Real estate prices in the Hamptons are at a record high, and summer rentals are coming in fast

Median home prices in the Hamptons hit an all-time high in the fourth quarter, as Wall Street bonuses and tech wealth fueled a new wave of buyers in New York’s beach communities, according to brokers.

The median sales price in the Hamptons hit a record $2.34 million in the fourth quarter, up 34% from a year ago, according to a report from Douglas Elliman and Miller Samuel. The average selling price rose to $3.76 million. The number of homes sold for more than $5 million also reached a record high of 82, according to the report.

“In the last few years we have seen a tremendous surge in wealth in the Hamptons,” said Jonathan Miller, CEO of Miller Samuel.

Wall Street bonuses are a big driver. Bonuses for 2025 are expected to be the highest ever, with the strongest growth since 2021, according to the New York State Controller’s Office. Many hedge funders, private equity heads and venture capital investors are also joining traditional Wall Street bankers in the buying spree, real estate brokers say.

“Wall Street has had a really good year, and that is directly reflected in Hamptons prices,” Miller said.

While existing home prices are rising, most of the median price gains are coming from a shift in sales mix.

Home sales in the lower and middle segments of the market remain under pressure from rising interest rates. However, the high end is booming with all-cash trades from cash-packed buyers after three years of double-digit gains in the stock market.

A greater share of total sales coming from larger, more expensive homes continues to push the average higher.

“It’s not about prices going up, it’s about a shift to higher priced home sales,” Miller said.

It’s not likely to slow down any time soon. Inventory remains low, especially for premium oceanfront homes. Brokers say the summer rental and sales season is already off to a strong start — despite below-freezing temperatures and heavy snow “in the east.”

“I’ve already rented most of my luxury stuff for the summer,” said Gary DePersia of Corcoran in East Hampton. “People are looking and renting early this year.”

DePersia said he rented a waterfront home in the Hamptons from July to Labor Day for nearly $1 million. Wealthy New Yorkers who continue to move to Florida after the pandemic are buying homes in the Hamptons to escape during hot Florida summers, he said. He said he is also seeing buyers and renters from California.

While there are still many properties left for the summer, whether for rent or sale, he said those waiting for the usual last-minute discounts in May may be disappointed.

“We have a ton of snow here, but I’m going to show a $10 million house in the middle of the week to an interested buyer,” he said. “People want to be here, because in the summer their friends are here, their former and current colleagues, their families. They want a meeting place and a cool environment.”