We are pleased to present our 2021 Year End Hamptons and North Fork market report. After a banner year in 2020, demand for real estate on the East End continued unabated, despite unprecedented low inventory levels across the region. The result was a year of record sales activity, particularly at the high end of the market, and new records were set for the average and median prices as well as total dollar volume.
With a 5.2% increase in the number of sales (2,639 in 2021 vs. 2,508 in 2020), the Hamptons recorded the highest number of transactions since 2004. More impressively, those sales accounted for a 25.5% increase in the total dollar volume, reaching an all-time high of $7.398 Billion.
A major factor in the steep rise in total dollar volume was the increased demand at the highest end of the market. There were 95 sales over $10 Million in 2021 (compared to 71 in 2020) - an all-time record. These 95 sales accounted for only 3.6% of the total number of sales, yet were responsible for 26.1% of the total dollar volume for the year ($1.93 Billion).
More sales in each category over $1 Million contributed to the spike in both the average and median sales prices. The average price in the Hamptons was $2,803,562, an increase of 19.3% from 2020, and an all-time record high. The median price rose 18.5% to $1,600,000, the highest year-end median price to date.
Despite these remarkable numbers, every agent on the East End can attest to the lack of inventory as an impediment to even greater sales. However the issue of inventory resolves, one thing is certain: as the following data shows, real estate in the Hamptons continues to demonstrate its long-term strength and resilience.
Robert Nelson
Executive Managing Director
Brown Harris Stevens of the Hamptons, LLC
2021 Year End Hamptons Market Report
- Michael Petersohn
- 01/28/22
