A nine-bedroom, 11,000-square-foot oceanfront home in Bridgehampton, available for rent at $700,000 for any two weeks this summer.
Courtesy: Gary DePersia | Corcoran
Median home prices in the Hamptons hit an all-time high in the fourth quarter, as Wall Street bonuses and tech wealth fueled a new wave of buyers in the New York beach communities, according to brokers.
The median 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 sale price soared to $3.76 million. The number of homes selling for over $5 million also hit a record, at 82, according to the report.
“In the past few years we’ve seen a tremendous upswing in wealth in the Hamptons,” 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. Real estate brokers say many hedge funders, private equity chiefs and venture capital investors are also joining traditional Wall Street bankers in the buying spree.
“Wall Street had a really good year, and that’s being reflected directly in Hamptons prices,” Miller said.
While prices for existing homes are rising, most of the gains for median prices are coming from a board shift in sales mix.
Sales of homes in the lower and middle segments of the market remain under pressure from high interest rates. The high end, however, is booming with all-cash deals from buyers flush with liquidity after three years of double-digit gains in the stock market.
A greater share of total sales coming from the biggest, most-expensive homes continues to drive up the median.
“It’s not price appreciation, but a shift to the higher-priced home sales,” Miller said.
It’s not likely to slow anytime soon. Inventory remains low, especially for premium, oceanfront homes. Brokers say the summer rental and sales season is already off to a strong start – despite below-freezing temperatures and heavy snow “out East.”
“I’ve already rented most of my high-end stuff for the summer,” said Gary DePersia of Corcoran in East Hampton. “People are looking and renting early this year.”
DePersia said he rented a waterfront Hamptons home from July to Labor Day for close to $1 million. He said wealthy New Yorkers who continue to Florida after the pandemic are buying homes in the Hamptons as escapes during the hot Florida summers. He’s also seeing buyers and renters from California, he said.
While there are still many properties left for the summer, both rental and sales, he said those who wait for the usual last-minute discounts in May could be disappointed.
“We’ve got a ton of snow here, but I’m showing a $10 million house in the middle of the week to an interested buyer,” he said. “People want to be here, because in the summer their friends are here, their former and current colleagues, their family. They want a meeting ground and a cool environment.”
