Home prices on the East End continued to rise overall in the second quarter of 2015, according to home sales data released by the Suffolk Research Service.
The number of single-family home sales in Riverhead jumped 64.9 percent, from 61 homes sold in the second quarter of 2014 to 94 sold in the second quarter this year, while the number of home sales in Southold stayed constant at 102 during both years’ second quarters.
Both towns boasted moderate increases in the median sales prices of single-family homes: Southold’s increased by 9.7 percent to $520,000, while Riverhead’s increased 1.2 percent, to $365,000.
Riverhead’s total dollar sales increased from $24 million during last year’s second quarter to $35 million during this year’s, though Southold’s fell from $71 to $65 million.
Southold’s median sales price also increased over the first quarter of 2015, from $499,500 to $520,000. Riverhead’s, however, dropped slightly from $370,000 in the first quarter to $365,000 in the second quarter.
Homes on the South Fork remain significantly more expensive than on the North Fork, with Southampton prices rising even above East Hampton’s. Median home sale prices on the South Fork in the second quarter were $1,002,296 and $980,000 in Southampton and East Hampton respectively.
That’s a 26.2 increase in median sales price in Southampton from last year’s second quarter, and a 6.7 decrease in East Hampton.
The median sales price for all five East End towns increased to $777,500, which Suffolk Research President George Simpson says is a “healthy trend of growth in all respects.”