Just over a year after the COVID-19 pandemic began, driving unprecedented demand for real estate on the North Fork, the market is still strong.
In Q2 of this year versus last, dollar volume is up 53.3 percent to $140 million, the average sales price jumped 24.9 percent to $827,584, and the number of sales leapt 39.1 percent to 192.
The demand is being seen across price points, according to the Second Quarter 2021 Brown Harris Stevens Hamptons Market Report. Prices in all categories except for those in the $350,00 to $500,000 range saw year-over-year (YOY) increases in the number of sales. The >$500K – $750K category saw the highest number of transactions, responsible for 26% of all Q2 2021 sales. The above $2M + category experienced the largest YOY increase, from 3 in 2Q20 to 13 in 2Q21.
Some hamlets saw especially big YOY average price jumps. That number in Southold rose to $1,185,042, up from $667,277 a year ago. It’s a similar story in Orient, which experienced a huge leap from $1,213,883 to $2,330,100, and Cutchogue, where the average sales price jumped from $652,375 to $1,058,962.
Though the numbers across the board continue to rise, real estate agents see some changes in the market.
“The frenzy seems to have lessened, but there are many buyers out there,” says Robert Nelson, Executive Managing Director of the Hamptons, Brown Harris Stevens. “Panic buying has returned to a more thoughtful buying but remember there are a limited number of homes to choose from. Homes that are correctly priced will sell quickly, as we are still seeing multiple offers on those homes. Since there is only the one buyer that gets that multiple offer house, those other buyers are still in the market. Listing price is most important.”
As already-hot areas like Greenport, Mattituck and Southhold continue to be in-demand — all saw a higher number of sales last quarter than a year earlier — potential buyers are looking west to areas that offer many of the same amenities but for a fraction of the price.
Debra Greco, Associate Real Estate Broker, Daniel Gale, recently sold a four-bedroom home on one-and-a-half acres with a pool in Aquebogue for $780,000.
“My buyers are now discovering Aquebogue and Jamesport as new opportunities for a home on the North Fork,” says “These villages are situated at the beginning of the North Fork’s Wine Trail featuring award-winning vineyards, near half a dozen golf courses, and beautiful beaches. There is also easy access to enjoy the historic Riverhead waterfront with an array of great restaurants and nightlife. Buyers feel they still have access to the best of the North Fork while getting more for their investment due to the typically lower prices. They also have the benefit of a shorter weekend commute.”
In addition to looking in under-sought areas, potential buyers might want to be ready to pounce in Q3 and Q4. That’s when Diane Mollica, licensed real estate salesperson, Sotheby’s, said there may be some inventory growth.
“I expect to see an uptick in the inventory at the end of the third quarter and beginning of fourth quarter,” she says. “Properties will be coming off rentals and put on the market. We will also see people moving down south at that time of year and putting their houses up for sale.”
That said, potential buyers waiting for a cooling of the market will be competing with new buyers who are fresh to the hunt.
“While there are still buyers out there that did not find a home during the pandemic, there’s also a constant flow of new buyers entering the market,” says Patricia Cosmadelis, real estate salesperson, Daniel Gale. “The small town, healthy, beach lifestyle we enjoy on the North Fork is more alluring than ever.”
