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THE BLUEPRINT:
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Hamptons home sales above $5 million were the second highest on record in Q3.
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Median Hamptons home price rose 29% year-over-year to $2.1 million.
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Top 10% of sales saw prices surge to a $10 million median, up 17%.
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North Fork listings dropped 45.6%, signaling tightening inventory.
The number of Hamptons home sales above $5 million was the second highest on record in the third quarter.
That’s according to the latest report from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers and Consultants, which also showed that the median and average Hamptons home sale prices in the third quarter were the second highest ever.
The median price of closed single-family home sales in the Hamptons in Q3 was $2.1 million, more than 29% higher than the $1.625 million median price recorded in Q3 2024. The average price of closed Hamptons single-family home sales was $3.6 million in the third quarter, up 33.5% from the $2.7 million average price of a year ago.
For the top 10% of sales, the median price of closed Hamptons home sales reached $10 million, 17% more than the $8.55 million median price of a year ago. The average price for the top 10% of Hamptons home sales was $14.437 million in Q3, an increase of 51% from the Q3 2024 average of $9.562 million.
The overall number of Hamptons home sales also increased from last year, with 421 sales in the third quarter, 7% more than the 393 home sales that closed in Q3 2024.
Listing inventory in the Hamptons fell slightly, dropping from 1,267 in Q3 2024 to 1,256 in the third quarter this year, the first year-over-year decline for the first time in three years.
On the North Fork, the number of home sales between $1 million and $2 million in the third quarter was the second highest on record. The median price of closed single-family home sales on the North Fork was $1.05 million, a decrease of 4.5% from the median price of $1.1 million recorded in Q3 2024.
Prices in the top 10% of the North Fork market in the third quarter also dropped from a year ago. The median price of closed sales on the high end was $3 million in Q3, down 25.5% from the $4.025 median price in Q3 2024.
Sales on the North Fork fell slightly in the third quarter. There were 125 closed North Fork home sales, a tick lower than the 127 home sales in Q3 2024.
North Fork inventory dropped significantly in the third quarter. There were 142 North Fork listings in the third quarter, down 45.6% from the 261 listings in Q3 2024.
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David Winzelberg
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