“The Second Quarter of 2024 has been a testament to the resilience and dynamic nature of the East End real estate market. While overall sales have softened, there was a notable surge in East Hampton Village, with sales increasing 113% and a 23% rise in dollar volume. At the same time, North Fork has demonstrated its stability with steady sales, particularly in Southold/Peconic, where sales of over $2M have doubled. This growth and significant luxury sales demonstrate the market’s depth, ensuring the East End remains a desirable destination for discerning buyers.
Additionally, the sustained year-over-year increase in median prices in the South Fork, including a 15% rise this quarter, reflects a market that not only recovers but thrives, continually attracting investment and setting new benchmarks for high-end living.”
– Ernie Cervi, Regional Senior Vice President, East End
South Fork/Hamptons
Overall sales were down across the South Fork, yet six of the fourteen South Fork villages and hamlets reported increases in sales versus a year ago, with four of those experiencing double- or triple-digit percentages.
- East Hampton Village had the most significant gain in sales, up 113% annually, while Shelter Island experienced the largest decline of 36%, a difference of five sales.
- Despite the decrease in the number of sales, dollar volume saw an increase of 23% year-over-year.
- With two sales closing over $10M, Amagansett had the most robust change in sales volume for the second consecutive quarter.
Pricing held steady at near-record levels.
- The median price in the South Fork was $1.900M, just below the record figure set in 4Q 2023.
- Additionally, median price has now increased year-over-year for four consecutive quarters.
- Average price also rose this quarter, up 27% year-over-year to $3.409M — the largest annual gain since 3Q 2021.
- Eight of the fourteen submarkets saw annual increase in median price, with East Hampton Village experiencing a 97% annual gain due to three sales over $20M.
- Shelter Island had the steepest decline in median price as there were less than half the sales over $2M as there were in 1Q 2023.
In the residential luxury market (top 10% of all residential sales):
- On the South Fork, luxury median and average price increased 35% and 42%, respectively.
- Average price was bolstered by three closings reported above $40M compared, whereas there were none in 2Q 2023.
- East Hampton Village accounted for more of the South Fork luxury sales than any other submarket.
North Fork
In the Second Quarter of 2024, total sales remained steady on the North Fork, however the submarkets were split with half seeing increases and the other half experiencing declines.
- There were 103 closings this quarter, flat to this time last year.
- Cutchogue had the largest increase in sales, up 42% year-over-year, while Aquebogue/Jamesport saw sales down 27%.
- Sales volume followed a trend similar to closings, falling a minimal 1% versus 2Q 2023.
- Southold/Peconic had double the number of sales over $2M this quarter compared to last year, and as a result sales volume in this submarket rose 32%.
Median price declined annually for the first time in more than four years, though it was only a modest 1% drop.
- Average price was also down 1% annually to $1.103M, the third straight quarter of decline.
- Only two of the six submarkets saw annual growth in median price, with Southold/Peconic gaining 13% annually.
- Conversely, with fewer sales over $1M this quarter, Aquebogue/Jamesport’s median price fell 18% year-over-year.
In the residential luxury market (top 10% of all residential sales):
- The average luxury sale price on the North Fork declined by 11%, and due to a smaller share of sales above $3M, luxury median price fell 8%.
- The top reported sale this quarter was $3.2M.
- Cutchogue had three luxury sales, accounting for 30% of the North Fork’s top sales.