The North Fork real estate market continues to show signs of strength. Inventory is tight, competition is fierce and the share of sales above $1 million has reached historic highs.
According to a market report for the end of the second quarter from Jonathan Miller of Miller Samuel, the North Fork experienced its highest median sales price on record, with sales having risen for eight straight quarters.
Susan Orioli of Engel & Völkers North Fork says, “The North Fork has steadfastly upheld its reputation as a niche market, distinguished by a steady level of activity that appeals to a variety of buyers. Recently, we have noted an increase in inventory among inland properties, which presents new opportunities for potential buyers of properties inland. However, there continues to be a significant shortage of inventory when it comes to waterfront properties, which are always in high demand due to their unique appeal and desirability.”
She feels this consistent demand from buyers “injects vibrancy and competitiveness into the market, creating an engaging environment” on both sides of transactions. “The dynamic interplay of supply and demand ensures that transactions are occurring regularly, and the excitement surrounding the North Fork market is palpable. As we navigate this evolving landscape, it remains an opportune time for those looking to invest or sell, as the North Fork continues to attract attention and interest from a diverse array of buyers.”
Kristy Naddell on Douglas Elliman says that some segments of the market are moving slower, but that the demand for “standout properties” on the North Fork are still incredibly strong.
“Anything truly unique, whether it’s a historic home with character or a pristine new build, gets snapped up quickly if it’s well done and priced right,” Naddell says. “I listed a circa 1915 home in Southold at just under $4 million, and it went into contract almost immediately. That tells you everything about where buyers are focused right now. We’re seeing continued strength over $3 million and solid activity under $2 million, but the $2 to $3 million range — especially for waterfront — is seeing more hesitation. Still, with the North Fork posting its highest median sales price on record, it’s clear the appetite for high-quality homes in this market isn’t going anywhere.”
In late June, the North Fork saw its highest sale so far this year at $8 million for a residence at 3745 Nassau Point Road in Cutchogue. It is also the most ever paid for a single-lot in the hamlet of Cutchogue, which is part of Southold Town (The highest sale ever on the North Fork was a 2008 deal for a house on a 58-acre subdivision that sold for $12,294,000). The 5,500-square-foot custom house offers panoramic views of Peconic Bay from two waterfront acres. It also offers 200 feet of private bay beach, a heated gunite pool, extensive bluestone hardscaping and a covered waterside cabana.
In April, a waterfront house on Southold’s Paradise Point sold for $6,725,000. The 3.7-acre parcel offers a 2,000-square-foot custom brick ranch overlooking a private beach and the Shelter Island Sound, in one of the North Fork’s most sought-after waterfront neighborhoods.
Last year, the biggest residential trade on the North Fork was the $10 million sale of a Mattituck home overlooking the Peconic Bay, which sold off-market in October.
Over the summer, Sheri Winter Parker of The Corcoran Group in Cutchogue says she’s been working on many off-market deals where clients want to trade privately. “In terms of what’s trading, the over-a-million price point is especially active,” she says.
“I’ve seen a big uptick in interest in more luxurious properties, but it’s important to note that properly-priced listings are trading quickly at every price point. The North Fork is no longer a fallback from the Hamptons, rather it is primary destination for home seekers who appreciate its laid-back New England vibe. Its tranquil and bucolic — and full of farm stands, wineries, and small local businesses. We are surrounded by water and boaters love our nautical lifestyle and easy access to waterfront restaurants, tucked-away beaches, and the entire region via the sound and Peconic Bay. Foodies rave about our incredible food scene. I was just at Eddie’s at the Silver Sands, which is a charming, reimagined ‘50s beach bungalow retreat, and the food is some of the best on the East End. Relaxed but still chic, our area truly offers an incredible way of life.”
The North Fork continues to be driven largely by second-home buyers, according to Melissa Principi of Douglas Elliman.
“With the Q2 average sales price in the Hamptons over $3.3 million, many of these second home buyers perceive greater value on the North Fork, where the Q2 average sales price is only $1.5 million,” she says. Zoning and land preservation efforts on the North Fork do limit inventory. “In Q2, there were almost 1,300 units reported as available in the Hamptons, while on the North Fork, there were 132. Strong demand continues to persist and is supporting pricing. Margins are tight for new construction on the North Fork but for end users, pricing is more appealing here, even if additional funds are needed to update the home. At the same time, second home buyers are willing to pay up for properties that have already been renovated.”
Orioli agrees. “In this price range, we predominantly see interest from second-home buyers. Many of these individuals are seeking a tranquil retreat away from their primary residences, often using these properties more frequently than anticipated. This has always been indicative of a shift in lifestyle preferences, where buyers prioritize leisure and relaxation, especially in appealing locations across the North Fork.”
Orioli pointed to listings, each under $1.5 million, that represent what she calls “true value” in this fast-appreciating market, two of which quickly found buyers.
Among the ones that sold are 2850 Reeve Road in Mattituck, a designer-renovated four-bedroom, three-bath home in Saltaire Estates, which sold for $1.41 million this summer. The half-acre property comes with deeded beach access, tennis courts and its own in-ground pool.
A sale is also pending on a waterfront turnkey home at 3445 Wickham Avenue in Mattituck, which was last asking $1,075,000. The fully renovated four-bedroom home sits on a 0.12-acre lot on the Mattituck Inlet with a dock.
“These homes exemplify exceptional value in the current market due to their move-in readiness and outstanding maintenance by the sellers,” Orioli says. “In today’s competitive real estate landscape, finding a property within this price range that offers such meticulous upkeep is increasingly rare. Buyers can expect to settle into these homes with minimal additional investment or renovation, making them a compelling choice for those seeking convenience and quality.”
An 1800s farmhouse that has been updated for modern living remains available at $1.229 million. The four-bedroom, two-bath home at 15405 Main Road in Mattituck includes original wide plank floors, exposed beams and other salvaged vintage details. The property also holds a detached garage and lush specimen landscaping. There is room for a pool.
“This listing combines historic elegance with modern amenities, all within walking distance to town,” says Orioli. “Buyers can enjoy the charm of a classic home while benefiting from contemporary conveniences, making it a truly unique find.”
An open house will be held there on Saturday, Sept. 27, from 12 to 1:30 p.m.
With market pressures mounting and high-end inventory tightening, this property also likely won’t last long.
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