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Real Estate Roundup: The Hamptons

Premium Fleet - Proprietary Technology.

Hot Market

When Covid stopped the world last year, the real estate market was bound to suffer. However, the opposite happened. Many people abandoned the cities and moved to more spread out communities, and The Hamptons became even more desirable.

While the housing market in The Hamptons has always been expensive, this last year has really outpaced the past. The median sales price rose nearly 40%, to $1.2 million per home in 2020. This catapults the Hamptons above Manhattan in median sales prices. Will this increase last?

Low Inventory

The surging prices can be attributed to supply and demand. Many people are demanding a house in the highly sought after area, yet because of low inventory, the supply isn't there.

With short supply, many sellers find themselves brokering bidding wars between potential buyers. This also has an adverse reaction on rental properties, causing them to be either scarce, or extremely inflated on a per-month rental cost.

Recent Sales

The real estate market in The Hamptons is showing no signs of slowing down. In January 2021 alone, The Hamptons saw a 40% increase over the number of homes sold from 2020. With the average price per home over $2 million in the first quarter of the year, the hot streak is sure to continue.

The first quarter of the year represents a firework when compared to 2020. Due to Covid, it looks like the real estate market in one of the most expensive places in the world will continue to rise!

(Hamptons Market Data)