The Hamptons and the North Fork could tumble into the same utensil drawer, at least by price.
Less than $320,000 separates the median sales price for the Hamptons from that of the North Fork, according to a new second-quarter report from Miller Samuel and Prudential Douglas Elliman. The median in the Hamptons was $770,000; for the North Fork, it was $450,000 (Come on! 320K used to be nothing!).
The median for south of Route 27 properties, considered the priciest Hamptons region, was $900,000 in the second quarter—lower than the median for the whole Hamptons market a year ago. The 41.9 annual percent drop south of the highway contributed to the smaller difference between the areas. (The report covers closed deals in the three months ending June 30, so the median gap may have narrowed even further since.)
Sales also dropped. In the North Fork, 76 homes traded in the second quarter, one-third of the Hamptons’ sales.