The East End Real Estate Market Report: 3Q 2021
The East End maintained its strong momentum through the third quarter: Sales volume jumped 71% YoY in the Hamptons and 12% on the North Fork.
“It may be the height of fall, but the East End real estate market isn’t cooling off yet. Even with extremely limited inventory, during the third quarter the South Fork saw a 19% year-over-year increase in closings, along with a 71% jump in sales volume thanks to a thriving luxury market. And while closed sales in the North Fork dipped slightly versus last year, they also saw a double-digit jump in sales volume, up to $131M.
Buyers remain focused on the Hamptons for a variety of reasons and aside from it being a stunning part of the country, the region offers a varied quality of life that’s easily within reach of the city. If sales volume from this past quarter proves anything, it’s that a piece of the East End is more desirable than ever and people are more than willing to pay for their piece of it.”
Ernie Cervi, Regional Senior Vice President for the East End at The Corcoran Group
The South Fork
Reported closed sales increased 19% year-over-year, while sales volume increased by a much larger 71%. Median price jumped 46%, up to about $1.8M, as more transactions took place at the high end and the number of low priced sales contracted. Reported sales over $3M nearly doubled while sales under $500K shrank 60%.
The number of sales increased in all South Fork villages and hamlets except Remsenburg/Westhampton, which saw a decrease of 5%. The largest increase in sales occurred in East Hampton Village, where sales more than doubled. Sag Harbor/North Haven and Quogue Village/Quogue had notable increases over 50% each, and Shelter Island was up 47%. The other villages and hamlets ranged from 4% to 35% increases versus Third Quarter 2020.
Sales volume increased in all villages and hamlets, again most notably in East Hampton Village, where it rose a remarkable 212% due to an increase in sales over $5M. Sales volume also more than doubled in Southampton Village, Sag Harbor/North Haven, and Water Mill. All villages and hamlets saw their price statistics rise year-over-year. Water Mill had the biggest growth versus last year as both median price and average price more than doubled. The other villages and hamlets had increases in price statistics ranging from 2% all the way to 90%.
Sales/Prices
- Closed sales increased 19% YOY to 723
- Sales volume increased 71% YOY to $2.113 billion
- Average sale price increased 44% YOY to $2.922 million
- Median sale price increased 46% YOY to $1.750 million
The North Fork
Reported sales on the North Fork fell 7% annually. Only two of the five areas, Aquebogue/Jamesport and Southold, showed an increase in reported sales compared to Third Quarter 2020. The largest increase in reported closings was Aquebogue/Jamesport, where the number of reported sales jumped 38% and sales volume increased 73%. Overall North Fork sales volume increased 12%.
Overall median price was up 17% while average price increased 21%. Price metrics increased in nearly all five areas, with the exception of Greenport, where median price fell 1%. Median price jumped most significantly in East Marion/Orient, a change of 34%, as reported sales over $1M took up a much larger share of sales. Median price increased between 14% and 22% in all other North Fork regions, and average price increased between 15% and 49%.
Sales/Prices
- Closed sales decreased 7% YOY to 137
- Sales volume increased 12% YOY to $131.213M
- Average sale price increased 21% YOY to $958K
- Median sale price also increased 17% YOY to $775K
