Interest in homes in the Hamptons remains high, while properties for sale are scarce. Real estate agents are predicting a great year for 2024, but buyers should be prepared for a long search if they are set on living in the area.
Richard Steinberg, an associate broker in East Hampton for Compass and a longtime homeowner in the area, said, “As of January, Hamptons home sales have intensified, and the market activity has been brisk. At the same time, prices are going up.”
Compass’s recently released intelligence report showed that the median price for a home in South Fork, a region that includes East Hampton, Southampton, Bridgehampton, and Sag Harbor, reached $2.14 million in 2023. This was a 34.2% jump from 2022. The average sales price jumped as well, rising 35% to $3.66 million. 2023’s fourth quarter also saw a 35% increase in the purchase of homes over $10 million.
These numbers were echoed in a report from Douglas Elliman and by individual brokers and agents in the Hamptons. Steinberg told Mansion Global that his total sales gross rose from $12 million in 2022 to $20 million in 2023, and he expects that number to increase by 25% this year.
Ashley Farrell, a broker with Corcoran, reported a similar effect. Her total sales added up to about $40 million in 2022 and 2023, but she had already reached $16 million by the end of January 2024. “Sales never really cooled last year and were steady through the holidays,” she said.
Steinberg attributed this trend to turbulent events in other parts of the world. “My high-net-worth clients aren’t going to the Amalfi Coast or South of France this summer because they’re hesitant about traveling abroad,” he commented. “They’re staying put and looking for a Hamptons home where they can spend the season.” His clients do not seem content with both renting and buying and have already begun looking for their homes for the summer. “Normally, people start looking around President’s Day weekend, but in 2024, they started right after the new year,” he said.
This sentiment was echoed by Judi Desiderio, the president of Town & Country Real Estate, which holds eight offices around the Hamptons. However, she also noted the lack of available properties for potential buyers. “Prices may be going up, but the number of sales has gone down because there simply aren’t properties for sale,” she said to Mansion Global. Her company reported a total of 1,668 sales in 2023, down from 2,243 in 2022.
Developer Roland Chemtob has also been affected by the lack of available homes in the area. He is currently constructing four new homes in East Hampton that range in size from 2,500 square feet to 6,000 square feet. Despite the fact that they will not be ready for move-in until spring 2025, he has already been inundated with requests from interested buyers.
“People have gotten to know about these homes through word of mouth and are approaching me to customize them,” he said, adding that buyers are particularly interested in amenities like saunas and swimming pools. “I’m getting cash offers.”
