The Hamptons, a long-time favorite for luxury real estate, continues to showcase a dynamic market in 2024. Here’s a closer look at the current trends:

Rising Home Prices

The Hamptons housing market has seen significant growth, with home prices increasing by 16% year-over-year. The median sale price now stands at $1.4 million. This surge highlights the region’s enduring appeal despite economic fluctuations.

Inventory and Sales Dynamics

Although prices are on the rise, the number of homes sold has decreased by 11.2% compared to last year. This indicates a tightening inventory, where fewer homes are available on the market. Homes are taking slightly longer to sell, with the average days on market increasing to 93 days from 86 days last year.

Competitive Landscape

The market is not overly competitive, with homes selling about 4% below the list price on average. However, desirable properties still attract multiple offers and can sell quickly, often around the list price.

Environmental Considerations

Potential buyers should be aware of environmental risks. The Hamptons faces a significant flood risk, with 27% of properties likely to be severely affected over the next 30 years. Additionally, there is a moderate risk of wildfire and heat, emphasizing the importance of considering these factors when purchasing a property.

Conclusion

The Hamptons real estate market remains robust, driven by rising prices and limited inventory. For those looking to invest, understanding the competitive landscape and environmental risks is crucial. Despite the challenges, the allure of this luxurious coastal region continues to attract buyers seeking exclusivity and elegance.

For more detailed information, visit the [Redfin Hamptons Housing Market page](https://www.redfin.com/neighborhood/347463/NY/Montauk/The-Hamptons/housing-market).

PRESTO instant redesign tool

>Our one-touch tool lets buyers redesign an entire home, which significantly increases their confidence in making an offer.

87%

Respondents feel more confident making an offer on a home with access to VR or AR visualizations

Better Outcomes for buyers

We’ve represented nearly 200 Hamptons buyers since 2020. Our team knows every street and lane from Montauk to Remsenburg.

THE RIGHT PLACE, THE RIGHT PRICE.

We’re good at all the right things: listening, knowing the neighborhoods intimately, seeing what’s possible – and what might be wrong – with a property. And we’re very good at getting our clients the right price.

EASIER IS BETTER THAN HARD.

Our goal is to be the one-and-only stop for buyers:

  • providing detailed expansion opportunities
  • ensuring every the property is close-ready
  • recommending vetted services for home improvement, maintenance and more
  • COMING: insurance, property management, title services, relocation

Pro marketing dept.

We approach selling properties the same way sophisticated markers create campaigns for upscale consumer brands.

An industry first: We’ve created a small group of the best, local brokers who advise on our pricing so we get an honest appraisal from other experts.

Every major consumer products company does it. We use the same approach to test pricing, targeting and creative.

We create a multi-channel plan that ensures the message reaches precisely the right audiences. We also market properties off the main channels to limit the days it’s publicly listed.

We find what makes a property stand out, then bring it to life with smart, beautiful creative execution.

PRESTO instant redesign tool

All our listings use the latest AI Tools to show buyers how to re-decorate a home with just a click.
And all listings include high-def 3D tours hosted by the broker.

87%

Respondents feel more confident making an offer on a home with access to VR or AR visualizations

31%

How much faster listings sell with 3D tours

43%

Respondents feel more confident making an offer on a home with access to VR or AR visualizations

Flip, don't Sell

Home flipping is lucrative. UPSTAGE is our innovative model that  helps clients  update their homes so they can flip them instead of selling as is. The selling price can be 40% more. It doesn’t take much extra time, and we do all the work.  

30%-50%

Selling premium for short-term home flipping in luxury markets

75%-200%

ROI for home improvements such as painting, flooring and minor kitchen and bath upgrades

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