Key Highlights

  • Median price of single-family home hit record $1.1M in Q2 2020, according to report by Miller Samuel/Douglas Elliman
  • Average sale price hit $2.1M

The Hamptons housing market is more expensive than ever these days after experiencing two dreary years in 2018 and 2019. According to a recent report from Miller Samuel/Douglas Elliman, the median price of a single-family home hit a record $1.1M in Q2 and the average sale price hit $2.1M.

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Not only has the coronavirus reinvigorated prices in the Hamptons, it is also invigorating buyers who, for the first time, have decided to make the Hamptons their main home base. Gary DePersia, a broker with Corcoran, said, “These aren’t weekenders, or people just here from Memorial Day to Labor Day, they plan to be here full time for the duration.”

Despite sale prices being up +25% from one year ago, the volume of sales was down -15% until June when the ban on showing homes in person was finally lifted. As soon as the lockdown ended, sales went through the roof…signed contracts in June nearly doubled in June compared to the same time last June, according to Jonathan Miller, CEO of Miller Samuel.

Now that the Hamptons has landed several luxury brands, stores, galleries and restaurant outposts from Manhattan, Miller believes that more and more wealthy families will be drawn to the area and establish year-round homes. Miller said, “I call it ‘co-primary’ residences. It’s not just using the Hamptons for summers and occasional weekends. It’s equal to their Manhattan residence. This (new reality and mindset) have given the Hamptons a new lease on life. The pandemic may have started the trend, but it’s the technology, and the acceptance of working from home now, that will make it more lasting.

Thanks to CNBC and Miller Samuel/Douglas Elliman.

 

Also read: Luxury Homes in South Florida Are Flying Off the Shelves, July 2019 Existing Home Sales Increase as Mortgage Rates Decrease, Podcast: The Stone Cold Truth About What Happens Next In Real Estate | Tim and Julie Harris