With a $32M average sale price in 2024, the Hamptons once more confirms its standing as one of the quintessential ultra-luxury markets in the world, even though those prices are down significantly compared to 2023 and the peak year in 2021. While most markets peaked in those years, the Hamptons market climbed the highest showing 146% growth from 2019 to 2021, which set up a predictable fall-off.
Highlights
The top transaction in 2024 was the $89M sale of “La Dune” at auction
Average sales prices are $32.4M, down significantly compared to 2023
Properties on average spend 345 DOM, or nearly one year
2024 is a slow year for a market known for $100M transactions The single biggest transaction in 2024 was the sale of the iconic “La Dune” property, sold at auction by Concierge Auctions. The property had a deeply troubled past and complicated history with 657 Days On Market (DOM) before finally being sold.
Such patterns are not uncommon for the Hamptons. For example, the 2023 top sale was a $112.5M property, sold after 1,027 days and initially listed for $175M. In a market like the Hamptons, it can be hard to know what the true market value of luxury properties is. Generally, properties in 2024 fetched 81% of their initial listing price, significantly below the 88% average across the Greater East Coast and US.
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