South Fork

The South Fork reported 434 single-family home sales in Fourth Quarter 2024, up 12% versus last quarter and 25% year-over-year. This was only the second annual increase in the last three years.

Versus Fourth Quarter 2023, 12 of 14 submarkets saw higher sales while two saw fewer closings. Westhampton Beach had the greatest annual percentage gain, with closings up two-and-a-half times (17 more sales) versus 2023. Water Mill saw the deepest annual drop in sales, down 50% (11 fewer sales).

Dollar volume increased alongside sales, rising 13% year-over-year to $1.350B. Annually, 11 submarkets reported increases in volume while three saw volume decrease. Quogue exhibited the largest annual increase, as closings reported over $5M jumped from one to six, several of which were on Dune Road. Southampton Village had the largest year-over-year decline, with volume down 57% because 2023’s figure includes a $112M sale. Without that closing, volume would have increased slightly year-over-year.

Median price decreased 6% year-over-year, which was just the third annual decline in five years. Average price also fell, down 9% year-over-year but was still above $3M, a threshold first crossed in 2022.

Versus a year ago, median price remained level or increased in ten of 14 submarkets. Shelter Island’s median price more than doubled year-over-year; last year, just one sale was over $1.5M, whereas all but two exceeded that number in Fourth Quarter 2024. Westhampton Beach median price fell more than any other village/hamlet, down 39% annually because of a greater share of sales under $2M.

North Fork

North Fork single-family home sales fell 14% annually to 99 closings in Fourth Quarter 2024. Versus a year ago, Aquebogue/Jamesport was the only submarket to see an increase in reported closings, while Mattituck/Laurel sales fell most significantly, down 36% (10 deals).

Though just one area had an annual increase in reported sales, three of six North Fork submarkets saw sales volume increase versus 2023 due to rising prices. In addition to Aquebogue/Jamesport, both East Marion/Orient and Southold/Peconic had increases in dollar volume despite not reporting more sales than 2023. Cutchogue had the largest annual decline in volume amid fewer sales over $1M than a year ago.

Overall median price fell 10% year-over-year to $960K due to a smaller share of sales over $1M. However, average price increased 16%, bolstered by one $10M sale. Prior to this increase in average price, four consecutive quarters had shown a decline. Average price grew in all submarkets but one, Cutchogue.

The Residential Luxury Market

The luxury market is the top 10% of all home sales by price during the quarter. As various factors redefine the high-end market in any given period, price figures may exhibit more volatility than the market overall. However, because the luxury market is a fixed percentage of the overall market, its changes in the number of sales will always match the overall market.

In Fourth Quarter 2024, South Fork luxury average price fell 23% to $11.4M due to fewer sales over $20M. In addition, several sales over $50M skewed last year’s average price. However, reported sales from $10M to $20M doubled year-over-year this quarter, causing median price to rise 15% to $10.9M.

Fourth Quarter 2024’s most expensive reported sale was a 15,000 square foot new construction home in Bridgehampton. Bridgehampton/Sagaponack accounted for more of the South Fork’s luxury sales than any other submarket, as it was the only area with reported sales over $20M. The average luxury sale price on the North Fork jumped 54% annually and median price swelled 37% year-over-year. Last year, only four sales were reported over $3M. This year, all but one luxury sale surpassed that number. On the North Fork, the highest-priced sale was a five-bedroom, four-and-a-half bath residence on Peconic Bay that traded off-market for $10M. This was 72% higher than last year’s top sale.