Sales and rentals bounced back in all East End markets in second quarter.
Moving into the second quarter means talking sales, rentals, and overall real estate trends on the North Fork. For some insight into how the market is performing in 2024, we spoke to three real estate professionals about what this year looks like, what buyers and sellers can expect, and what is currently hot in the wide world of real estate on the North Fork. From the luxury market to rental expectations to what hamlets are buzzing, here is the market report for the second quarter.
“As we move into the second quarter, we are seeing inventory begin to build up and buyers taking their time to search, as we are now cycling in a whole new group of buyers,” says William Walters, a Real Estate Salesperson & Advisor with Daniel Gale Sotheby’s International Realty, based in Greenport. Sales volume, he says, is up slightly from last year, though he notes that the numbers may be skewed due to high-end transactions from the first quarter. “Overall, we are seeing things level out a bit and return to a traditional market, which is a good thing, in my eyes, as that previous level of growth was unsustainable.”
“Perfectly renovated homes that are priced correctly,” adds Paul Loeb, a Real Estate Salesperson with Douglas Elliman Real Estate, “are selling promptly,” although other homes that are either in need of significant work or priced incorrectly may languish on the market before succumbing to price breaks. “The North Fork sales market is good,” he says. “There is more inventory than there had been, and there are buyers out shopping for homes.”
Diane Mollica, a Licensed Real Estate Salesperson with Compass who is based in Southold, has noticed that buyers are “selective.” “They want a clean, modern, well-presented property at fair market value,” she says. “They are not acting hastily, but rather thoughtfully and intentionally. They are serious about their investment and want to choose wisely.”
As for the rental market, Paul Loeb says that it “started out strong, with tenants booking 2024 summer rentals in December 2023 and early 2024.” It has, he says, since slowed, but he believes it will pick up once more as the weather warms up.
The rental market, Diane Mollica says “was not brisk last year, and is much the same this year,” as a result of fallout from Covid, when prices were high and inventory was low. People, she says, “are traveling and taking multiple vacations,” as opposed to committing to summer rentals.
Location, William Walters says, has become much more important in 2024, as buyers are targeting specific areas, a deviation from pandemic trend. “I think that the demand for areas like New Suffolk, Nassau Point, and Orient Village will almost always trade at higher numbers than the rest of the market, due to the high demand and low inventory,” he says. But Southold Hamlet has seen an “uptick in demand” as the downtown area has developed. Greenport Village, Paul Loeb says, has retained its popularity, too. “Buyers love the Greenport Village benefit of walking to shops, restaurants, New York transportation, and Greenport beaches.” He also says that some buyers are focusing more on western hamlets to shorten their commutes back to the city.
As for whether it’s a good time to buy or sell on the North Fork, most real estate professionals agree: it’s a great time to do both in the luxury market. “I think the luxury market is very strong right now, and it’s a great time to buy or sell,” William Walters says. “The North Fork will always be a safe investment for buyers, so I think we are in a good place as we move into the future.” The prices, Diane Mollica adds, will “continue to go up,” meaning that now is a good time to get in as a luxury buyer. “If you find your house and it all falls into place, buy it or you will always regret it,” she recommends.
“It is a good time to buy (prices will go up further when rates come down).” Paul Loeb confirms. “It is a good time to sell (prices are up). The market is slower than the pandemic market, but it is still a healthy market.”
