2023 Year End Hamptons Market Report
2023 was quite the challenging year and considering all the factors the impacted the economy including multiple wars and international tensions, continued inflation and higher interest rates and of course low housing inventory, it is not surprising that the Hamptons real estate market experienced a significant slowdown during the past year.
There were 25.4% fewer sales transactions across the Hamptons in 2023 as compared to the previous year and the 1522 total number of sales is the lowest year end figure in over ten years.
Despite the sharp decline, the total dollar volume achieved n 2023 (4.7 Billion)is the fourth highest total dollar volume in Hamptons history. This is a direct reflection of the rise of prices experienced on the East End over the past four years.
the average sold price in the Hamptons during 2023 was $3,090,855, a 1.9% increase from 2022 and the highest year-end average sold price to date. The median sold price measuring the middle of the market, increased by 2.9% to $1,775,000 and is the highest year-end median sold price recorded. For a deeper dive into the Hamptons year-end market, please click link below
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Lower volume but Higher sales prices
David is relationship-driven with all his customers and business contacts and understands that being honest every step of the way is the only way to conduct business. As a result, his reputation in the industry is simply stellar. David is always energized at the idea of selling his clients’ homes with Brown Harris Stevens’ award-winning marketing and technology.