“Regular People” Streaming into North Fork

Key Highlights

• COVID pushed North Fork market into “overdrive”
• North Fork similar to other more affordable areas often overshadowed by showier, unaffordable towns

North Fork Now Destination in Its Own Right

Going back to the 2000’s, “regular people” (teachers, nurses, etc.) priced out of the South Fork or Hamptons’ purchase/rental market shifted their dreams to a home in North Fork communities.

Sitting between Long Island Sound and Peconic Bay, the North Fork is less dense, more agricultural and more affordable by two than the South Fork/the Hamptons.

North Fork Prices Considered as Bargains

An average home price runs about $1M.  Average rental prices in much of Riverhead, the entire town of Southold (including the hamlets of Mattituck, Cutchogue, Southold and Orient plus the village of Greenport) and Shelter Island are considered to be bargains.

Renters Now Owners

“Regular” New Yorkers fled in droves to the North Fork at the pandemic exploded.  North Fork renters, just as more affluent South Fork renters,  became owners when their leases expired.

According to a report by the appraisal company Miller Samuel for Douglas Elliman Real Estate, North Fork saw more residential sales in Q3 2020 than at any other time since the mid-2000’s.

In Q1 2021, North Fork had the most active winter of residential sales at an average sales price of $1M since 2006.

North Fork Inventory Hard Hit

Agents and brokers say that the Q3 2020 buying spree most definitely impacted inventory levels.  Couple this now ongoing buying spree from Q3 2020 with fewer empty-nesters downsizing during the pandemic .

Q1 2021 inventory in the North Fork was down -11% from Q4 2020 and down -58% y/y, according to the Elliman report.

Traditional buyers such as Jake Neske and wife Amy Kommatas, both of whom work in advertising, had been looking for years for a beachy part-time retreat when “…the pandemic led to a realization about scarcity and pushed us along..” to offer $776,000, +20% over the $649,000 list price.

North Fork Having Its Own Market Moment

Just as the South Fork has been having its market moment, the North Fork is having its own market moment as well.

North Fork’s moment in real estate headlines is being made by educators, health care practitioners, people in the arts and/or advertising and  people who are self-employed who may or may not own small businesses. Not paparazzi.

Thanks to the New York Times.

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