The Hamptons’ high season is fast approaching, and the residential market is hot in anticipation.
Home prices hit record highs last quarter as sales surged in the luxury enclave, according to Miller Samuel’s quarterly report for Douglas Elliman.
A steady increase in listing inventory fueled gains in the South Fork, along with a banner year for profits and bonuses on Wall Street — an industry “joined at the hip” with the region, said report author Jonathan Miller.
“A couple of years ago, inventory was almost non-existent,” Miller said. “But demand remained in place, and it’s just enabling more sales.”
In the first quarter, the median sale price in Hamptons rose above $2 million for the first time in history, an increase of 13 percent year-over-year and 16 percent from the previous quarter. The median sale price was nearly double what it was five years ago.
The Hamptons logged a growth spurt that outpaced others in the surrounding area, Miller said. Deals rose 86 percent compared to the same period last year, up from 230 to 420, and the uptick pushed transactions 16 percent above the decade average.
“The Hamptons continues to be one of the highest performing housing markets in the region,” MIller said
More than half of deals closed last quarter were between $1 million and $5 million, a departure from the last few quarters where sales skewed toward the above $5 million threshold. Miller attributed the increased activity in this range to buyers getting more comfortable with taking out a mortgage.
“The fact that we saw a record share of these transactions suggests that consumers in this price range are thinking, after they buy, they can [refinance] at a lower rate as opposed to the cash buyer who doesn’t have that concern,” Miller said.
Hamptons homes in this price change likely “poached some of the demand” for homes on the North Fork, where prices are generally lower, Miller said. The median sale price in the area dropped 4 percent from $995,000 in the same quarter last year to $945,000, as more buyers flocked to homes in the $2 million and under range.
Despite the price decline, sales in the North Fork increased during the period, while listing inventory fell 25 percent.
In the Hamptons, listing inventory rose 10 percent last quarter, up from 1,080 to 1,200. The increase drove bidding wars down from 15 percent to 11 percent, and though the number of homes on the market is rising, inventory still remains relatively tight.
“Regardless of tariffs, activity in 2025 is going to be elevated, and we’re already seeing this,” Miller said.
The deals are a-coming
As the market in the Hamptons heats up, top-dollar deals are on the horizon.
Earlier this month, a waterfront Southampton estate snagged a buyer after two years on the market and a hefty discount.
The sprawling mansion at 1730 Meadow Lane, asking just under $40 million, was the priciest home to enter contract in the Hamptons between March 17 and April 20, according to reports by Douglas Elliman’s Eklund-Gomes Team.
Known as “Camp Meadow,” the property was one of 37 homes between Southampton and Montauk asking $2 million or more to land inked deals during the period for a combined $256 million in sales volume.
“Buyers have been way more active than renters so far,” said report author David Gulick. “We finally got warm in the city, got through tax season, got our Wall Street bonuses, and now everyone’s in the mode of thinking about what they’re doing for the summer.”
The Meadow Lane estate last traded for $1 million in 2013 and underwent a renovation shortly after. The 8,600-square-foot home hit the market in 2022 with a $46 million price tag, which was dropped multiple times before it entered contract, according to a Zillow listing.
The home has seven bedrooms, seven bathrooms, a gym and five fireplaces. The three-acre property also features a pool, tennis court, garage and access to the ocean and Shinnecock Bay.
The Modlin Group’s Christopher Covert had the listing.
The second most expensive property to find a buyer was 951 Flying Point Road in Water Mill, with an asking price just under $30 million. Built in 2019, the home has nine bedrooms and 11 bathrooms across 11,000 square feet.
The three-acre property, which faces Mecox Bay, has drifted on and off the market since 2017, roughly a year after it sold for $10.6 million, according to Zillow. It initially asked $32 million.
Bespoke Real Estate had the listing.
Roughly 130 homes hit the market in the Hamptons in the last month, including a $60 million new construction abode in Water Mill. The property at 140 Hayground Cove Road, once owned by the co-founders of the Tribeca Film Festival, sold for $13 million in 2022.
The waterfront mansion spans 12,900 square feet and has seven bedrooms and nine bathrooms. It also features a gym, attached garage and pool.
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