Corcoran’s 4th Quarter 2023 Market Report
for the East End

Reported South Fork closed sales increased annually for the first time since Third Quarter 2021. However, this is in comparison to Fourth Quarter 2022 when the cyberattack against Suffolk County negatively affected the number of reported sales. So, while single-family home sales show an increase of 10% year-over-year, the number of reported sales is the second-lowest in 10 years.

At the end of 2023, sales increased across most of the South Fork. The 348 closed sales were a 10% increase versus last year and the first annual uptick in almost eight quarters.

  • All but four of the South Fork villages and hamlets reported an increase in sales this quarter, with Water Mill’s closed sales doubling annually.

  • Shelter Island had the most significant drop in sales — down 43% YOY, a difference of six closings.

  • The increase in the number of sales had a positive impact on sales volume, which was up 24% annually.

  • East Hampton, Water Mill, and Quogue were the only submarkets to increase in volume, while Amagansett had the steepest annual decline — down 55% YOY.

The median price in South Fork reached a new record high in Fourth Quarter 2023, increasing 17% annually to $1.942M.

  • 10 South Fork submarkets displayed annual increases in median price, with Westhampton Beach seeing the most significant increase of 111% as only two sales were below $1M this quarter.

  • Southampton Village had the largest drop in median price. At $2.750M, a 62% drop YOY. At $3.436M, the average price was less than 1% below its record-high figure set in early 2022 and a 13% increase from 2022.

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

  • The luxury median price on the South Fork fell 19% YOY to $9.500M, but average price increased 9%.

  • There were two sales this quarter over $50M, while last year had zero at or above this price point, and the top closing this quarter was a $112M sale in Southampton Village.