The average price for a house in the Hamptons just hit a record $3 million
Publishing timestamp: 2023-04-27 14:21:12
Summary
Despite a lack of homes for sale, the average price for a house in the Hamptons hit a record $3 million in the first quarter, with the average sales price in the New York beach community jumping 18% to $3.1 million. The surge reflects a continued shortage of homes listed for sale, along with sustained demand from wealthy homebuyers looking for a piece of coveted Hamptons real estate. However, sales volume in the first quarter plunged 57% to their lowest level in 14 years due to the lack of homes for sale, and many of the current listings are overpriced, making the number of sellable homes even lower. Brokers say that while demand from wealthy buyers is strong, they're disciplined on price and refuse to pay peak prices of 2021 and early 2022.
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Keywords: wealth, douglas elliman inc, real estate, business, business news,
Source: https://www.cnbc.com/2023/04/27/hamptons-home-prices-hit-record-in-the-first-quarter.html