Hamptons First Quarter 2024 Market Report
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.
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Hamptons Q224
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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.