This two-bedroom bungalow on Park Creek is renting for $32,000 for the summer season. (Credit: Courtesy of Sheri winter Clarry, The Corcoran Group)
The median home price in Southold Town crept up to $490,000 in 2014, the highest its been since Lehman Brothers declared bankruptcy in 2008 and more than $50,000 above than the 10-year low of $440,000 in 2010 and 2011, according to figures from Suffolk Research Service Inc. By comparison, though, median home prices in Riverhead Town have been sluggish, falling to $322,000 in 2014, down from $345,000 in 2013.
Those strong sales in Southold correlate with a hot rental market — and now is the time when those with disposable income are deciding where to spend their summer holidays, according to local agents. (more…)