Hamptons Real Estate Activity Slows While Prices Remain at Historic Highs

The number of signed contracts in the Hamptons in June 2022 declined 17% month-over-month and 53% year-over-year. That said, the median last asking price of listings that found contracts in June 2022, though down 11.7% month over month, increased 14.5% year over year. The number of days from listing for sale to signing a contract declined both month-over-month and year-over-year by 36.4% and 50.7% respectively – to just 35 days.

The number of new listings has also decreased month-over-month and year-over-year, by 9.2% and 30.8% respectively. However, coupled with the slowdown in contract activity, has led to a 10% increase in available listings, but the supply is still short 16.5% from where it was on July 1, 2021.

Fewer listings closed both month-over-month and year-over-year in June 2022, but for the second time since the start of the pandemic, the Hamptons has seen a median listing discount of 0%. The first time this happened was in August 2021.

All price points experienced a decrease in the number of new listings except the $5 to 9.99 million price point, which had 28 new listings last month and 27 in June of 2021. This price point is holding strong with 19 properties closing in June 2022, while only 10 closed in June of 2021.

Though many may think the summer is the Hamptons busiest time to transact real estate here, and showings certainly do get busy, it is typical for contract activity to go somewhat dormant May through July. This is a transition time for future buyers who have committed to being tenants for another summer, as well as future sellers who would like to enjoy the changing season before reigniting their real estate goals at summer’s end.

Hamptons real estate is back to normal market trends and cycles, but pricing still remains historically high with the median sold price for June 2022 increasing 3.5% month-over-month and 28% year-over-year.