AbonnéTravel & Wellness

Is the Hamptons still the destination for the wealthy?

By Cécilia Pelloux03 septembre 2024

Since the pandemic and the exodus of New Yorkers, the property boom in the Hamptons has seen prices soar. In 2023, the region saw two of the most expensive transactions in the United States. From being a seasonal business, it is now flourishing all year round. Here's how it works.

In the Hamptons, median sales jumped over 40% to more than $1.2 million (Shutterstock)

Nestled on the eastern end of Long Island, this stretch of land has long been a haven for those who seek to escape the tumult of New York City. From a fishing village to a playground for the wealthy, the Hamptons have always been a place apart. In the early 20th century, rich New Yorkers began to discover the natural beauty of the Hamptons and started building summer homes there. Still today and more than ever, the Hamptons exudes a sense of glamour attracting the elite for its healthy and sophisticated community oriented lifestyle.

Wealth is phenomenal in the Hamptons

Michele Mahl, a leading expert in luxury real estate

With 45 kilometers of coastal, beautiful beaches, the Hamptons has two of the top beaches in the nation, endless blue skies, green fields, shingle houses, windmills, roadside farm stands and this special light that drew and inspired artists. The area soon became a popular destination for the rich and famous, with many notable figures from the worlds of business, entertainment, and politics building grand estates along the shoreline.

Year-round residents of New York

The Hamptons is a destination and a secondary residence market. The season used to span from Memorial weekend to Labor day but since the pandemic when throngs of wealthy New Yorkers fled the city for the Hamptons and many bought homes, a lot of them have stayed permanently. They just go back to the city when they have an obligation.

The exodus of New Yorkers led to a sales boom where volumes and prices soared. The median sales price jumped by more than 40% to over $1.2 million. “Wealth is phenomenal in the Hamptons” explains Michele Mahl, a leading expert in luxury real estate. She now lives in the Hamptons all year around. To give an idea, right now 11 deals over 50 million are on the market. "The trophy market is thriving, with $20MM properties becoming the new norm, marking a noteworthy shift where $20MM is the new $10MM." she added.

Property at 26-35 Windmill Lane in East Hampton sold for $91.5 million (Outeast)

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