Marketwatch: The North Fork

North Fork’s Quiet Cool: Luxe Listings, Big Sales, and Summer Appeal

The market may have eased a bit this spring, but the North Fork’s prestige properties are still drawing serious attention—from a record-breaking estate in Cutchogue to a serene waterfront retreat on Peconic Bay. As summer approaches, the low-key luxury of the area is as coveted as ever.

Following a surge in sales after the election, the North Fork market cooled in March and April, experts said. “Buyers are still actively looking and deals are being made, but days on the market are longer than they used to be, and sellers must be patient,” said Kristy Naddell, an associate broker with Douglas Elliman.

In the first quarter of 2025, the average days on the market for single-family homes rose to 104, increasing from 90 in the fourth quarter of 2024 and 92 in the first quarter of that year, according to a recent North Fork market report from Douglas Elliman. The brokerage reported an average sales price of $1.18 million in the first quarter, down 21% from the previous quarter.

“The absorption rate is still stellar but there are less buyers overall, so we’re definitely encouraging our sellers to take that first offer,” added Compass agent Bridget Elkin. “If you get a first offer and it’s a good one, consider that it might be your only one for the next several months.” Fortunately, Elkin added, traffic will likely increase as we head into summer and visitors arrive at the fork. “When people come out here and experience it, it has a pull on them for sure,” she said.

Big Sales In Cutchogue
Several agents we spoke with said their biggest sales of the year so far were in Cutchogue. Earlier this month, Elkin was on her way to breaking the record for the priciest single lot sale in the history of the North Fork. An estate formerly owned by famed art dealer Barbara Gladstone at 12120 New Suffolk Avenue sold for $11.5 million. The sale, which closed this month, beat the previous record set by 1140 Park Avenue in Mattituck, which closed in October 2024 for $10 million. 

The turn-of-the-century estate commands a record-breaking price, partially due to the scarcity of properties like it, Elkin said. “We don’t really have many because so many were lost in storms or fires or were just torn down,” she said.

Susan Orioli, meanwhile, said her biggest sale of the year so far was a charming waterfront property in Cutchogue at 780 East Road on the Peconic Bay. It closed for $3.4 million in March. “What distinguished this listing was its unique walk-out sandy beach, providing direct access to the bay,” said Orioli, an associate broker with Engel & Völkers North Fork. The sprawling water views were complemented by “a sought-after community that drew in a wide range of buyers,” Orioli said.

Over in Mattituck, Naddell’s top deal so far in 2025 was expected to be 960 Willis Creek Drive in Harbor Farms. The listing was in contract with an asking price of $5.25 million as of press time. “It’s a stunning bay front in Mattituck with about 7,000 square feet of living space, [plus a] dock and private beach,” Naddell said of the home.

Towns To Test Drive
Areas like South Jamesport and Peconic may be off the radar, but they offer great value, Orioli said. “South Jamesport embodies the charm of the North Fork with a reduced commute time than other areas out east,” she explained. “This alluring location not only provides the peaceful atmosphere that many desire but also enhances accessibility.”

Greenport, meanwhile, offers municipal sewers and an easy commute to the city, and New Suffolk “is always coveted because it has so much charm,” Elkin said. “It’s a Cape Cod-Point Lookout-meets-North Fork charm.”

Agents advised that buyers should prepare for a competitive summer market rife with bidding wars and tight inventory. “Buyers should look and make offers even if they think a house is slightly more than they can afford,” Naddell said. “There are often deals to be made, and there is more room to negotiate than before.” She noted that Jamesport, Aquebogue and other neighborhoods in the Riverhead township offer more affordable prices than those in Southold. “What’s great about the North Fork as compared to the South Fork is that it’s such a small area, so everything is relatively close to each other,” Naddell said. “You can enjoy everything the North Fork has to offer, whether you’re in Jamesport or Greenport!”

With summer around the corner, the North Fork’s charm is only heating up—buyers are circling, standout properties are shining, and the season ahead promises fresh energy and opportunity.