The median gross sales value for a home within the Hamptons, the string of beachfront communities on Lengthy Island’s jap tip,
skyrocketed by 40% to $1.2 million within the third quarter of 2020 in contrast with the identical interval a yr earlier, in response to a brand new report from brokerage Douglas Elliman.
The surge in costs, spurred by New Yorkers fleeing to the seashore amid the coronavirus pandemic, is a outstanding turnaround for the market, which posted a dismal 2019 outlined by repeated value cuts on luxurious properties.
The surge in costs is much more dramatic for properties on the ultrahigh finish of the market, outlined by the report as the highest 10% of all gross sales. The median value for a house in that class was up by 65.7% year-over-year to $5.eight million.
General, the quantity of gross sales within the Hamptons was up by 51% from final yr and up by 291% for closings priced $5 million and up, in response to Jonathan Miller of Miller Samuel, who ready the report on behalf of Elliman.