North Fork home prices hit record $999K, inventory to historic low

You have to be a millionaire to buy a home on the North Fork.

The median price of a single-family home reached a record $999,000 in the fourth quarter of 2025 — a 4% jump from the same period last year, according to Corcoran’s quarterly market report released Thursday.

Year-over-year sales climbed 14% to 113 transactions, though that remains 23% below the 10-year average of 147 fourth-quarter sales.

Ernest Cervi, Corcoran’s regional senior vice president for the East End, said the trend is unmistakable.

“The median increase on the North Fork has gone up in the past six years except for two quarters,” he said. “That’s pretty significant.”

Part of the reason for escalating costs is the dearth of inventory, which plunged 22% in the quarter to the lowest level since Corcoran began tracking the data in 2019.

Total dollar volume rose 9% to $156.1 million, while the average sale price fell 5% to $1.38 million. Last year’s average was inflated by a $10 million sale in Mattituck and Laurel.

The data covers North Fork communities from Aquebogue to Orient, including Mattituck, Cutchogue, Southold, Greenport, Peconic and East Marion. It marks the fourth straight quarter of year-over-year price increases.

Those looking to get a toehold on the North Fork can still find homes priced below $1 million, primarily in Aquebogue and Jamesport, Mr. Cervi said.

“You’re going to expect to have to do some rehab, but you can still own a piece of the North Fork for under $1 million — well under $1 million,” he said.

The biggest sale on the North Fork last quarter was in Cutchogue, where a 10,000-square-foot waterfront mansion with 140 feet of bay frontage fetched $11.2 million. The purchase pushed sales volume up 85% to $28.8 million. The median in Cutchogue jumped 21% to $1.05 million.

For other hamlets:

• Mattituck and Laurel recorded 26 sales, a spike from 18 a year earlier, with the median price rising 16% to $975,000.
• East Marion and Orient had 15 sales, a 50% increase, and posted the highest North Fork median at $1.545 million.
• Greenport logged 14 sales with a median price of $1.21 million, down 1% from the prior year.
• Southold and Peconic posted 28 sales but saw median prices fall 19% to $950,000, reflecting fewer transactions above $3 million.
• Aquebogue and Jamesport saw 15 sales with a median price of $845,000, essentially flat year over year.

More than a third of North Fork home sales — 35% — closed above $1.5 million, up from 29% a year earlier, with many of the deals made by second-home buyers.

“You’re seeing people from all over — from Brooklyn, from Westchester, Connecticut,” Mr. Cervi said. “It’s not that far from their primary home, and they get to come to this beautiful place.”

The luxury segment, defined as the top 10% of sales by price, posted a median of $2.77 million, down 26% from $3.76 million in the fourth quarter of 2024.

By comparison, the South Fork reported a median home price of $2.4 million, up 33% year over year. The South Fork’s luxury market averaged $19.8 million, driven in part by a $115 million oceanfront sale in Amagansett.

Inventory remains at its lowest level in at least six years. At the end of December, 1,440 properties were listed for sale across the entire East End, including both the North and South Forks.

Actual inventory could be slightly higher because some listings may appear on local multiple listing services that are not in the regional database, he noted.

Nearly six in 10 North Fork home sales in the fourth quarter were all-cash transactions, Mr. Cervi said, making it harder for working families who need mortgages to compete.

The shift reflects changing market dynamics. 

“When the rates were really low, people were paying cash then backing out a mortgage,” Mr. Cervi said. “They’d take the money out of the house and reinvest it, but interest rates aren’t at that level now.”

Days on market vary by price range, from several weeks to as long as six months — a marked shift from the COVID pandemic era, when many homes sold within days.

Mr. Cervi attributed slower turnover to interest rates but expects activity to increase. 

Rates for a 30-year fixed mortgage currently hover between 5.5% and 6.4%, according to Bankrate – roughly double what lenders were charging before the pandemic but well off the nearly 8% rate in 2023.

“The rates are going in the right direction — they’re going down — so I think you’ll see more people start to move around,” he said.

Condominium sales fell to nine transactions, down from 13 a year earlier. The highest-priced condo sale was a $1.35 million unit at Cleves Point in East Marion.

Land sales jumped 86% to 13 transactions, though the median price declined 23% to $600,000.

Commercial real estate activity remained limited, with a single reported sale — a $1.5 million auto repair shop in Mattituck.

Mr. Cervi expects home prices on the North Fork to continue to climb.

“The activity that we’re seeing on the ground is very encouraging for a real strong 2026,” he said.

He acknowledged the market remains sensitive to broader economic conditions.

“This is a place for people that some wanna be but don’t have to be,” he said. “It can be a vacation home that you can easily put on the side if something horrible goes on in the world.”

The figures reflect sales that closed between October and December. Most transactions take 60 to 90 days to close, meaning the data largely reflects contracts signed in late summer and fall.