HAMPTONS Q32024 MARKET REPORT

The Hamptons real estate market in the third quarter of 2024 continued to be one of high demand amid a relatively
constrained inventory. The result was another quarter of year-to-year increases in the number of sales and total
dollar volume. After several consecutive quarters of slower activity in 2023 and early 2024, the number of transactions
rebounded during the second quarter of 2024, and that growth continued throughout 3Q24.
The total number of sales transactions in the Hamptons rose by 22.1%, with 409 sales in 3Q24 compared to 335 in
3Q23. Every price range experienced increases in the number of sales in 3Q24, but the transactions over $5M soared
over 77% compared to the same period last year (55 in 3Q24 vs. 31 in 3Q23).
The increase in the number of sales transactions in 3Q24 led to a 20% rise in the total dollar volume. The $1.1 Billion in
sales achieved in 3Q24 represents the third-highest 3Q dollar volume recorded. As usual, sales at the ultra-luxury level
contributed significantly to the total dollar volume. The 16 transactions over $10 Million accounted for only 3.9% of the
total number of sales, but were responsible for 18.8% of the total dollar volume ($207M).
Despite the rise in activity, prices haven’t changed much over the past year, with the average sold price of $2,699,350
being just 1.7% lower than 2023’s third quarter. The median sold price, measuring the middle of the market, decreased
by 4.1% to $1,600,000.
These figures become even more interesting when we break out the average and median prices for the Hamptons
markets East and West of the Shinnecock Canal. For the Hamptons East of the Canal, the average sold price during
3Q24 was $3,418,930 and the median price was $2,200,000. Reflecting the availability of homes at lower price points
West of the Canal, the average price for that region was $1,613,358 and the median price was $950,000.
We expect the pace of sales to continue in the coming months, as mortgage rates decline further due to falling
inflation. Add in the record-breaking performance of the stock market and a slowing but still decent labor market,
demand should remain strong. We’ve already seen a significant number of signed contracts over the past few weeks,
which bodes well for closings in the fourth quarter of 2024 and provides encouragement that the Hamptons real
estate market will continue its robust pace through the coming months.