The Hamptons represent some of the most valuable and sought-after real estate in the country. The mere mention of The Hamptons evokes imagery of seaside mansions and luxurious farmhouses that act as summer playgrounds for the East Coast’s elite. And yet it is also home to an ever-growing community of year-rounders drawn to the stunning landscapes and waterfront backdrop, just a couple of hours from New York City. So whether you’re looking for a vacation home or a permanent residence, we’re here to help you get to know the market, the neighborhood that is right for you, and the many attractions the Hamptons have to offer. Here are four things to know before buying Hamptons real estate.
Supply is low and values are increasing
The Hamptons real estate market is in line with trends that are happening in real estate markets across the country – it’s as competitive as ever. The supply of available Hamptons houses for sale is at record lows, and home values are increasing; this is a result of a continuing trend. A January 2022 market report stated for the fourth month in a row, the amount of housing inventory in the Hamptons had decreased, and the number of listings under $5 million had seen a year-over-year decrease of 30%.
Numbers like this may seem discouraging to buyers, but on February 1st, the month-over-month decrease was only 1.4%, indicating the trend may be slowing and more inventory is coming on the market to keep up with demand.
Where to buy in the Hamptons
The unique communities that make up the Hamptons bring much to the table. From the equestrian-centric lifestyle of Bridgehampton to the history and laid-back luxury of Southampton, there is something for everyone. While the great thing about the Hamptons is accessibility to all the other towns, you’ll want to be closest to the activities and amenities you enjoy the most.
East Hampton is home to one of the most varied real estate portfolios in the Hamptons, with prices ranging from over $100 million to under $1 million depending on location, as it spans the full width of the South Fork, offering both oceanfront and bayfront beaches. South of the highway, or on the ocean side, are some of the most exclusive, prestigious lanes in the country, like Further Lane, Gin Lane, and Lily Pond Lane, providing proximity to white sandy beaches and some of the most exclusive golf clubs in the nation.
Just west of East Hampton, Sag Harbor real estate is on the north shore facing Sag Harbor Bay and Noyack Bay. Just looking at the median sold price of $1,310,000 in Sag Harbor, these homes may appear more affordable than East Hampton, but these properties actually have some of the highest prices per square foot – and for good reason. Think of Sag Harbor as the West Village of the Hamptons; it’s a more compact village with plenty of shopping, restaurants, and coffee shops in its village, and the only town that the Montauk Highway doesn’t run through, maintaining its quaint feel.
Sagaponack real estate is directly south of Sag Harbor. It’s just a short drive from the walkable streets of Sag Harbor but offers more sprawling properties. There is no commercial center, so you’ll be doing most of your shopping at farm stands or have to visit a neighboring town, but many residents enjoy the reduced neighborhood traffic and proximity to the ocean. The entire coastline of this exclusive community is white sandy beaches, including Sagg Main Beach, Gibson Beach, and Town Line Beach, accessible in under 10 minutes by bike from just about anywhere in Sagaponack.
Living like a local
Photo courtesy of Espresso Da Asporto
How to get started buying Hamptons real estate
If you’re ready to start the process of buying Hamptons real estate, contact a knowledgeable agent like Mala Sander. Mala Sander+Team will be able to help you find your dream Hamptons beach house in an increasingly competitive market. The supply of Hamptons homes for sale is incredibly low, and the market is as competitive as ever, which is why you need the edge of having an experienced real estate agent on your side.