2024 HAMPTONS MARKET REVIEW In 2024, the Hamptons real estate market demonstrated notable growth. The total number of sales increased by 2%, rising from 1,522 in 2023 to 1,553 in 2024. Correspondingly, the dollar volume saw a 3.4% increase, reaching $4.86 billion. The average sale price, while posting a modest increase, achieved an all-time high of $3.13 million. The median price, which reflects the middle of the market, rose by 7%, also setting a new record.
EAST OF THE CANAL: The average sold price experienced a 1% increase from the previous year, settling just under $3.8 million.
EAST OF THE CANAL: The average sold price experienced a 1% increase from the previous year, settling just under $3.8 million.
WEST OF THE CANAL: There was a significant 9.5% increase in the average sold price, reaching $1.76 million, as lower-priced homes became scarcer.
HIGH-END MARKET: The number of homes sold over $10 million rose by 16.7%, with 77 sales compared to 66 in the prior year. Additionally, there was a nearly 32% increase in homes priced between $5 million and $10 million, with 166 sales versus 126 the previous year.
NORTH FORK: While the number of closings dipped 2.2% from 2023, an 8.6% increase in the average price helped bring the total dollar volume up 6.2% to $509 million.
The Eastern end of Long Island continues to exhibit strong demand, driven by its desirable lifestyle, beautiful beaches, proximity to New York City, and preserved open spaces. We anticipate this trend will persist.
