East End home sales see year-over-year gains in Q1

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.

In the Hamptons, first-quarter home sales rose 33.3 percentyear over year. There were 228closed home sales in Q1 2024 compared with 171 first-quarter sales the previous year, according to a report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers & Consultants.

Hamptons home prices also took a big jump as compared to a year ago, though they were down slightly from the previous quarter. The median price of closed home sales in Q1 2024 was $1.8 million, a 32.4percent increase from the $1.36 million median price recorded in Q1 2023.

There were 104homes in the Hamptons that sold for between $1 million and $1.99 million in the first quarter. That’s 17 percent fewerthan the 126 homes that sold in that price range in Q1 2023, which helped account for a sales volume decrease of 14.5 percent, fallingfrom $1.287 billion in Q1 2023 to $1.1 billion in Q1 2024, according to a report from Town & Country Real Estate.

On the North Fork, there were 91 homes soldin the first quarter, an increase of 18.2 percent from the 77homes sold in the first quarter of 2023, according to the Douglas Elliman/Miller Samuel report.

Home prices also climbed. The median price of closed home sales on the North Fork in the first quarter was $995,000, which was 6.4 percent higher than the $935,000 median price recorded in Q1 2023.

There were 43 homes on the North Fork that sold for more than $1 million each in the first quarter, down slightly from the 48 homes that sold for more than $1 million each in Q1 2023. That resulted in a total Q1 2024 sales volume of $121.36 million, a drop of 16.4 percent from the Q1 2023 sales volume of $145.18 million, according to the Town & Country report.

On the rest of Long Island, the number of closed home sales in the first quarter fell as compared with the same period the previous year. There were 4,370 closed home sales in the first quarter, a decrease of 3.3 percent from the 4,520 home sales recorded in Q1 2023, according to the Douglas Elliman/Miller Samuel report.

The first-quarter median price of closed home sales on Long Island (excluding the East End) was $630,000, an increase of 9.6 percent from the $575,000 median price recorded in Q1 2023, according to the report.

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