Hamptons Real Estate Monthly Summary – October 2024
Market Overview
- Sales: 7 transactions, a 22% decrease year-over-year (Y/Y).
- New Listings: 11 properties, consistent with October 2023 levels.
- Inventory: 19 active listings, up 27% from the previous year.
- Months of Supply: 2.71 months, indicating a slightly tilted buyer’s market.
Pricing
- Benchmark Price: $905,500, reflecting a 6.3% Y/Y increase.
- Median Price: $900,000, up 11.1% Y/Y.
- Average Price: $938,786, an 8.1% increase Y/Y.
Property Types
- Detached Homes: Benchmark price at $977,600, a modest 2.2% Y/Y rise.
- Row Houses: Benchmark price at $503,500, up 8.2% Y/Y.
- Semi-Detached Homes & Apartments: No benchmark price recorded for October.
Market Trends
- Gradual price increases signal sustained demand despite declining sales.
- Inventory growth presents opportunities for buyers while moderating seller leverage.
- The sales-to-new-listings ratio at 0.64 reflects steady but balanced market activity.
Summary
The Hamptons real estate market in October 2024 showed resilience with notable price growth across most segments despite a decline in sales volume. The increased inventory offers choices for buyers, making it a strategic time for negotiations in this premium community.