Leave a Message

Thank you for your message. We will be in touch with you shortly.

Market Report

The East End Real Estate Market Report: 2Q 2022

South Fork/Hamptons

 

The Hamptons market remains incredibly active, even with inventory continuing to decline year-over-year and overall prices still on the rise.

  • Reported closed sales in 2Q 2022 were the second-highest of any second quarter since 2014.
  • Year-over-year sales may have dropped 28%; however, quarter-over-quarter activity increased 7%.
  • The two areas gaining the most sales quarter-over-quarter were Southampton Town and Southampton Village—rising 41% and 43%, respectively.
  • West of the Shinnecock Canal, where sales typically make up a quarter of overall South Fork sales, saw an increase in deal activity of 11%.

In the Residential Luxury Market (top 10% of all residential sales):

  • While median price increased 13%, average price fell 26% due to only one reported sale over $40M in 2Q 2022.
  • The most expensive sale of the quarter was 35 Potato Road in Sagaponack, at $46.5M.
  • Luxury sales predominately took place in Bridgehampton/Sagaponack and Southampton Village, each reporting 15 transactions.
  • With luxury market sales down 28% on the South Fork, luxury market sales volume followed with a decline of 47% to $788.260M.

In the residential luxury market (top 10% of all residential sales):

  • On the South Fork, the top 10% of reported sales in First Quarter 2022 exhibited an increase in median and average price as the share of sales over $10M grew from 30% to more than half.
  • The most expensive sale of the quarter was 70 Further Lane in East Hampton Village for $59.5M.
  • With sales down 37% on the South Fork, luxury market sales volume also decreased to $995.764M, an annual change of 14%.
 

North Fork

 

The North Fork market saw year-over-year sales decline—yet quarter-over-quarter, sales increased by 5%, proving activity is strong in the six submarkets despite limited available homes.

  • All villages and hamlets displayed year-over-year declines in sales, although quarter-over-quarter sales increased in Greenport and Southold 15% and 29%, respectively.
  • Overall, sales volume was down 30% year-over-year to $146.386M.
  • Mattituck/Laurel was the only one of the six areas with an increase in volume, improving 11% year-over-year to $32.698M.

Echoing price metrics in South Fork, both median and average prices saw increases in 2Q 2022.

  • Overall, median price was up 12% annually while average price increased 9%.
  • Due to several transactions over $2M, median price in Greenport rose 55%, with Mattituck/Laurel following with a gain of 28%.
  • Median price increased in nearly all areas across the North Fork, with the exceptions of Southold/Peconic and Cutchogue.

In the residential luxury market (top 10% of all residential sales):

  • On the North Fork, luxury median price increased 15% while average price decreased 2%.
  • Even as more than three-quarters of sales were over $2M in 2Q 2022, there were 36% fewer sales than in 2Q 2021, leading to a 38% decrease in sales volume.
 

Work With Us

We work with all kinds of clients helping put together the pieces of their unique puzzles, whether that means downsizing or upsizing, buying or selling, for everyone from Hamptons locals to household names from all walks of life.

CONTACT US