North Fork median home price hits record $1.1M despite 21% drop in sales

House prices continue to go through the roof on the North Fork.

The median home price soared to a record $1.1 million in the third quarter — despite home sales plunging 21% from last year, according to a new report released Thursday.

The Corcoran Group’s quarterly East End Market Report showed 81 single-family home closings on the North Fork from July through September, down from 103 in the same period last year. But the median price jumped 18% — the largest annual gain since spring 2021.

“On the North Fork, while sales dipped, rising prices and a boost in dollar volume in areas like Cutchogue show that buyer interest remains steady,” said Ernest Cervi, regional senior vice president of the East End for Corcoran.

The resiliency in home prices stems from the chronic shortage of homes for sale across the North Fork. The few listings have created bidding wars among the buyers who do want to purchase, driving prices higher even as fewer people can afford to buy, one real estate agent told The Suffolk Times.

According to data from Freddie Mac, a 30-year fixed mortgage on Thursday fell to 6.19% — the lowest since last October.

Cutchogue recorded the biggest jump in home values, with the average price skyrocketing 71% to $1.9 million — by far the highest on the North Fork. The hamlet saw three closings above $2 million, compared to none in the third quarter last year.

That surge helped push total dollar volume in Cutchogue up 44% to $30.6 million, despite the same number of sales.

Most Southold Town communities saw steep sales declines. Southold and Peconic posted the biggest drop, with sales falling 33% and total dollar volume down 49%. Only Mattituck and Laurel held steady with no change in sales numbers.

East Marion and Orient managed just six sales, down 25% from last year, though the median price still rose 3% to $1.2 million.

Greenport had 13 sales, down 13% from last year, but the median price increased 32% to $1.25 million.

In the Town of Riverhead, Aquebogue and Jamesport struggled across the board, with volume dropping 34%, average prices down 8%, and median prices falling 7%. The communities had the lowest prices on the North Fork, with an average of $802,000 and median of $719,000.

It was a different story for high-end buyers, with luxury home prices soaring 17% on average and 22% at the median. The quarter’s top sale was a 5,500-square-foot home on Peconic Bay with 200 feet of beach access that sold for $8 million.

Higher prices in Cutchogue and Greenport helped lift overall North Fork averages. The average sale price rose 12% to $1.359 million, marking the fourth straight quarterly increase.

The North Fork’s condo market, meanwhile, has taken a hit, dropping by half to just six sales. Average condo prices fell 21%, contrasting with an 82% jump in condo sales on the South Fork.

Home sales on the South Fork grew for the fourth straight quarter, with dollar volume climbing 12%.

“The market continues to show resilience and depth as we head into the final quarter of the year,” Mr. Cervi said.