“2022 closed quietly as the market normalized after the pandemic-induced housing frenzy we became accustomed to. Sales activity in the Hamptons continued to decline versus last year’s highs, primarily due to recession fears, rising interest rates, and still-low inventory levels. By the close of 4Q 2022, fewer than 2,000 listings were available, and the lack of inventory directly impacted pricing in most submarkets and buyers.
Similarly, on the North Fork, the fourth quarter saw only half of the contract activity recorded at the end of 2021. That said, nearly all the areas on the North Fork saw price growth due to a 34% increase in sales over $1M, with Mattituck/Laurel’s median price surging 73% year over year.”
– Ernie Cervi, Regional Senior Vice President, East End
South Fork/Hamptons
The South Fork recorded 56% fewer closings than in 4Q 2021.
- All villages and hamlets reported sales falling year-over-year by at least half except for Southampton Village, which saw a 44% decline. The drop in sales led overall dollar volume to contract 54% annually to $964M.
- Southampton Village was the only submarket to report increased sales volume (though by less than ½ a percent), while volume declined the most in Quogue, Westhampton Beach, and Sag Harbor/North Haven.
The overall average and median price of a single-family home on the South Fork increased 3% year-over-year, however the shift in prices varied greatly by submarket.
- Southampton Village reported the most sales over $10M, and its growing share of luxury deals helped its average and median prices jump by more than 75% annually.
- Due to East Hampton Village having the East End’s most expensive sale of the quarter, the hamlet’s average price swelled 76% YOY to over $9M.
- The average price in Amagansett fell nearly 40% to under $7M as there was only one deal over $15M versus five in 4Q 2021.
Two-thirds of submarkets east of the canal saw an annual increase in median price, while only half of all areas west of the canal saw an increase year-over-year.
- Westhampton/Remsenburg was the only area west of the canal to see double-digit growth in median price. The area reported no sales under $1M in the quarter, whereas in 4Q 2021, one-third of its 41 closings sold for under $1M.
In the residential luxury market (top 10% of all residential sales):
- The top 10% of the market saw annual increases in price statistics, with the South Fork median price up 666% to $13.7M.
- Bridgehampton/Sagaponack and Southampton Village accounted for more than half of the South Fork’s luxury transactions.
North Fork
The share of units sold for more than $1M increased to 34% of the North Fork market, up from 32% in 4Q 2021.
- YOY, the overall median price swelled 18% to a record high of $815K, while average price was up 16% to $1.265M — also a record high.
Nearly all North Fork areas saw price growth versus one year ago.
In the residential luxury market (top 10% of all residential sales):
- The top 10% of the market saw annual increases in price statistics, with the North Fork up 163% to $2.85M.
- Cutchogue and Mattituck/Laurel took all but one of the North Fork’s luxury sales.