Throughout the Hamptons, so-called trophy homes are the focus of a luxury real estate culture watched by a global clientele. These rare, unique, and incredibly expensive homes become retreats for celebrities and the ultra-wealthy, opulent estates near extravagant beach getaways. For many watchers, this luxury home market serves as an indicator of broader economic trends, which has made 2024 a worrying year. Sales declined significantly during the year, amounting to a plunge of almost $200 million.
High Expectations, But a Different Reality
The ultraluxury Hamptons market always draws significant attention. For 2024, sellers had high expectations that set record thresholds. Properties were valued at $23.9 million or more, up $4 million from the year before. The actual sales wrote a different story, however.
The top ten sales from 2024 added up to $327 million, a surprising decline from 2023’s total of $511 million. This change can be credited to a variety of factors, debatably ranging from the general difficulty of setting a value for such priceless homes to a sense of global economic uncertainty. Many of these luxury homes remain with a single owner or family for decades without significant upgrades, leading sellers to overvalue properties that owners might have come to look at as legacies instead of as investments.
Tim Davis, a co-agent with Corcoran who worked on two of the year’s biggest sales, says, “The resetting of luxury high-end property prices often takes time. Sellers sometimes need time to become more realistic about pricing.” The rarity of the homes also plays a part. Sellers see their estates as an extravagantly rare and special part of the Hamptons and, while true, this doesn’t directly transfer into the kind of prices they would like.
“It can take a while for the market to understand the value of a property like that,” says Davis, who is also working on selling the famed 623 Halsey Neck Lane estate in Southampton. The 10-bedroom villa, which sold for $2.2 million in 1987, was listed in 2024 for $53 million. The price will drop by almost $20 million in January.
The Year’s Top Sales Point to Potential in 2025
While the overall numbers show a plummet in activity, a year is just a moment in the incredible fluctuations of real estate markets like this one. Some experts point to the overall economic growth of the super-wealthy during 2024 as evidence that luxury markets like the Hamptons could see more energetic movement in 2025. Meanwhile, the top sales during 2024 are evidence that the market is prepared to meet an increase in interest.
Among the year’s standout transactions was the $89 million sale of “La Dune” on Gin Lane in Southampton, a historic oceanfront estate. This property, a blend of architectural history and modern luxury, consists of two residences designed by Stanford White, offering direct beach access and timeless appeal.
Another highlight was a $49 million mansion in North Haven, boasting 12,000 square feet of living space on 6.5 waterfront acres. The estate’s breathtaking views of Noyack Bay and Shelter Island might have been the key to locking down this deal.
A $28.5 million inland estate in Sagaponack set a local record, showcasing a nine-bedroom residence on 3.3 acres. Designed by a renowned local architect, the property’s classic Hamptons style and modern amenities brought in buyers despite the wider trends throughout the Hamptons.
While several other notable sales took place, the overall number was lower than local market watchers wanted. Still, the allure of the Hamptons was clearly at work during 2024, overcoming the reluctance of buyers in a few meaningful cases. As global economic situations change, and hopefully stabilize, Davis and other local agents hope that the Hamptons luxury home market will see a resurgence during 2025.
