After a considerable slowdown during 2023, The Hamptons real estate market entered a more stable period in 1Q24. Despite experiencing 6.1% fewer sales than in 1Q23, both average and median sold prices rose by over 6% and were the second highest first quarter figures to date. Today, inventory is steadily but slowly rebuilding but is still extremely low compared to pre 2021 years. The continued buyer demand and increased competition among buyers is keeping pressure on prices, preventing any significant price reductions. Overall we see a healthy market that is continuing to adjust to a new real estate environment of lower inventory throughout the Hamptons. If the number of homes coming to market continues to rise, conditions look positive for a moderate increase in buyer activity in the coming year.
First Quarter 2024 Report Call Outs
- The total dollar volume achieved in the Hamptons 786.6 Million ( 0.1% lower than in 1Q23)
- 1Q24 total dollar volume was 8.2% higher than in 1Q20 despite having 17% fewer transactions
- The average sold price in the Hamptons during 1Q24 was $3,025,457 ( an increase of 6.4% from 1Q23)
- The median sold price in the hamptons during q124 was $1,912,500 ( an increase of 6.3% from 1Q23)
