The North Fork doesn’t want to be the Hamptons 2.0, but the area’s record-setting sales say otherwise.
The 30-mile-long Long Island peninsula enjoyed another historically high season for home sales last quarter.
The North Fork earned a median sale price of $1.09 million between April and June, according to a new report by Miller Samuel for Douglas Elliman. That’s a 13% jump from last spring.
This marks the region’s third record-high quarter within the last year.
Todd Bourgard, Douglas Elliman’s CEO of Long Island, Hamptons and North Fork, told The Post that his agents are reporting lightning-fast listings that earn multiple bids on million-dollar price tags. Deep-pocketed buyers are making all-cash offers and agreeing to forgo contingencies, like home inspections.
Perhaps it’s time for the Surf Lodge to open up a North Fork location.
Strong luxury home sales and dwindling inventory in the Hamptons are sending wealthy buyers to North Fork, The Real Deal reported.
The local uptick in prices charts with excess demand in the Hamptons, report author Jonathan Miller told the outlet. Would-be Hamptons buyers with money to spend are trading Southampton for Southold and Montauk for Mattituck.
But Bourgard said that lifestyles in the two regions remain distinct. Essentially, people who want the North Fork want to live there precisely because it’s the North Fork.
“North Fork is now, and always has been, a beautiful place to live,” Bourgard said. “People are discovering it more and more every single day. We’re certainly seeing the prices going up, because, like everywhere else, it lacks inventory.”
Listing inventory in the North Fork consequently declined 43% from last spring.
Massive Hamptons-style homes and similarly posh crowds began to overtake the quiet community in the wave of the COVID-19 pandemic, locals told The Post in 2022.
Thanks to the continued interest of the well-to-do, the North Fork earned its highest ever share of sales above $1 million last quarter.