East End bucks trend with more home sales in Q4

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While the rest of Long Island’s housing market saw fewer home sales, more houses were sold on the East End in the last quarter than the same period the previous year. 

There were 121 homes sold on the North Fork in Q4 of 2023, an increase of 16.3 percent from the 104 homes sold in the fourth quarter of 2022, according to a report from Town & Country Real Estate. 

Home prices also climbed. The median price of closed home sales on the North Fork in Q4 2023 was $975,000, which was 5.4 percent higher than the $925,000 median price recorded in Q4 2022. 

There were 58 homes on the North Fork sold for more than $1 million each in Q4 2023, a 42 percent jump from the 41 homes that sold for more than $1 million each in Q4 2022. That resulted in a total Q4 2023 sales volume of $148.53 million, an increase of 19.4 percent from the Q4 2022 sales volume of $124.4 million, according to the Town & Country report. 

In the Hamptons, fourth-quarter home sales rose slightly year over year. There were 359 home sales in Q4 2023 compared with 355 fourth-quarter sales the previous year. 

However, Hamptons home prices took a big jump. The median price of closed home sales in Q4 2023 was $1.9 million, a 19.7 percent increase from the $1.587 million median price recorded in Q4 2022. 

There were 76 homes in the Hamptons that sold for between $3.5 million and $9.99 million in Q4 2023. That’s 69 percent more than the 45 homes that sold in that price range in Q4 2022, which helped account for a sales volume increase of 8 percent, rising from $1.131 billion in Q4 2022 to $1.222 billion in Q4 2023.

And though the fourth quarter of 2023 saw gains in the East End’s housing market, the year overall was disappointing. 

Home sales on the North Fork fell 7.7 percent last year, dropping from 527 in 2022 to 486 in 2023, according to Town & Country. And like the rest of Long Island, prices rose. The 2023 median price of North Fork home sales was $920,000, which was 8.2 percent higher than the $850,000 median of 2022. 

In the Hamptons, home sales plunged 26 percent last year, falling from 2,243 sales in 2022 to 1,668 in 2023. Home prices remained relatively flat in the Hamptons last year. The 2023 median price of closed home sales was $1.78 million, just 1.7 percent higher than the $1.75 million median price in 2022.