Listen to this articleAs the rest of Long Island’s housing market saw fewer home sales, many more houses were sold on the East End in the second quarter of the year than the same period in 2023.
In the Hamptons, second-quarter home sales rose 74 percent year over year. There were 451 closed home sales in Q2 2024 compared with 259 second-quarter sales the previous year, according to a report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers & Consultants.
The number of available homes for sale in the Hamptons increased in the second quarter too. There were 1,173 homes listed for sale in Q2 2024, up 22.8 percent from the 955 homes listed for sale in Q2 2023.
Hamptons home prices also climbed considerably higher as compared to a year ago. The median price of closed home sales in Q2 2024 was $1.896 million, a 30.8 percent increase from the $1.45 million median price recorded in Q2 2023.
In the second quarter, 40 percent of single-family home sales in the Hamptons sold for $3 million or more, which is up from the 31 percent of homes that sold for $3 million or more in Q2 2023, according to a report from Corcoran. Homes that sold for $5 million or more accounted for 20 percent of sales in the second quarter, up from 11 percent of sales in the same period last year.
On the North Fork, there were 115 homes sold in the second quarter, an increase of nearly 14 percent from the 101 homes sold in the second quarter of 2023, according to the Douglas Elliman/Miller Samuel report.
Inventory was also higher. There were 233 homes listed for sale at the end of the second quarter, up 49.4 percent from the 156 homes listed for sale at the end of Q2 2023.
Home prices fell when compared to last year. The median price of closed home sales on the North Fork in the second quarter was $963,000, which was 1.7 percent lower than the $980,000 median price recorded in Q2 2023, and 3.2 percent lower than the $995,000 median from the first quarter of this year.
Forty-one percent of single-family homes sold on the North Fork in the second quarter sold for $1 million or more, which is more than the 35 percent of homes that sold for $1 million or more in Q2 2023, according to the Corcoran report.
On the rest of Long Island, the number of closed home sales in the second quarter fell as compared with the same period the previous year. There were 5,184 closed home sales in the second quarter, a decrease of 5.5 percent from the 5,486 home sales recorded in Q2 2023, according to the Douglas Elliman/Miller Samuel report.
The second-quarter median price of closed home sales on Long Island (excluding the East End) was $670,000, an increase of 11.7 percent from the $600,000 median price recorded in Q2 2023, according to the report.