HOW’S THE HAMPTON’SREAL ESTATE MARKET?
November 18, 2024
The 3rd quarter numbers are in and while total sales are down, the median sales price continues to climb! The year to date numbers show an overall increase in median sales price of 7%, and in some towns in the Hampton’s, the median sales price jumped over 20%!
Two of the top increases in median prices were in Amagansett, which saw an increase of 68% and Watermill an increase of 44%!
WHAT HAPPENED IN THE HAMPTON’S MARKET LAST WEEK?
Week Ending November 5th
Over the past week there were 25 Listings that went into contract from Westhampton to Montauk.
Compared to this same week last year (2023), there were 18 Listings that went into contract.
Which is a year over year INCREASE of 39%.
The breakdown of these 25 Transactions are:
1 Between $10 and $15 Million
4 Between $5 and $10 Million
4 Between $3 and $5 Million
5 Between $2 and $3 Million
8 Between $1 and $2 Million
3 Under $1 Million
Over the past week, the Dollar Volume was $80 Million.
Compared to this same week last year (2023), the Dollar Volume was $52 Million.
Which is a year over year INCREASE of 54%.
INVENTORY & HIGH RATES CONTINUE TO CONTROL THE STORY
This past week there were 33 New Listings coming onto the market.
With 25 Listings going into contract, this INCREASES the inventory by 8 Listings.
The overall inventory as of 11/12/2024
2,060 Total Listings (Active & In Contract)
1,513 Active Listings
547 In Contract Listings
...
Pre covid, a healthy market in the Hampton’s was an active inventory of roughly 4,000 properties for sale from Westhampton to Montauk. It is my belief that once rates ease, we will see new homes come on the market and the combination of lower rates and an increase of inventory will bring buyers off of the sidelines!
