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July 20, 2024

East Hampton, NY - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Looking into the East Hampton property scene, we see some clear trends. In 2023, even though there were fewer homes sold, the area kept its charm because of short supply and high home prices read more ¹. Home prices in the Hamptons went up by 7% this year. This shows people still see it as a good place to invest². According to Zillow, by the middle of 2024, we expect to see about 191 homes for sale. Also, the average price could reach $2,316,667. This is a sign that East Hampton's market looks strong for the future³.

Key Takeaways

In 2023, less homes were sold in East Hampton, but the interest remained strong².
The market kept its high prices because there weren’t many homes available¹.
By mid-2024, we might see prices at $2,316,667 and around 191 homes for sale, Zillow predicts³.
A 7% increase in home prices in 2023 shows the Hamptons are still a great investment².
Finding a home remains tough for both buyers and sellers due to low supply².

Current Market Conditions in East Hampton, NY

East Hampton's housing market has changed a lot in the last year. It has become a buyer's market. This means property prices are lower, and homes take longer to sell. Now, buyers have more chances to find good deals.

Buyer’s Market vs. Seller’s Market

In a buyer’s market, there are more homes for sale than people wanting to buy. This gives buyers lots of choices and the power to negotiate better prices. As of mid-2024, the median home cost in East Hampton is $4,906,738. The average rent is around $3,400 per month⁴. Also, 64.5% of homes are empty, and only 35.5% are lived in⁴. This situation benefits buyers because they can take time to choose the best option without hurry.

Neutral Market Trends

Even though it's now a buyer's market, it's important to know about neutral market trends. A neutral market happens when the number of homes and buyers is equal, leading to stable conditions. Some areas within East Hampton still have this balance. Keeping an eye on these trends helps people make smart choices, especially since East Hampton is a desirable place to invest⁵.

Median Housing Prices Overview

Looking at East Hampton's housing market, the median sales price is a key number. It shows us the state of real estate there. The median sales price for homes now sits at $1,567,500. This number shows the area's economic condition⁶.

Median Sold Price Trends

In East Hampton, the housing market's median sales prices are changing. We've seen prices go up and down in different categories. For two-bedroom homes, prices jumped by 26.3% from June 2023 to June 2024. This suggests more people want smaller houses⁷.

However, four-bedroom homes saw a 6.5% price drop in the same period. It looks like less people might be looking for larger homes now⁷.

Price Per Square Foot Analysis

The price per square foot is a crucial way to look at real estate. In East Hampton, it's at $824 now. This number changed a little from last year⁶. It helps buyers and investors understand how much space their money can buy. Looking at this and the median sale price gives a full picture of the market's value.

Properties for Sale in East Hampton, NY

East Hampton offers a wide range of properties for sale. These appeal to many buyers with different tastes and budgets. The list of homes available has grown by 10.9% from May to June 2024⁸. You can find single-family homes, condos, and even land among these options⁸.

The average home price in East Hampton is $24,425,000⁸. But prices vary widely, starting at $799,000 up to $89,000,000⁸. This makes sure everyone can find something, whether you’re spending a little or a lot. Right now, there are 19 properties listed, giving buyers a lot of choices⁸.

Many homes in East Hampton are near top schools like John M Marshall Elementary School⁸. It's known for its excellent rating of 7⁸. Buyers can look at the newest or recently sold homes to better understand market trends. Most properties are single-family homes, showing East Hampton’s family-friendly vibe⁸.

If you want the latest on East Hampton real estate, check out Realtor.com⁸. East Hampton is perfect for those seeking luxury, community, and convenience. Whether it's for living or investment, East Hampton has something special to offer.

New Listings in East Hampton

The East Hampton real estate market recently added several new listings. This brings fresh insights into local market trends. These new options cater to various buyers, showing the housing diversity in this area.

Recent Additions to the Market

East Hampton now has six new real estate listings. Their prices go from $799,000 to $89,000,000⁸. Listed by top brokerages like The Corcoran Group and Douglas Elliman, they reflect a wide price range.

The average price is about $21,620,000⁸. This shows the luxury market, but there are options for different budgets. From fancy homes to more affordable lands, there's something for everyone.

Implications of New Listings on Market Trends

The new real estate listings in East Hampton show changing trends. They offer various property types for every buyer. Modern features like new constructions and big lots are popular. This suggests buyers want modern and luxury amenities.

Among the preferred features are central air and big yards. These options stress the importance of comfort. The area's top schools, like John M Marshall Elementary, make it even more desirable. This can shift market trends in East Hampton, offering a range of options for buyers.

Days on Market Statistics in East Hampton

In East Hampton, understanding how long homes stay on the market is key for buyers and sellers. As of June 2024, it took homes about 162 days to sell. This is 47.5% longer than last year⁹. This info helps in making smart decisions when dealing with properties.

Average Time to Selling

The time it takes to sell a house in East Hampton has grown longer, showing a change in the market. As reported on July 18, 2024, there's a noticeable increase in the median days on market⁹. Knowing these figures is critical for both potential buyers and sellers.

Breakdown of Sale Times

Looking closer at sale times, most homes took over 90 days to sell, and none went for more than the listed price last month¹⁰. There's a variety in how long homes stay on the market, depending on the agent or office¹⁰. For instance, single-family homes and luxury estates see different levels of interest. This affects how many days they sit on the market⁹. Such detailed info helps in planning out property deals more effectively.

Real Estate Investment Opportunities in East Hampton

Image by **Doug Kerr** is licensed under CC BY-SA 2.0.

East Hampton is great for investing in real estate. Investors saw home sales in the Hamptons go up by 8.8% in the last quarter of 2023¹¹. This shows the market is strong and full of opportunities.

The median sales price for homes in East Hampton has jumped 45% to $1.85 million¹¹. This increase shows the chance for big growth in investments. From August 2024, home prices range from $1,558,272 to $1,804,006¹², and they keep growing.

East Hampton's location is key, with areas like North Sea Southampton and Riverhead offering great benefits. These spots mix country charm with coastal beauty. This mix helps investors make more money by focusing on high-demand rental markets in summer¹¹.

The number of single-family homes and condos in the Hamptons went up by 15%, reaching 1,026 properties. But, it's still 46.5% less than before the pandemic¹¹. With fewer high-end homes available, East Hampton's homes are more exclusive and appealing for investment.

Investors should watch economic trends too. For example, the Federal Reserve might cut the federal funds rate in 2024. This could make mortgages cheaper and boost home sales¹¹.

Knowing about East Hampton's different areas is key to investing well. Experts say picking the right place can affect how much rent you get and the home's future price. Checking past sales and how long homes stay for sale can help find the best investment spots¹¹.

Overall, East Hampton's property market is attractive for investors. It offers great demand, good locations, and positive economic signs. For tips on getting the most from your investment, check out this link ¹¹.

Impact of Wind Risk on East Hampton Real Estate

The real estate market in East Hampton is worrying many because of wind risks. These worries come from severe weather like hurricanes and tornadoes. They pose a big threat to the area's properties.

Current Wind Risk Factors

In East Hampton, 2,112 properties might face severe wind damage in the next 30 years¹³. This risk is higher because these properties are close to the coast. This makes them more likely to get damaged. Houses near the water, within two miles, are in what insurers call catastrophe zones¹⁴.

The insurance market in East Hampton is also struggling¹⁴. Insurance companies are stopping new policies and offering less coverage because of these risks. This situation affects property values and decisions made by buyers.

Future Projections

Winds in East Hampton might get stronger, from 145 mph to 168 mph, in rare storms¹³. The 2023 Hurricane Risk Report says over 33 million U.S. properties could be hit by hurricane winds¹⁴. Also, the upcoming 15-turbine wind farm off Montauk Point is important¹³. As we use more renewable energy, we have to understand how it affects wind and weather.

These factors mean that wind risks in the East Hampton real estate market could get worse. It's important for homeowners to have good insurance for floods and windstorms. This ensures that their properties are properly covered¹⁴.

East Hampton Real Estate Trends: Key Insights for 2024

East Hampton's real estate looks set for an exciting year, showcasing some key trends. According to Rocket Homes, there were more homes up for grabs in June 2024 than the previous month. On average, homes stayed on the market for 162 days, with a median price of $1,567,500¹⁵. This suggests a shift could be on the horizon for East Hampton's market. The data spans various parts of Suffolk County, giving details for each area¹⁵.

Along with these trends, East Hampton has a population of 1,531, with 17.69% working from home¹⁵. This info sheds light on the community's vibe, impacting housing trends. The area's cultural mix is rich, including 13.54% Hispanic or Latino. Also, 20.55% of its residents come from abroad, mainly speaking English, Spanish, and French¹⁵.

Education and earnings are vital in molding East Hampton's housing market. A strong 66.63% of adults have at least a bachelor's degree, with an average income of $115,428 in 2022¹⁵. These numbers make the area attractive, explaining the high home prices. All this data together makes a solid prediction for the market's future.

Comparison with Nearby Markets

Looking at East Hampton's real estate, comparing it with nearby areas helps us see where it stands. These comparisons show us the good and the not-so-good. They help buyers and investors make smart choices.

Price Comparisons

East Hampton remains a hotspot, thanks to its unique charm and high demand¹⁶. Even with a dip in sales in 2023, prices went up by 7%². It shows the market's strength and why it's a good investment spot. Meanwhile, places like Riverhead and North Sea Southampton are getting more popular. They are loved for their lively communities and beautiful scenery¹⁶.

Market Strengths and Weaknesses

East Hampton shines with its summer rentals. They're in high demand but hard to find². Areas such as Montauk, with its history and luxury, are pulling in investors. This boosts property values³. But, the market's focus on being exclusive is a double-edged sword. For instance, when interest rates hit 7.78% in January 2023, it slowed down buying². Also, picking the right spot in East Hampton matters. Homes on the edge offer both country charm and easy village access. This makes them great for selling or renting¹⁶.

To sum up, knowing how East Hampton compares to its neighbors is key for smart decisions. Town & Country Real Estate's quarterly reports are full of insights on places like East Hampton and Montauk³. These findings are crucial for anyone looking to navigate the real estate market. For an even closer look at Hampton's real estate trends, check out this article.

Implications for Buyers

If you're looking into East Hampton home buying, now's a time of both chances and difficulties. The Hamptons real estate market is competitive with prices going up. Properties with extra features like home offices and big gardens are in demand¹⁷. In December 2021, the number of sold houses went down by 36.7%. Also, the total sales decreased by 42.6% during the same time¹⁷.

Prices are rising - the median sold price went up 21.8% in a year by December 2021. You'll need to make quick and high offers¹⁷. The end of 2021 saw a big jump in prices, showing a trend of increasing property values¹⁷. Even though sales under $1.5 million dropped by 67% in December 2021, homes under $6 million are a bit more affordable now thanks to more of them being available¹⁷ ¹⁸.

When dealing with the real estate implications for buyers, having a skilled local real estate agent helps a lot¹⁸. This is key for houses under $3 million because they sell fast if they're ready to move in and priced right¹⁸. Plus, around 90% of buyers in the Hamptons work with a buyer's broker or agent to help them in this tough market¹⁸.

Even if interest rates go up, prices might not change much because many pay in cash¹⁸. Remember, the Hamptons market gets busier in the summer. This often sets the trend for the year¹⁸.

Watch the ongoing trends, like how long homes stay for sale and the average prices. These trends are important clues about the market¹⁷. By staying alert and having a good agent by your side, you can make wise choices in the East Hampton real estate scene.

Implications for Sellers

Selling a home in East Hampton comes with unique challenges and opportunities. Understanding the market is key for sellers to develop effective strategies. Around 90% of buyers work with a broker or agent. This highlights the importance of teaming up with experienced real estate experts. They can help navigate negotiations and boost your property's visibility¹⁸.

Interest rates by the Federal Reserve are important to watch. Since July 2023, the rate has stayed at 5.5%, the highest in over 20 years¹⁸. While interest rates have slightly impacted the Hamptons market, sellers need to understand how they affect buyers¹⁸. Patience is required in this slow market. Pricing homes accurately from the start is crucial. Homes under $3 million, especially if they're ready to move into, sell faster¹⁸.

Market dynamics need constant monitoring by sellers. Despite fewer home sales, East Hampton's real estate prices remain strong. This is due to limited inventory and high demand in luxury homes¹⁹. In mid-2023, prices dropped for the first time since 2019. Sellers must be ready to adjust to these changes and possibly revise their pricing¹⁹. The rental market is also struggling with too many available properties, leading to lower rental prices¹⁹.

To succeed in this market, sellers must tailor their strategies to current trends. Conducting a competitive market analysis is vital. It offers insights into recent sales, available listings, and unsold properties. This gives a clear picture of what to expect from the market. With this information, pricing strategies can be adjusted to be competitive, leading to better selling outcomes²⁰.

Conclusion

The real estate scene in East Hampton is a mix of tough spots and chances. Inventory is super low right now, even though a lot of people want to buy homes. This means sellers have to be smart about their pricing²¹. At the same time, the number of homes for sale has dropped. The sale of fancy homes in Nassau and Suffolk Counties fell by 63% recently²². Despite this, the luxury home market is leveling out. More buyers are paying in cash, which means they don't rely much on loans²².

East Hampton is also working hard to keep its environment clean. In 2022, they spent over $51 million to save land and gave out $1.5 million for water projects²³. This effort to stay green makes the area more appealing to eco-friendly buyers. Yet, sellers are hesitant to cut prices a lot. They often lower prices several times before making a deal²¹.

In the end, East Hampton seems to be more in favor of buyers right now²¹. There are good chances for buyers, but they need to watch the market and environmental issues closely. It's best to look for homes that don't need a lot of work. Many places need fixing up, which can make buying more complicated²¹. Getting advice from experts is very important to understand East Hampton's changing real estate world.

FAQ

What are the current market conditions in East Hampton, NY?

East Hampton, NY, is now a Buyer's Market. This means homes cost less and stay listed longer before they sell. It changed from a Neutral Market since last year.

How is the median housing price forecasted in East Hampton?

The forecasted median list price in East Hampton is expected to be $2,316,667 by June 30, 2024. This is crucial for buyers and sellers to know about the market's pricing trends.

What is the current median sold price for homes in East Hampton?

The median sold price in East Hampton stands at $1,567,500. Homes also sell for about $824 per square foot on average. These numbers have slightly changed from last year, showing the average market values.

How has the inventory of homes for sale in East Hampton changed recently?

There's been a 10.9% rise in the number of homes for sale from May to June 2024. This increase includes homes of all bedroom counts, showing East Hampton's active real estate scene.

What are the recent trends in new listings in East Hampton?

New listings in East Hampton offer fresh insights into the market. They show an increase in available homes or changes in what buyers want.

How long are homes taking to sell in East Hampton on average?

On average, it now takes 162 days to sell a home in East Hampton as of June 2024. This is 47.5% longer than last year. This shows the market is less liquid than before.

What are the investment opportunities like in East Hampton real estate?

East Hampton's real estate offers varied investment chances. Investors should look at sale-to-list ratios and days on market to judge potential returns and property types.

What is the impact of wind risk on East Hampton real estate?

The Severe Wind Factor® shows a high risk from severe winds. About 2,112 properties could be affected over the next 30 years. Wind speeds might jump from 145 mph to 168 mph.

How does East Hampton's real estate market compare to nearby markets?

Comparing East Hampton with nearby markets helps understand its stand in the larger scene. It reveals strengths and weaknesses crucial for both buyers' and sellers' strategies.