Corcoran’s 1st Quarter 2023 Market Report
for the East End

In early September 2022, an all-encompassing attack on Suffolk County government systems caused a significant disruption in recorded real estate data. Due to the breach, the county did not report closings for several weeks in September and October. Therefore, the number of sales and dollar volume figures in Third Quarter and Fourth Quarter 2022 are negatively affected. Had the breach not occurred, reported figures likely would have been higher than what is shown in this report.

South Fork sales fell 30% YOY, making 1Q 2023 the slowest first quarter since 2013 and the sixth consecutive quarter of decline.

  • Six villages and hamlets reported sales falling year-over-year by at least 40% — like Bridgehampton/Sagaponack, which saw a 63% decline.

  • The drop in sales brought overall dollar volume down 34% annually to $1.459B.

For the first time since 2019, median and average prices fell across the South Fork.

  • The overall average and median price of a single-family home on the South Fork decreased 7% and 8% YOY respectively, however, the shift in prices varied greatly by submarket.

  • The median price in Westhampton Beach was up a significant 41% annually, while in Bridgehampton/Sagaponack, median price was down 41%.

  • Average and median price increased by over 20% in both Sag Harbor/North Haven and Montauk.

In the residential luxury market (top 10% of all residential sales):

  • Median price on the South Fork declined 14% YOY to $8.99M, as there were 44% fewer closings over $10M as compared to 1Q 2022.

  • Southampton and East Hampton saw the most luxury sales this quarter, with nine and 10 closings reported.