“The East End continues to transition in the third quarter, with interest rates up and inventory constrained. South Fork sales faced a 9% dip YOY for the eighth quarter in a row, but the area’s median price hit a new high at $1.855M, charting a reversal from two consecutive quarters of decline. On the North Fork, trends are similar with sales down for the ninth straight quarter, at just 124 closed transactions. But with average and median prices rising as we look toward the end of the year, it’s apparent that demand is still there across the East End.
And while inventory continues to be a concern with fewer than 2,000 listings, the 4% increase over the previous quarter paints a picture of promise. In the Hamptons, where beauty grows each season, more and more people are eager to make it their permanent home. All we need is the inventory to welcome them.”
– 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.
As interest rates rise and inventory remains constrained, South Fork sales fell 9% YOY, the eighth consecutive quarter of annual decline.
- Four of the South Fork villages and hamlets reported an increase in sales compared to a year ago, with Quogue seeing a 33% annual increase and Water Mill experiencing a 25% yearly increase.
- Conversely, ten areas had a decline in the reported number of sales, with East Hampton Village seeing the most significant drop, down 35% annually.
- Sales volume also had an annual drop, down 21% to $1.399B.
- East Hampton, Water Mill, and Quogue were the only submarkets to increase in volume, while Amagansett had the steepest annual decline — down 55%.
At $1.855M, South Fork median price hit a new record high in the Third Quarter of 2023, reversing two consecutive quarters of YOY decline.
- Five South Fork submarkets had annual increases in median price, with Sag Harbor/North Haven seeing the most significant rise at 36% due to 55% of sales in the area reporting over $2M.
- Median price in Amagansett fell 67% YOY, given fewer deals at the high end of the market.
- Average price on the South Fork fell YOY for the third consecutive quarter, as there were 40% fewer closings over $5M than last year.
In the residential luxury market (top 10% of all residential sales):
- The luxury median price on the South Fork fell 12% YOY to $8.400M and average price was down 19% YOY as there was only one sale over $30M this quarter, compared to six a year ago.
- Sagaponack, East Hampton, and Southampton accounted for more than half of South Fork’s luxury sales.
North Fork
Both average and median price saw annual gains on the North Fork in the Third Quarter of 2023.
- Average price rose 9% YOY to $1.238M, while median price was up 11% YOY to $950K.
- In Cutchogue, average price increased 33% annually due to the increase in sales above $1M.
- Conversely, Mattituck/Laurel was the only submarket with a drop in average price, down 15% to $1.036M.
- Four of the six submarkets also saw an increase in median price. The most significant change was in East Marion/Orient, which experienced a 34% jump because of fewer sales below $1M.
In the residential luxury market (top 10% of all residential sales):
- On the North Fork, the average luxury price was up 22% YOY because of a deal that neared $15M.
- Southold had both top sales on the North Fork.