
The East End Real Estate Market Report: 4Q 2024

“2024 ended with a show of strength for both the South Fork and North Fork markets. South Fork sales were up 25% annually, with Westhampton Beach achieving a standout 155% surge in closings. Meanwhile, the North Fork saw solid performance in Aquebogue/Jamesport, underlining the area’s enduring appeal.
With the rise of inventory and price modulation across the East End, there’s positive momentum carrying us forward into 2025.”
– Ernie Cervi, Regional Senior Vice President, East End
South Fork/Hamptons
Sales were up 25% YOY across the South Fork during the Fourth Quarter of 2024. This was only the second annual increase in the last three years.
- Compared to last year, 12 of the 14 submarkets saw higher sales, with only two experiencing declines.
- Westhampton Beach had the greatest annual percentage gain, with closings up 155% (a difference of 17 sales) compared to last year. Water Mill had the deepest annual drop in sales, down 50% (11 fewer sales).
- Dollar volume increased alongside sales rising 13% YOY to $1.350B. Quogue exhibited the largest increase, as closings over $5M jumped from one to six.
Both median and average price were down this quarter, with median price experiencing only its third annual decline in five years.
- Though average price declined 9%, at $3.111M, it’s still above the $3M threshold first crossed in 2022.
- Versus a year ago, median price remained level or increased in ten of 14 submarkets, with Shelter Island’s more than doubling YOY as all but two sales were over $1.5M in 4Q 2024 compared to just the one last year.
- Westhampton Beach’s median price saw the largest fall of any village/hamlet, down 39% annually because of a greater share of sales under $2M.
Residential Luxury Market (top 10% of all residential sales)
- In the South Fork, luxury average price fell 23% to $11.4M due to fewer sales over $20M this quarter compared to last year.
- With reported sales between $10M and $20M doubling annually, median price rose 15% to $10.9M.
- Bridgehampton/Sagaponack accounted for more of the South Fork luxury sales than any other submarket, as it was the only area with reported sales over $20M.
North Fork
During the Fourth Quarter of 2024, North Fork single-family home sales fell 14% annually to 99 closings.
- Aquebogue/Jamesport was the only submarket to see an increase in reported closings compared to last year while, while Mattituck sales were down 36% annually, a difference of 10 deals.
- Three of six North Fork submarkets saw sales volume increase versus 2023 due to rising prices.
- Aquebogue/Jamesport saw sales volume increase 60%, with Southold/Peconic and East Marion/Orient also experiencing growth despite not reporting more sales than 2023.
Overall median price fell 10% YOY to $960K due to a smaller share of sales over $1M.
- Average price increased 16%, bolstered by one $10M sale — the first increase after four consecutive quarters of declines.
- Average price increased in all submarkets but Cutchogue, which saw a 37% YOY decline.
- Median price was mixed across the submarkets, but Greenport saw the largest increase, up 54% annually to $1.223M.
In the residential luxury market (top 10% of all residential sales):
- The average and median luxury sale prices on the North Fork were up 54% and 37% YOY, respectively.
- This year, all but one sale was reported over $3M, while last year, only four sales were reported above that same price.
- On the North Fork, the highest priced sale was for $10M on Peconic Bay, which was traded off-market.