices saw increases in 2Q 2022.

  • Overall, median price was up 12% annually while average price increased 9%.
  • Due to several transactions over $2M, median price in Greenport rose 55%, with Mattituck/Laurel following with a gain of 28%.
  • Median price increased in nearly all areas across the North Fork, with the exceptions of Southold/Peconic and Cutchogue.

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

  • On the North Fork, luxury median price increased 15% while average price decreased 2%.
  • Even as more than three-quarters of sales were over $2M in 2Q 2022, there were 36% fewer sales than in 2Q 2021, leading to a 38% decrease in sales volume.

Header: Boats in Coecles Harbor, on Shelter Island. Photo by Alexandra Moreo.

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