The towns of the South Fork still reign supreme when it comes to rising prices along the East End over the past five years. But looking at more recent data from the last year tells us a different story about the villages and hamlets that are “up and coming” right now.
While Montauk takes the top spot on our list of hamlets with the largest annual increase in median asking price, we also found that four out of the top 10 areas with the largest increase in price since 2017 are north of Peconic Bay. Read on for more about which areas in the North Fork are seeing prices rise at the quickest pace.
Behind Montauk, Southold Takes the Top Spot
The North Fork hamlet with the largest annual increase in price was Southold, rising 43 percent between 2017 and 2018 from $752,000 to $1.1 million. With a median asking price just about 100 percent lower than the East End median of nearly $2 million, the area is attractive to those looking for a home out east who may not be able to meet the pricey demands of the Hamptons, or who prefer the rustic, small town feel of the North Fork.
Home shoppers can find one-of-a-kind, waterfront properties in Southold along the bay or the sound without having to deal with the Hamptons traffic or fight for a great spot on the beaches. This ranch-style home on Long Island Sound boasts plenty of space for those looking to live year-round or spend their summers on the North Fork — all for $500,000 below the East End median.
Prices Across the North Fork Are Rising Fast
Median asking prices in Cutchogue (Nassau Point) and East Marion have also soared in the past year. The Cutchogue median asking price now sits at $949,000 — up from $699,000 in 2017, an annual increase of 36 percent. East Marion didn’t fall far behind, with an annual increase of 30.3 percent.
What does this all mean for home shoppers? Don’t sleep on the North Fork. With tons of wineries, farm stands and easy access to the water, the area makes a great place to live at a relatively good price. With such high demand and rapidly rising interest, don’t expect the steep price growth to slow any time soon.
For a look at the areas along the Hamptons with the biggest price spikes in the past year, check out the table below.
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