Homes Prices in New York’s Hamptons Beach Towns Surged to Record Highs in the Fourth Quarter

Home prices in the Hamptons—the enclave of affluent towns on the eastern portion of New York’s Long Island—rose to record levels at the end of last year, according to a report from Douglas Elliman on Thursday.

In the fourth quarter, the median sales price jumped 45.1% year over year to $1.85 million, according to the report. 

“Price trend indicators surged to record highs and were more than double pre-pandemic levels,” Jonathan Miller, president and CEO of the appraisal company Miller Samuel, wrote in the report.

Home sales also increased on an annual basis for the first time in 10 quarters. In the last quarter of 2023, there were 273 home sales, an 8.8% increase from the fourth quarter of 2022, marking the first time quarterly sales rose annually since the second quarter of 2021. 

These trends were evident in the luxury sector as well, which Douglas Elliman defines as the top 10% of all sales. The fourth quarter brought closings on 28 luxury homes, two more than the prior year. 

Prices especially skyrocketed in the luxury market, rising a whopping 87.2% year over year to a median sales price of $12.59 million, according to the report. 

And so far, it appears that hefty price tags are here to stay in 2024—an oceanfront estate in Southampton recently sold for $79 million at auction, according to The Wall Street Journal. The two-house compound, which has 400 feet of beachfront, had been listed in 2022 for $150 million.