9-bedroom, 11,000-square-foot oceanfront home in Bridgehampton. Available to rent for two weeks this summer for $700,000.
By: Gary DePersia | Corcoran
Median home prices in the Hamptons hit a record high in the fourth quarter, brokers said, as Wall Street bonuses and high-tech assets drew a new wave of buyers to New York’s beach communities.
The median sales price in the Hamptons rose 34% year-over-year to a record $2.34 million in the fourth quarter, according to a report from Douglas Elliman and Miller Samuel. The average sales price rose to $3.76 million. The number of homes sold for more than $5 million also hit a record high of 82, according to the report.
“The last few years have seen an incredible rise in wealth in the Hamptons,” said Jonathan Miller, CEO of Miller Samuel.
Wall Street bonuses are a big driver. Bonuses in 2025 are expected to be the highest ever and the largest increase since 2021, according to the New York State Comptroller’s Office. In addition to traditional Wall Street bankers, many hedge funders, private equity executives and venture capital investors are also joining the buying spree, real estate brokers said.
“Wall Street had a very strong year, and that’s directly reflected in prices in the Hamptons,” Miller said.
Existing home prices are rising, but most of the increase in median prices is due to a board shift in the sales mix.
Home sales in the lower and middle segments of the market remain under pressure from high interest rates. But after three years of double-digit gains in the stock market, high-end stocks are booming with all-cash deals from buyers with plenty of liquidity.
Median prices continue to rise, with the largest and most expensive homes accounting for a larger share of total sales.
“This is not an increase in prices, it’s a shift towards higher priced home sales,” Miller said.
It is unlikely to slow down anytime soon. In particular, the inventory of luxury homes facing the sea remains low. Brokers say the summer rental and sales season is already off to a strong start despite subzero temperatures and heavy snow in the East.
“I’ve rented most of my summer luxury items,” said Gary DePersia of Corcoran in East Hampton. “People have been looking and renting since the beginning of this year.”
DePersia said she rented a waterfront home in the Hamptons for nearly $1 million from July until Labor Day. He said wealthy New Yorkers who continue to move to Florida after the pandemic are buying homes in the Hamptons as a refuge from Florida’s hot summers. He said he is also looking at buyers and renters from California.
There are still plenty of rentals and sales left for the summer, but those waiting for the usual May last-minute discounts may be disappointed, he said.
“We’ve got a lot of snow here, but we’ll be showing a $10 million home to interested buyers in the middle of the week,” he said. “People want to be here because their friends, former co-workers, current co-workers and family are here in the summer. They want a gathering place and a cool environment.”
