Hamptons real estate prices hit record, summer rentals go fast

Median home prices in the Hamptons hit an all-time high in the fourth quarter, brokers say, as Wall Street bonuses and tech wealth fueled a new wave of buyers in New York beach communities.

The average sales price in the Hamptons hit a record $2.34 million in the fourth quarter, up 34% from last year, according to a report from Douglas Elliman and Miller Samuel. The average sales price rose to $3.76 million. According to the report, the number of houses sold for more than 5 million dollars reached a record with 82.

“We have seen a tremendous increase in wealth in the Hamptons over the last few years,” said Jonathan Miller, CEO of Miller Samuel.

Wall Street bonuses are a big driver. Bonuses for 2025 were expected to be the highest on record, with the strongest growth since 2021, according to the New York State Comptroller’s Office. Real estate brokers say many hedge funders, private equity chiefs and venture capital investors have also joined traditional Wall Street bankers in the buying spree.

“Wall Street had a really good year, and that’s directly reflected in prices in the Hamptons,” Miller said.

While prices of existing homes are rising, most of the average price increases are due to changes in the sales mix.

Housing sales in the lower and middle segments of the market continue to be under the pressure of high interest rates. But the top end is booming with all-cash deals from buyers flush with liquidity after three years of double-digit gains in the stock market.

A larger share of total sales coming from the largest, most expensive homes continues to push the average up.

“This is not price appreciation, it’s a shift to higher priced home sales,” Miller said.

It’s unlikely to slow down anytime soon. Inventory remains low, especially for premium oceanfront homes. Despite below-freezing temperatures and heavy snowfall “in the East,” the summer rental and sales season is already off to a strong start, brokers say.

“I’ve already rented most of my luxury items for the summer,” said Gary DePersia of Corcoran in East Hampton. “People were calling and starting renting early this year.”

DePersia said he rented a beachfront house in the Hamptons for close to $1 million from July through Labor Day. Wealthy New Yorkers who continue to move to Florida in the wake of the pandemic are buying homes in the Hamptons to escape during hot Florida summers, he said. He also said he is meeting with buyers and tenants from California.

While there are still plenty of properties left for summer, both for rent and for sale, those expecting the usual last-minute sales in May may be disappointed, he said.

“There’s tons of snow here, but I’m showing a $10 million house to an interested buyer in the middle of the week,” he said. “People want to be here because their friends, former and current colleagues, their families are here in the summer. They want a meeting place and a cool environment.”