Corcoran’s 2nd 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 46% YOY, making 2Q 2023 the slowest second quarter since 2012 and the seventh consecutive quarter of annual decline.

  • All but one South Fork village and hamlet saw double-digit declines in sales, with Bridgehampton/Sagaponack seeing the steepest decline (81%). Shelter Island sales were up 40% YOY.

  • Sales volume also had a significant annual drop, down 49%. Again, Shelter Island stood separate, with a 117% increase in sales volume while all other submarkets saw at least a 15% decline.

2Q 2023 is the second consecutive quarter with an annual decline in average and median price.

  • Even though there was an overall decline, most submarkets saw an increase in median price.

  • In Water Mill, with nearly 60% of sales over $5M this quarter, median price was up 170% YOY.

  • Amagansett saw the largest decline in average price (51%) because there were no reported closings over $4M.

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

  • The luxury average price on the South Fork fell 12% YOY to $10.077M, as there were zero sales over $30M this quarter compared to three last year.

  • Southampton and Water Mill had 40% of the South Fork’s luxury sales.