Residential Market Reports Noel D. Mason Licensed Real Estate Salesperson Brown Harris Stevens of the Hamptons LLC Cell: 631.525.3649
BHSID 891351
THE
Craft OF Research
Hamptons
FIRST HALF + SECOND QUARTER 2022
FIRST HALF + SECOND QUARTER 2022
Hamptons + North Fork Market Report 3
Message from our Executive Managing Director
First Half 2022 - Hamptons
4
5
Number of Sales: 10-year comparison Total Dollar Volume: 10-year comparison
5 Average and Median Prices: 10-year comparison 6
Dollar Volume by Area + Number of Sales by Area
7
Percentage of Sales by Price: East and West of the Shinnecock Canal
8
Number of South Fork Sales by Price
Town/Hamlet Summaries (Average and Median Prices, Number of Sales, Price Categories) 9
East of the Shinnecock Canal
12
West of the Shinnecock Canal
Second
14
Quarter 2022 - Hamptons
Number of Sales
14 Average and Median Prices 15
Total Dollar Volume
16 Number of Sales by Area 17 Percentage of Sales by Price: East and West of the Shinnecock Canal 18
Number of South Fork Sales by Price
Second
Quarter 2022 - North Fork
20
Number of Sales + Average and Median Prices
21
Percentage of Sales by Price + Total Dollar Volume
22
Town/Hamlet Summaries (Average and Median Prices, Number of Sales, Price Categories)
2
FIRST HALF + SECOND QUARTER 2022
Hamptons Market Report
BHSID 892093
We are pleased to present our First Half 2022 and Second Quarter 2022 Hamptons and North Fork Market Reports. After an incredibly strong 2021, it was inevitable that activity would return to more normal levels. But despite a recent slowdown in the number of sales, the accompanying reports demonstrate the long-term strength of the Hamptons real estate market, with every one of the major indices (the total number of sales, total dollar volume and average and median prices) still recording higher figures than pre-pandemic market conditions. Overall, in the First Half of 2022 the number of transactions in the Hamptons declined 26.3%, but after the 1,269 sales in 1H21, the 1H22 total of 935 closings is the second highest number of First Half sales since 2015. Total Dollar Volume was 18.6% lower compared to 1H21, but at $2.68 Billion is the second highest First Half number recorded to date. This amount was largely impacted by an 18.4% increase in sales over $10M (the only price category to experience a rise in sales). The 45 sales over $10M in the First Half of 2022 represented only 4.8% of the total number of sales but accounted for 29.4% of the Total Dollar Volume. Nearly every town and hamlet in the Hamptons experienced increases in both the average and median sales prices. The overall average price in 1H22 of $3,056,950 marked a 10.4% rise over 1H21 and is the highest First Half average price to date. Similarly, the overall median price increased 7.9% to $1,700,000 and is the highest First Half median price ever recorded for the region. While we are finally seeing more listings come to market and inventory levels are starting to rise, it is a slow process, as well-priced properties continue to sell faster than was typical in pre-pandemic years. Some are quick to say that we are transitioning from a seller’s market to a buyer’s market, but that is not an accurate assessment of the current conditions. You might say that we are in a buyer’s and seller’s market – a growing pool of available homes means more choices for buyers, and the continued strong demand allows sellers with properly-priced homes to achieve relatively quick sales at prices that are at historically high averages. As the following reports show, despite periodic fluctuations in sales activity, the longterm strength and resilience of the Hamptons real estate market is abundantly clear. Robert Nelson Executive Managing Director Brown Harris Stevens of the Hamptons, LLC
3
FIRST HALF 2022
Hamptons Market Report 935 Closed Sales
Fewer Sales at Higher Prices An ongoing lack of inventory led to fewer sales in 1H22, but continued demand from buyers led to significant gains in the average and median prices.
1H22
The total number of sales declined by 26.3% in the First Half of 2022, with 935 sales compared to 1,269 during the same period in 2021. The average sales price rose 10.4% during this time, achieving an historic First Half high of $3,056,950. As a result, the Total Dollar Volume for 1H22 declined only 18.6% from 1H21.
18.6%
780 New Listings
10.4%
Dollar Volume 1H22 vs. 1H21
26.3%
Average Sold Price 1H22 vs. 1H21
Number of Sales 1H22 vs. 1H21
Total Number of Sales The total number of sales during the First Half of 2022 totaled 935, a 26.3% decline from the 1,269 of 1H21, but is the second highest number of First Half sales since 2015. 1,400
1,269 1,200
1,000
969
965 908
800
898
935
890
845 772
755
600
400
200
0
1H13
1H14
1H15
1H16
1H17
1H18
1H19
1H20
1H21
1H22
Data for this report is sourced from The Real Estate Report Inc. and references single-family residential real estate transactions. Based upon data available as of July 22, 2022. 2Q22 and 1H22 data is preliminary and subject to revision in future reports. 4
FIRST HALF 2022
Hamptons Market Report Total Dollar Volume While fewer sales contributed to an 18.6% decline in the Total Dollar Volume compared to 1H21, the 1H22 total of $2.86 Billion is the second highest amount on record and is 43.8% above the third highest figure, from 1H20. $4.0B
$3.51B
$3.5B
$2.86B
$3.0B
$2.5B
$1.0B
$1.99B $1.48B
1H17
$1.82B
$1.69B
1H16
$1.19B
$1.5B
$1.64B
$1.69B
$1.78B
$2.0B
$0.5B
$0.0B
1H13
1H14
1H15
1H18
1H19
1H20
1H21
1H22
Average and Median Sales Prices Continue to Climb The average sales price in the Hamptons averaged $3,056,950 during 1H22, an increase of 10.4% from 1H21, and an all-time First Half record. The median price - which measures the middle of the market - rose 7.9% to $1,700,000 - also a record high.
$2.77M 993K
$1M
$1M
978K
975K
950K
$1.0M
863K
$1.5M
$2M
$1.14M
$1.58M
$1.92M
$2.05M
$1.88M
$1.81M
$1.57M
$1.75M
$1.86M
$2.5M
$2.35M
$3.0M
$2.0M
$3.06M
$3.5M
500K
0K
1H13
1H14
1H15
1H16
1H17 Average Price
1H18 Median Price
1H19
1H20
1H21
1H22
5
FIRST HALF 2022
Hamptons Market Report Dollar Volume by Area The Southampton Area - which includes Southampton, Southampton Village and Water Mill - accounted for 26.9% of the total dollar volume, with $762 Million in total sales. While the Sag Harbor and the Amagansett/Montauk Areas had nearly the same Total Dollar Volume, the Sag Harbor Area had more than twice as many transactions (152 vs. 71) - a clear indicator of the difference in the average sales prices of these areas.
Amagansett/Montauk
$379M
Bridgehampton Area
$329M
East Hampton Area
$624M
Sag Harbor Area
$371M
Southampton Area
$762M
Westhampton Area
$395M 0K
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
Number of Sales by Area
14.6%
7.8%
152 Sales
71 Sales
25.3%
5.6%
230 Sales
51 Sales
21.6%
27.1%
196 Sales
260 Sales
6
FIRST HALF 2022
Hamptons Market Report Percentage of Sales by Price Hamptons East of the Shinnecock Canal The single largest category of sales in the eastern part of the Hamptons was the $1 Million to $2 Million range, with 220 sales in 1H22, accounting for 32.3% of all transactions. Nearly half of all sales (49%) were under $2M.
East 6.2%
0 to 500K
10 Sales
1.5%
>500K-1M
104 Sales
15.3%
>1M-2M
220 Sales
32.3%
>2M-3M
126 Sales
18.5%
>3M-5M
108 Sales
15.9%
>5M-10M
71 Sales
10.4%
>10M
42 Sales
6.2%
1.5%
15.3%
10.4%
15.9%
32.3% 18.5%
Hamptons West of the Shinnecock Canal With a higher availability of more moderately priced houses, the Hamptons west of the Shinnecock Canal saw the majority of sales under $1 Million, with 48.4% of all sales in the $500K to $1M category. The next largest range, between $1 and $2 Million, accounted for 28.3% of all closings west of the Canal. Overall, 85% of sales in this area were under $2 Million.
West 3.1% 1.2%
0 to 500K
21 Sales
8.3%
>500K-1M
123 Sales
48.4%
>1M-2M
72 Sales
28.3%
2M-3M
14 Sales
5.5%
>3M-5M
13 Sales
5.1%
>5M-10M
8 Sales
3.1%
>10M
3 Sales
1.2%
8.3%
5.1% 5.5%
28.3% 48.4%
7
FIRST HALF 2022
Hamptons Market Report South Fork Sales by Price: 1H22 vs. 1H21 Looking at the entire Hamptons area, east and west of the Shinnecock Canal, all price range categories experienced decreases in 1H22 except for the highest end of the market. Sales above $10 Million increased by 18.4% compared to the First Half of 2021. These 45 sales above $10M represented only 4.8% of the total number of sales during the First Half of 2022, but accounted for 29.4% of the Total Dollar Volume.
407
450
400
322
350
1H21
292
300
1H22
202
227
250
140
154
200
121
150
31
38
50
45
55
79
91
100
0
0 to 500K
-43.6%
>500K-1M
-29.5%
>1M- 2M
-28.3%
>2M-3M
-30.7%
>3M-5M
-21.4%
>5M - 10M
-13.2%
>10M
+18.4%
8
FIRST HALF 2022
Hamptons Single-Family Homes - East of the Shinnecock Canal
Amagansett Median Price
Average Price
Sales
0 to 500K >500K -1M
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$2,287,500
$4,088,231
26
0
0
10
6
4
4
2
1H21
$2,772,500
$3,766,571
42
0
3
10
12
10
5
2
1H22
$4,735,000
$8,073,314
33
0
4
1
4
10
7
7
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$3,067,500
$4,337,323
34
0
3
10
4
10
4
3
1H21
$3,800,000
$5,022,181
65
0
5
10
11
16
18
5
1H22
$3,650,000
$4,965,020
40
0
2
6
9
7
11
5
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$968,500
$1,340,985
165
8
81
51
14
8
3
0
1H21
$1,395,000
$1,705,455
249
5
67
109
48
18
1
1
1H22
$1,676,000
$2,018,201
199
5
35
79
51
24
4
1
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$4,412,500
$7,411,459
24
0
1
3
4
6
6
4
1H21
$3,850,000
$7,920,071
51
0
2
10
7
18
9
5
1H22
$4,925,000
$9,605,981
20
0
0
2
5
3
7
3
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$1,185,000
$1,639,310
31
2
10
14
1
3
1
0
1H21
$1,525,000
$2,268,811
49
0
7
26
9
4
2
1
1H22
$2,100,000
$2,952,737
38
0
2
16
8
7
5
0
Bridgehampton 0 to 500K >500K -1M
East Hampton 0 to 500K >500K -1M
East Hampton Village 0 to 500K >500K -1M
Montauk 0 to 500K >500K -1M
9
FIRST HALF 2022
Hamptons Single-Family Homes - East of the Shinnecock Canal
North Haven Median Price
Average Price
Sales
0 to 500K >500K -1M
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$2,625,000
$4,302,756
16
0
1
5
3
2
3
2
1H21
$2,400,000
$3,660,494
17
1
1
3
6
2
3
1
1H22
$4,090,000
$6,223,947
19
0
2
5
1
4
4
3
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$1,220,000
$1,572,802
52
1
17
22
8
2
2
0
1H21
$1,300,000
$1,744,533
67
0
25
26
7
7
2
0
1H22
$1,350,000
$1,873,843
53
1
14
27
4
4
3
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$1,837,500
$2,108,581
22
0
5
7
5
5
0
0
1H21
$2,400,000
$2,653,804
62
0
2
24
18
14
4
0
1H22
$1,975,000
$3,085,058
43
0
2
21
8
7
2
3
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$4,575,000
$7,076,461
8
0
0
2
0
3
0
3
1H21
$4,500,000
$6,811,739
23
0
0
2
3
9
3
6
1H22
$5,000,000
$11,820,000
11
0
1
0
2
3
3
2
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$880,000
$1,527,931
29
1
17
5
4
1
0
1
1H21
$1,347,500
$1,773,612
38
0
12
16
5
4
1
0
1H22
$1,437,500
$1,739,667
12
1
4
5
0
2
0
0
Sag Harbor 0 to 500K >500K -1M
Sag Harbor Village 0 to 500K >500K -1M
Sagaponack 0 to 500K >500K -1M
Shelter Island 0 to 500K >500K -1M
10
FIRST HALF 2022
Hamptons Single-Family Homes - East of the Shinnecock Canal
Southampton Median Price
Average Price
Sales
0 to 500K >500K -1M
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$970,000
$1,272,577
92
8
43
21
16
4
0
0
1H21
$1,162,500
$1,612,770
130
4
50
46
17
10
3
0
1H22
$1,575,000
$2,164,618
101
2
28
38
18
10
3
2
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$3,262,500
$10,440,017
36
2
1
5
9
5
3
11
1H21
$2,960,000
$5,817,850
71
2
7
14
13
15
10
10
1H22
$4,887,500
$6,221,481
56
0
3
8
7
12
15
11
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$1,712,500
$2,567,394
20
0
5
6
3
5
0
1
1H21
$2,772,250
$7,177,719
28
0
2
7
11
1
4
3
1H22
$2,495,000
$2,710,227
11
0
0
4
4
3
0
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$2,392,500
$3,541,684
34
0
3
10
6
7
7
1
1H21
$3,852,500
$4,779,608
60
0
1
12
10
14
20
3
1H22
$3,250,000
$4,993,228
39
1
2
7
5
12
7
5
Southampton Village 0 to 500K >500K -1M
Wainscott 0 to 500K >500K -1M
Water Mill 0 to 500K >500K -1M
11
FIRST HALF 2022
Hamptons Single-Family Homes - West of the Shinnecock Canal
Eastport Median Price
Average Price
Sales
0 to 500K >500K -1M
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$779,000
$779,000
2
0
1
1
0
0
0
0
1H21
$628,500
$771,729
8
2
4
2
0
0
0
0
1H22
$790,000
$778,875
8
1
5
2
0
0
0
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$600,000
$923,073
39
13
20
4
0
1
1
0
1H21
$845,000
$1,019,033
55
6
29
16
4
0
0
0
1H22
$913,500
$1,167,350
44
1
23
18
1
1
0
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$575,000
$655,405
99
37
52
9
1
0
0
0
1H21
$683,500
$792,080
114
27
64
22
1
0
0
0
1H22
$775,000
$864,665
116
12
78
23
3
0
0
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$1,228,250
$1,506,858
8
0
3
2
3
0
0
0
1H21
$1,535,000
$1,843,182
11
1
4
3
1
1
1
0
1H22
$1,800,000
$3,223,643
7
0
2
2
0
1
2
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$2,000,007
$3,447,615
25
0
6
6
5
5
1
2
1H21
$1,625,000
$2,293,266
32
0
6
14
5
5
1
1
1H22
$2,950,000
$5,300,769
13
0
0
6
1
1
3
2
East Quogue 0 to 500K >500K -1M
Hampton Bays 0 to 500K >500K -1M
Quiogue 0 to 500K >500K -1M
Quogue 0 to 500K >500K -1M
12
FIRST HALF 2022
Hamptons Single-Family Homes - West of the Shinnecock Canal
Remsenburg Median Price
Average Price
Sales
0 to 500K >500K -1M
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$958,500
$1,101,445
16
1
10
4
0
1
0
0
1H21
$1,310,000
$1,465,748
24
1
8
11
3
0
1
0
1H22
$1,527,000
$1,620,843
19
1
6
9
1
2
0
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$510,000
$577,429
7
3
4
0
0
0
0
0
1H21
$325,000
$388,748
5
4
1
0
0
0
0
0
1H22
$660,000
$571,667
6
2
4
0
0
0
0
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$908,000
$938,974
23
4
12
7
0
0
0
0
1H21
$999,000
$1,120,468
27
2
12
11
2
0
0
0
1H22
$1,315,000
$1,476,714
21
4
5
9
1
1
1
0
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$1,437,500
$1,775,318
32
0
8
15
3
6
0
0
1H21
$1,800,000
$2,345,815
35
0
10
10
8
4
3
0
1H22
$2,500,000
$3,077,579
19
0
4
3
5
5
1
1
Median Price
Average Price
Sales
>1M-2M
>2M-3M
>3M-5M
>5M-10M
>10M
1H20
$3,600,000
$4,132,720
5
0
0
0
1
2
2
0
1H21
$2,350,000
$2,395,833
6
0
0
3
1
2
0
0
1H22
$2,400,000
$3,071,429
7
0
1
1
2
2
1
0
Speonk 0 to 500K >500K -1M
Westhampton 0 to 500K >500K -1M
Westhampton Beach 0 to 500K >500K -1M
Westhampton Dunes 0 to 500K >500K -1M
13
SECOND QUARTER 2022
Hamptons Market Report 600
Second Quarter Slowdown
514
Higher mortgage rates, increased home prices and continued low inventory have all impacted the slower pace of sales in the Hamptons during the Second Quarter of 2022.
500 424 400
367
357 317
The total number of sales declined by 38.3% in 2Q22, with 317 sales compared to 514 during the same period in 2021. As a result, the Total Dollar Volume for 2Q22 declined 35.5% from 2Q21.
300
200
Despite the decline in the number of sales, the average sales price increased 4.7% during this time, achieving a Second Quarter high of $3,354,166.
100
-
2Q18
2Q19
2Q20
2Q21
2Q22
Total Number of Sales
35.5%
4.7%
Dollar Volume 2Q22 vs. 2Q21
38.3%
Average Sold Price 2Q22 vs. 2Q21
Number of Sales 2Q22 vs. 2Q21
Average and Median Sales Prices Continue to Climb The average sales price in the Hamptons averaged $3,354,166 during 2Q22, an increase of 4.7% from 2Q21. The median price - which measures the middle of the market - rose 6.3% to $1,850,000. Both figures represent $4,000,000 the highest Second Quarter number to date.
$500,000 $0
2Q19
2Q20
Average Price
2Q21
$1,850,000
$2,352,558
$2,047,670
2Q18
$1,275,000
$1,000,000
$1,015,000
$1,500,000
$1,162,500
$2,000,000
$2,145,280
$2,500,000
$1,740,000
$3,204,987
$3,000,000
$3,354,166
$3,500,000
2Q22
Median Price
Data for this report is sourced from The Real Estate Report Inc. and references single-family residential real estate transactions. Based upon data available as of July 22, 2022. 2Q22 data is preliminary and subject to revision in future reports. 14
SECOND QUARTER 2022
Hamptons Market Report Total Dollar Volume While fewer sales contributed to a 35.5% decline in the Total Dollar Volume compared to 2Q21, it should be remembered that 2Q21 experienced an unprecedented 96.1% increase from 2Q20. The 2Q22 total of $1.06 Billion is the second highest total to date for Second Quarter Total Dollar Volume.
$1.65B
$1.75B
$1.50B
$1.25B
$500M
$1.06B
$840M
$751M
$750M
$910M
$1.00B
$250M
0.00K
2Q18
2Q19
2Q20
2Q21
2Q22
2Q22 Dollar Volume by Area The Southampton Area - which includes Southampton, Southampton Village and Water Mill - accounted for 31.6% of the total dollar volume, 24.2% of all sales.
Amagansett/Montauk
$136M
Bridgehampton Area
$123M
East Hampton Area
$205M
Sag Harbor Area
$129M
Southampton Area
$333M
Westhampton Area
$138M 0K
$50M
$100M
$150M
$200M
$250M
$300M
$350M
15
SECOND QUARTER 2022
Hamptons Market Report Number of Sales by Area Amagansett/Montauk - 26 Sales
East Hampton Area - 76 Sales Includes East Hampton, East Hampton Village and Wainscott Bridgehampton Area - 17 Sales Includes Bridgehampton and Sagaponack Sag Harbor Area - 35 Sales Includes Sag Harbor, Sag Harbor Village, North Haven, Noyac and Shelter Island Southampton Area- 75 Sales Includes Southampton, Southampton Village, North Sea, and Water Mill Westhampton Area- 88 Sales Includes East Quogue, Eastport, Hampton Bays, Quiogue, Quogue Village, Remsenburg, Speonk, Westhampton, Westhampton Beach, Westhampton Beach Village, and Westhampton Dunes
10%
8.4% 24.5%
5.5% 24.2% 27.4%
16
SECOND QUARTER 2022
Hamptons Market Report Percentage of Sales by Price Hamptons East of the Shinnecock Canal The single largest category of sales in the eastern part of the Hamptons was the $1 million to $2 million range, with 72 sales in 2Q22, accounting for 31% of all transactions.
East 6.9%
0 to 500K
2
Sales
0.9%
>500K-1M
22 Sales
9.5%
>1M-2M
72 Sales
31.0%
>2M-3M
44 Sales
19.0%
>3M-5M
43 Sales
18.5%
>5M-10M
33 Sales
14.2%
>10M
16 Sales
6.9%
0.9% 9.5%
14.2%
31.0% 18.5%
19.0%
Hamptons West of the Shinnecock Canal With a higher availability of more moderately priced houses, the Hamptons west of the Shinnecock Canal saw the majority of sales under $1 million, with 49.4% of all sales in the $500K to $1M category. The next largest range, between $1 and $2 million, accounted for 30.6% of all closings west of the Canal.
West 0 to 500K
4
Sales
>500K-1M
42 Sales
49.4%
>1M-2M
26 Sales
30.6%
2M-3M
5
Sales
5.9%
>3M-5M
5
Sales
5.9%
>5M-10M
1
Sales
1.2%
>10M
2
Sales
2.4%
1.2%
4.7%
2.4% 4.7%
5.9% 5.9%
30.6%
49.4%
17
SECOND QUARTER 2022
Hamptons Market Report South Fork Sales by Price: 2Q22 vs. 2Q21 Looking at the entire Hamptons area, east and west of the Shinnecock Canal, all price range categories experienced decreases in 2Q22. The largest declines, in the under $1 Million ranges, are a reflection more of the shrinking availability of homes in the lower end of the market than of diminishing demand. The high-end of the market, above $5 Million, experienced the lowest percentage decreases compared to 2Q21, indicating a sustained demand for the luxury market in the Hamptons.
166
180
160
140
2Q21
2Q22
98
116
120
84
100
64
66
80
48
>500K-1M
>1M- 2M
>2M-3M
>3M-5M
-44.8%
-41.0%
-41.7%
41
49
60
6
18
20
18
23
34
40
0
0 to 500K
-66.7%
-27.3%
>5M - 10M
-17.1%
>10M
-21.7%
18
SECOND QUARTER 2022
Market Report
North Fork
Residential
19
SECOND QUARTER 2022
North Fork Market Report Sales Slow + Prices Rise
120
After a significant slowdown in North Fork sales
102
105
100
during the First Quarter of 2022, relative stability returned in the Second Quarter. As with many
82
markets today, low inventory levels have been
88 81
80
limiting the pace of sales, as potential buyers are faced with fewer choices.
60
The number of single-family home sales on the
40
North Fork decreased a moderate 8%, from 88 sales in 2Q21 to 81 in 2Q22. Despite that decline,
20
the total dollar volume rose 14.6% to $79 Million.
-
2Q18
2Q19
2Q20
2Q21
2Q22
Total Number of Sales
14.6%
24.5%
Dollar Volume 2Q22 vs. 2Q21
Average Sold Price 2Q22 vs. 2Q21
8% Number of Sales 2Q22 vs. 2Q21
Average and Median Sales Prices Climb The average sales price on the North Fork increased 24.5% to $982,995 - the highest average price achieved to date. The $1,200,000 median price rose 9.6% compared to 2Q21, to $750,000. Lack of inventory in the lower end of the market and a higher percentage of sales above $750,000 contributed to the rise in average and median prices.
$684,500
$789,688 $495,750
$631,017
$535,000
$613,564
$400,000
$497,000
$600,000
$745,879
$800,000
$750,000
$982,995
$1,000,000
$200,000
$0
2Q18
2Q19
2Q20
Average Price
2Q21
2Q22
Median Price 20
SECOND QUARTER 2022
North Fork Market Report Percentage of Sales by Price - A Changing Landscape Significantly for the North Fork, the rising average price has led to a lack of availability at the low end of the market and an increasing percentage of transactions at the higher end. During the Second Quarter of 2022, 48.1% of all sales were above $750,000. During 2Q21 that figure was 40.9% and in 2Q20 it was only 25.6%. By contrast, in 2Q20, 53.7% of North Fork sales were below $500,000. By 2Q22, that figure had dropped to 19.8%.
0 to 350K
7
Sales
8.6%
>350K-500K
9
Sales
11.1%
8.6%
>500K-750K 26 Sales
32.1%
>750K-1M
13 Sales
16.0%
>1M-2M
19 Sales
23.5%
>2M-5M
7
8.6%
Sales
8.6%
11.1% 23.5%
32.1% 16.0%
Total Dollar Volume Reflecting a greater percentage of sales above $1 Million than in 2Q21, the North Fork Total Dollar Volume increased 14.6% to $79,622,608 in 2Q22, despite having fewer transactions. $90M
$60M
$52M
$50M
$80M
$69M
$64M
$70M
$76M
$80M
$40M $30M $20M $10M 0.0K
2Q18
2Q19
2Q20
2Q21
2Q22 21
SECOND QUARTER 2022
North Fork Market Report Single-Family Homes
Aquebogue Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$816,000
$816,000
2
1
0
0
0
1
0
0
2Q21
$575,000
$614,833
6
0
2
2
2
0
0
0
2Q22
$555,000
$1,335,000
3
0
1
1
0
0
1
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$700,000
$619,500
9
2
1
3
3
0
0
0
2Q21
$755,000
$1,039,641
8
0
1
3
2
1
1
0
2Q22
$762,500
$1,013,250
8
1
0
3
2
1
1
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$438,000
$466,600
5
1
3
0
1
0
0
0
2Q21
$885,000
$885,000
1
0
0
0
1
0
0
0
2Q22
$1,149,000
$1,190,400
5
0
0
0
2
3
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$375,200
$569,840
5
2
1
1
0
1
0
0
2Q21
$760,500
$1,282,100
5
0
1
1
2
0
1
0
2Q22
$1,447,500
$1,617,250
4
0
0
0
0
3
1
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$555,000
$514,800
5
1
1
3
0
0
0
0
2Q21
$1,240,000
$918,333
3
1
0
0
0
2
0
0
2Q22
$451,500
$451,500
2
1
0
1
0
0
0
0
Cutchogue
East Marion
Greenport
Greenport Village
22
SECOND QUARTER 2022
North Fork Market Report Single-Family Homes
Jamesport Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$369,000
$337,667
3
1
2
0
0
0
0
0
2Q21
$675,000
$565,000
5
2
0
2
1
0
0
0
2Q22
$605,000
$827,500
4
1
1
1
0
1
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$458,000
$553,375
4
0
3
0
1
0
0
0
2Q21
$736,025
$771,008
3
0
1
1
0
1
0
0
2Q22
$657,500
$657,500
2
0
1
0
1
0
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$1,037,500
$1,049,333
6
1
0
0
2
3
0
0
2Q21
$679,000
$681,000
9
0
1
5
3
0
0
0
2Q22
$613,000
$944,330
4
1
1
1
0
0
1
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$0
$0
0
0
0
0
0
0
0
0
2Q21
$1,040,000
$1,040,000
1
0
0
0
0
1
0
0
2Q22
$450,000
$450,000
1
0
1
0
0
0
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$1,442,763
$1,496,381
4
0
0
1
0
2
1
0
2Q21
$975,000
$1,253,787
3
0
0
0
2
1
0
0
2Q22
$925,000
$925,000
1
0
0
0
1
0
0
0
Laurel
Mattituck
New Suffolk
Orient
23
SECOND QUARTER 2022
North Fork Market Report Single-Family Homes
Peconic Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$1,550,000
$1,185,000
3
0
1
0
0
2
0
0
2Q21
$0
$0
0
0
0
0
0
0
0
0
2Q22
$1,300,000
$1,232,750
4
0
0
0
1
3
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$355,000
$364,864
21
10
9
2
0
0
0
0
2Q21
$470,000
$500,292
24
4
10
8
2
0
0
0
2Q22
$599,900
$568,636
25
3
4
16
2
0
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$750,000
$750,000
1
0
0
1
0
0
0
0
2Q21
$765,000
$765,000
1
0
0
0
1
0
0
0
2Q22
$715,000
$715,000
1
0
0
1
0
0
0
0
Median Price
Average Price
Sales
0 to 350K
>350K -500K
>500K-750K
>750K-1M
>1M-2M
>2M-5M
>5M
2Q20
$659,750
$664,607
14
1
3
6
3
1
0
0
2Q21
$790,000
$978,711
19
1
2
4
6
5
1
0
2Q22
$1,250,000
$1,444,023
17
0
0
2
4
8
3
0
Riverhead
South Jamesport
Southold
24
Contact Us SECOND QUARTER 2022 Residential Market Report East Hampton 27 Main Street East Hampton, NY 11937 631.324.6400
Bridgehampton 2408 Main Street Bridgehampton, NY 11932 631.537.2727
Sag Harbor 96 Main Street Sag Harbor, NY 11963 631.725.2250
Southampton 31 Main Street Southampton, NY 11968 631.287.4900
Westhampton Beach 70 Main Street Westhampton, NY 11978 631.288.5500
North Fork 13105 Main Road Mattituck, NY 11952 631.477.0551
BHS
THE
Craft OF Research
©2022 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed
without Brown Harris Stevens’ consent. While information is believed true, no guaranty is made of accuracy.
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