Tuesday, September 26, 2023
Weekly Mortgage News / December 26, 2022

Home prices in the Hamptons hit record as wealthy

Home prices in the Hamptons hit new records as wealthy New Yorkers fled the Covid-19 troubles of the city for the beach, according to a new report.

The median price of a single-family home in the Hamptons reached a record $1.1 million in the second quarter, an increase of 25% over last year’s second quarter, according to the report from Miller Samuel and Douglas Elliman. The average sale price hit $2.1 million, as the sale of several eight-figure mansions drove up the average.

The rebound in the Hamptons, after nearly two years of weakness in 2018 and 2019, shows how the coronavirus is remaking the real estate landscape, as affluent people flee big cities for the suburbs and vacation communities. While the Hamptons has long been the summer playground of the Manhattan elite, brokers say the current wave of buyers are making the Hamptons their main home, returning only occasionally to the city for meetings or events.

“These aren’t weekenders, or people just here from Memorial Day to Labor Day,” said Gary DePersia, a top broker in the Hamptons with Corcoran. “They plan to be here full time for the duration.”

DePersia said he recently sold a house for $10 million after a bidding war, to a buyer who was moving from New York City. “The buyer said he just doesn’t need to be in the city as much anymore since he can do so much through technology,” he said.


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