The East End Real Estate Market Report: 3Q 2024
“The third quarter of 2024 was a testament to the East End real estate market’s resilience and desirability. Despite a dip in overall sales, South Fork’s median price hit a new record-high of $2.175M, highlighting the sustained demand for high-end properties. The North Fork, though experiencing a dip in sales volume, showed positive momentum in key areas like Greenport, further reinforcing the region’s enduring appeal.”
– Ernie Cervi, Regional Senior Vice President, East End
South Fork/Hamptons
In Third Quarter 2024, overall sales were down across the South Fork, the third consecutive annual decline in closings.
- Compared to last year, nine of the 14 submarkets saw closings decline, with Bridgehampton/Sagaponack experiencing the deepest annual drop in sales, at 57% — a difference of 17 sales. Quogue had the greatest YOY increase in closings with a rise of 58%.
- Amid fewer sales, dollar volume fell 11% YOY, however eight of the 14 submarkets saw annual gains in volume this quarter. For the third consecutive quarter, Quogue had the largest increase as two sales over $15M boosted dollar volume 156%.
On the rise for the fifth consecutive quarter, median price on the South Fork hit a new record-high of $2.175M
- A boost in the market share of closings over $5M also led to average price increasing13% YOY to $3.210M.
- All but one South Fork submarket had an annual increase in median price, and Water Mill‘s median price nearly doubled as the market share of sales over $5M rose to 54% this quarter from 28% a year ago. Westhampton/Remsenburg had the only drop in median price, which was down 14% YOY, as the number of sales reported over $2M dropped by more than half versus this time last year.
Residential Luxury Market (top 10% of all residential sales)
- On the South Fork, luxury median and average price increased 11% and 1%, respectively.
- A greater share of sales over $10M drove median price higher.
- Bridgehampton/Sagaponack accounted for more of the South Fork luxury sales than any other submarket.
North Fork
North Fork single-family home sales fell 17% annually in Third Quarter 2024, to 103. Only two of the six submarkets reported increases in sales, with Cutchogue experiencing the most significant increase with a 27% rise.
- Sales in Aquebogue/Jamesport saw the largest decline in sales with 9 sales compared to last year, a 44% drop.
- Sales volume fell alongside closings, dropping 17% YOY, with all submarkets but Greenport saw a decrease in sales volume versus 2023. Due to a doubling in sales over $1M, sales volume in Greenport rose 21%.
Median price was level with Third Quarter 2023 at $950K.
- However, average price fell annually for the fourth consecutive quarter, down 2% to $1.210M.
- Four of the six submarkets saw annual median price growth, with Greenport claiming the largest (up 12%).
- With no sales over $2M this quarter, Cutchogue’s median price had the largest dip, down 5% annually.
In the residential luxury market (top 10% of all residential sales):
- The average luxury sale price on the North Fork fell 18% annually, due to a $15M sale 3Q 2023 that skewed the average. Without this sale, the average luxury price in the North Fork would actually show an 11% increase.
- The top reported sale this quarter was $7.2M, less than half the price of last year’s top sale.
- Southold/Peconic had eight luxury sales, accounting for 80% of the North Fork’s luxury sales in 3Q 2024.
