Key Highlights
- Median sale price up +40%
- Sales volume up +37%
Hamptons Sales Increased at Highest Rate in Decade
The pandemic-inspired rush from New York City to the Hamptons began with spring rentals. In addition, the weather warmed and renters became exhausted with exorbitant monthly rent prices. They decided to buy… and more decided to buy… and the buying spree turned into a rout as Hamptons’ supply dwindled. Then, prices skyrocketed.
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According to a recent report from Douglas Elliman, the median sale price in the Hamptons hit $1,202,500 for 2020. We now see, this price represents the very first time that the Hamptons year-end sale price broke through its former million-dollar threshold. This annual price of $1,202,500 also represents an increase of +40% over the median sale price in 2019.
Sales Volume in the Hamptons Also Shattered Records
Record-low mortgage rates helped buyers buy in the Hamptons in Q4. The number of homes sold in this always-desirable corner of the East End of Long Island increased a whopping +37% representing 2,186 compared to 2019’s volume of 1,597 sales.
Strong Sales Activity and Price Uptick at High End in Q4
As sales more than doubled in Q4 more than doubled compared to the volume of sales in Q4 2019, prices increased by +55%. According to Jonathan Miller, author of the Elliman report and president of Miller Samuel Appraisers, said that the uptick in prices was more about strong high-level sale activity rather than about rising prices.
A report from Corcoran indicated that the number of Hampton sales priced +$5M nearly tripled in Q4 2020 while the median sale price in this luxury market rose +12% to $7.2M.
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The Hamptons is “having its day,” said Miller. While not all of the +400,000 New Yorkers who escaped the city’s COVID pandemic didn’t move to the Hamptons, some did. Miller said, “The East end has, to a large degree, been the beneficiary of the challenges faced in the city.”
Thanks to The New York Times.
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