East Hampton Village had the highest median price of any neighborhood in the New York vacation destination—$5.7 million
Sustained demand and limited supply have kept the Hamptons real estate market hot, even as the number of transactions has slipped.
The median price of a home in the upscale New York enclave reached $1.6 million in the second quarter, up 13.9% annually and 14.3% compared to the first three months of the year, according to a Thursday report from Douglas Elliman.
However, the number of sales was down 34.7% year over year, from 675 in the second quarter of 2021 to 441 in the same time frame in 2022, the data shows.
“Price trends pressed higher as sales volume slowed, responding to a combination of lack of supply and rising mortgage rates,” wrote Jonathan Miller, president and CEO of the appraisal company Miller Samuel and the author of the report..
Although listing inventory was down 17.1% annually, it registered a 33.5% jump compared to the first quarter, according to the report. About a third of sales were subject to multiple bids.
For the luxury segment, the top 10% of sales, the median price rose 30.8% year over year to $8.5 million in the second quarter, the figures show. Sales dropped 33.8% annually, from 68 to 45, while inventory was down 27.6%.
Meanwhile, Hamptons transactions have grown in the short term, jumping from the first three months of the year, according to a separate second quarter report from Corcoran, also released Thursday.
“Reported sales decreased annually in all South Fork villages and hamlets but increased in more than half of the areas compared to first quarter 2022,” according to the report. “Southampton and Southampton Village improved most significantly quarter-over-quarter, increasing 41% and 43%, respectively.”
Westhampton Beach was the neighborhood that had the biggest rise in its median price across all price points, seeing an 82% jump to $1.3 million, the Corcoran data showed. In addition, the number of sales was up 13%.
East Hampton Village had the steepest median price of any neighborhood out east—$5.7 million—while East Quogue/Hampton Bays had the lowest, $750,000, according to the report.
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