Key Highlights
- Buyers looking for bargains on Hamptons’ North Fork out of luck
- Home sales and prices on North Fork exploded in October – through December 2020 time period
Bargain-Seekers on Hampton’s North Fork a Day Late and Dollar Short
Home prices soared to all-time highs on the Hamptons’ North Fork, also known as the Brooklyn of the Hamptons.” During the October – December time period of 2020, the median home price on the North Fork jumped to an all-time high of $805,000, an increase of +24% y/y, according to a report from Miller Samuel and Douglas Elliman Real Estate.
The Hamptons’ luxury market (the top 10% of sales by price) saw even higher price jumps during this same end-of-year timeframe. The median price of a luxury home in the Hamptons hit $2.3M, +35% annually, according to the Miller Elliman report.
Sales Volume in “the Brooklyn of the Hamptons”
End-of-year 2020 sales on the North Fork nearly doubled, pushing a sales volume increase to +90% y/y. According to Judi Desiderio, CEO of Town & Country Real Estate in the East Hamptons, homebuyers wanting homes within the price range of $800,000 had and continue to have “slim pickings.”
According to the Miller Elliman report, inventory on the North Fork cratered -61% annually. A whopping 37% of homes sold on the North Fork closed at prices well above the house’s last listing price.
List of Median Home Price Increases in North Fork Communities from Q4 2019 to Q4 2020
Q4 2019 Median Q4 2020 Median YoY% Change
Orient Point $465K $999K +114.8%
Peconic $655K $1.365M +108.4%
Southold $551.5K $800K +45.1%
East Marian $675K $886K +31.1%
South Jamesport $429K $530K +23.5%
Thanks to Newsday and Miller Samuel and Douglas Elliman.
