T
he East End Real Estate Market Report: 4Q 2024

    Ernie Cervi, Regional Senior Vice President, East End notes that "2024 ended with a strong showing for both the South Fork and North Fork markets. The rise of inventory and price modulation across the East End has created positive momentum heading into 2025."

    South Fork/Hamptons:

    * Sales increased by 25% year-over-year (YOY) in the Fourth Quarter, marking only the second annual increase in three years.

    * Westhampton Beach saw a remarkable 155% surge in closings, while Water Mill experienced a 50% decline in sales.

    * Dollar volume rose 13% YOY to $1.350B, with Quogue exhibiting the largest increase due to six closings over $5M.

    Median and average prices were down this quarter, but still above pre-pandemic levels. Median price remained level or increased in ten of 14 submarkets, while Westhampton Beach's median price fell by 39% annually.

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

    * In the South Fork, luxury average price dropped 23% to $11.4M due to fewer sales over $20M.

    * Bridgehampton/Sagaponack accounted for most of the South Fork's luxury sales, with reported sales over $20M.

    North Fork:

    * Single-family home sales fell 14% annually to 99 closings in the Fourth Quarter.

    * Aquebogue/Jamesport was the only submarket to see an increase in reported closings, while Mattituck sales declined by 36%.

    * Overall median price dropped 10% YOY to $960K due to a smaller share of sales over $1M.

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

    * The average and median luxury sale prices on the North Fork rose 54% and 37% YOY, respectively.

    * The highest priced sale was for $10M on Peconic Bay, traded off-market.