The Hamptons residential market is racking up gains.
From Westhampton to Montauk, the luxury enclave logged more deals in the second quarter, as prices held steady, according to William Raveis’ quarterly report. The upticks followed a banner first quarter Out East, where deals outpaced the decade average and prices hit record highs.
Transactions rose across price ranges during the latest three-month period, which ended as summer vacationers began descending on the East End. But the rising tide will likely ebb in July and August, the high season for rentals, as tenants move into properties and brokers lose access for showings, said the Eklund-Gomes Team’s David Gulick.
“We usually take a breather around this time,” said Gulick, who publishes weekly contract reports for the Hamptons’ luxury market. He added that “buyers are still active,” though more homes will likely debut or return to the market in September.
Last quarter, the number of home sales rose 15 percent, surpassing 420 from roughly 370 deals closed in the same period last year. The median home sale price remained flat at just under $1.9 million.
Brokers Out East closed eight deals for $20 million or more, up from six in the second quarter of 2024, while sales between $5 million and $10 million rose 31 percent annually, up from 35 to 46.
Among them was a home and adjacent cottage on Lumber Lane in Bridgehampton, which former “Real Housewives of New York” star and cocktail mogul Bethenny Frankel sold for a combined $5.2 million in April
On the lower end of the market, deals between $1 million and $2 million also increased 23 percent year-over-year, up from 115 to 142.
Other notable sales include a waterfront home in Southampton, which former New York City Mayor Michael Bloomberg bought for his daughter Georgina in a $4 million all-cash deal at the end of May. The home, which asked $4.29 million, has four bedrooms and a boat dock in the backyard.
More pricey deals are on the horizon. Buyers signed contracts for 57 homes in the Hamptons asking $2 million or more between June 2 and June 29, according to Gulick’s weekly reports for Douglas Elliman’s Eklund-Gomes Team. The contracts include homes stretching from Southampton to Montauk.
The priciest property to land a buyer was 90 Silver Lane in Bridgehampton, which last asked $14.5 million. The listing brokers, Corcoran’s Tim Davis and Thomas Davis, billed the 3.4-acre property as a development site, according to the listing description.
A Victorian Mansion in Sag Harbor was the second most expensive home to land an inked deal, with an asking price just under $13 million. The six-bedroom, four-bathroom abode was once the summer house of President Chester Arthur. It features a library with a fireplace, formal dining room and a pool.
Corcoran’s Susan Breitenbach, Cutter Koster and Felicitas Kohl had the listing.
Read more
Hamptons luxury market soars in the first quarter
In the Hamptons, rental seasonality is dead and big-ticket trades are back
Top Hamptons broker leaves Hedgerow for Compass
