South Fork

The South Fork reported 389 single-family home sales in Third Quarter 2024, up 9% versus last quarter but down 21% year-over-year. This was the third consecutive annual decline in closings.

Versus 2023, nine of the 14 South Fork submarkets saw closings decline, while five reported increases in activity. Quogue had the greatest year-over-year percentage gain in closings, up 58% (seven sales). Bridgehampton/Sagaponack saw the deepest annual drop in sales, down 57% (17 sales) versus last year.

Amid fewer sales, dollar volume fell 11% year-over-year. Annually, six submarkets reported drops in volume while eight saw volume increase. Southampton Village saw the greatest year-over-year drop, down 69% as sales over $10M dropped from five last year to zero this quarter. Quogue had the greatest yearly increase for the third consecutive quarter, as two closings over $15M boosted dollar volume 156%.

Median price rose year-over-year for the fifth consecutive quarter, up 17% to a record high of $2.175M. Average price climbed 13% year-over-year to $3.201M. A boost in the market share of closings above $5M drove the annual gains.

All but one South Fork submarket had an annual increase in median price. 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, down 14% year-over-year, as the number of sales reported above $2M dropped by more than half compared to last year.

North Fork

North Fork single-family home sales fell 17% annually to 103 sales in Third Quarter 2024. Compared to 2023, four North Fork submarkets reported decreases in closings, whereas two reported increases. Cutchogue saw the most significant increase, up 27% (four deals). Sales in Aquebogue/Jamesport fell most versus last year, down 44% (nine sales).

North Fork sales volume fell alongside closings, dropping 17% year-over-year. All submarkets but Greenport saw sales volume decrease versus 2023. Greenport sales volume rose 21% due to a doubling in sales over $1M. Aquebogue/Jamesport had the largest drop in sales volume, falling 47% year-over-year as Third Quarter 2024 had a two-thirds drop in reported closings over $1M versus Third Quarter 2023.

Median price was level with Third Quarter 2023 at $950K. Average price fell annually for the fourth consecutive quarter, down 2% to $1.210M. Four of the six submarkets saw annual median price growth. Greenport claimed the largest increase, up 12%. Two submarkets saw yearly drops in median price, with Cutchogue declining most, down 5%, due to no sales over $2M this quarter compared to four last year.

The Residential Luxury Market

The luxury market is defined as the top 10% of all residential sales by price for the reported quarter. As various factors redefine the high-end market in any given period, these numbers may exhibit more volatility than the market overall. Because the luxury market is a fixed percentage of the overall market, the change in reported luxury sales will always match the overall market.

In Third Quarter 2024, South Fork luxury median and average sale price rose 11% and 1% year-over year, respectively. A greater share of sales over $10M drove median price higher. Average price would have climbed more than 1% year-over-year were it not for one $51M sale in 2023 that skewed last year’s average. Third Quarter 2024’s top closing was a six-bedroom, nine-bathroom estate on Sagaponack Pond with unobstructed ocean views. Bridgehampton/Sagaponack accounted for more of the South Fork’s luxury sales than any other submarket. Sagaponack, Southampton, and Quogue were the only villages/hamlets with reported sales above $20M, with one each.

The average luxury sale price on the North Fork fell 18% annually. Last year, a sale for nearly $15M skewed the average, without which the average luxury price would now show an 11% increase. Median price also decreased on an annual basis, but by a less significant 6%. On the North Fork, the top reported sale was just $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 Third Quarter 2024.