B
uying or selling real estate during an election year can be a complex process, with potential home buyers waiting to see how the outcome will impact pricing and interest rates. Historically, home sales experience a plateau in election years, but after nine of the last 11 presidential elections, they have seen an uptick.
Christopher Nuzzi, executive vice president at Advantage Title Group Agency, believes that knowing the outcome of the election will bring stability to the market, making it more attractive to buyers. He notes that the North Fork has been helped by ongoing interest fueled during the COVID-19 pandemic and its continued delivery of assets such as space, diversity in housing inventory, and lifestyle attractions.
In the third quarter, Douglas Elliman reported 127 homes closed with an average sales price of $1,573,708, a significant uptick from the same quarter in 2023. Shelter Island commanded the highest median price for 14 sales at $2,150,000, followed by Orient Point and Greenport.
Town & Country Real Estate reported 112 home sales in the third quarter, with a slight dip from the previous year. However, their portfolio saw steeper declines in number of sales and median price in Jamesport, while Mattituck experienced an 83% increase in sales. Southold was the only North Fork market to see an increase in total home sales volume.
Judi Desiderio, CEO of Town & Country Real Estate, notes that 2024 has been a challenging year for real estate nationwide due to low inventory levels and regulatory changes. However, she remains optimistic about the future, citing the end of the COVID-19 pandemic and the business community's excitement about the upcoming year.
Other agents share similar sentiments, with Jennifer Disbrow of Engel & Völkers predicting a busy start to 2025, driven by demand for eco-conscious and boutique luxury properties. Kristy Nadell of Douglas Elliman expects a post-election bump in business, while Jerry Cibulski of Century 21 notes the rise of new homes designed for multigenerational living.
Sheri Winter Parker of Corcoran predicts that 2025 will be a stellar year for real estate on the East End, citing the expected volatility of the stock market and the historical benefits of investing in property.
