1 November 2024

Hamptons – October 2024

Hamptons Real Estate Monthly Summary – October 2024

Hamptons Real Estate Monthly Summary – October 2024

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.