South Fork/Hamptons

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%.

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.

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

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.

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.