Key Highlights
- Average sales price in Hamptons skyrocketed +46% in Q3 2020 to +$1.2M, according to Douglas Elliman and Miller Samuel
- Home sales volume strong at all price points from $1M – $20M+
For the first time, the median sales price of a home in the Hamptons during Q3 2020 was more than Manhattan’s median sales price of $1.1M, according to a new report released by Douglas Elliman and Miller Samuel. The median sales price in the Hamptons came in at $1.2M, a quarter-to-quarter increase of +40%.
The average sales price in the Hamptons during Q3 2020 soared to just over $2M, an increase of an eye-popping +46%.
Jonathan Miller, CEO of Miller Samuel and author of this new report, pointed to one enduring trend spurred by the COVID pandemic…the rise of the “co-primary residence” split between the city homes and the resort/rural/once summer homes as these family members now work and attend school remotely.
For the New York elite who has been flocking to the Hamptons during the pandemic,, the Hamptons has become a year-round bunker. Miller said, “It’s not a second home anymore. It’s on equal footing.”
Two results of such strong demand for housing in the Hamptons at all price points are shrinking inventory and waiting lists for newly built homes. (Inventory for Hamptons’ luxury homes, +$10M and up, fell by -43% in Q3 2020.) The third result is a +15% increase in bidding wars.
The Hamptons does not have a lock on price and sales surges. The Hudson Valley and Connecticut are also experiencing this kind of demand.
In fact, there has been a sales jump for more expensive homes throughout the country. With September 2020 home sales being up +20% from one year ago, the most dramatic sales increases are happening at the top end of the market, according to the National Association of REALTORS® (NAR). Take a look at NAR’s data:
9/2020 vs 9/2019
$0-100K -16.3%
$100-250K +4.3%
$250-500K +36.2%
$500-750K +66.6%
$750-1M +85.5%
$1M+ +106.5%
Thanks to the National Association of REALTORS®, National Public Radio and CNBC.
Also read: Podcast: Prospecting, Feel The Fear And Do It Anyway (Simple Mindset Shift) | Tim and Julie Harris, Existing Home Sales Surge in August, Rising Student Loan Debt Could Impact Future Millennial Homeownership
