Prime oceanfront real estate in the Hamptons will cost a buyer a pretty penny. (Photo: Nicole Barylski)
The Hamptons real estate market is showing no signs of slowing down.
The average price for a home in the Hamptons has reached an all-time high, up 15.6 percent to $2,389,499, according to a report by Douglas Elliman Real Estate and appraiser Miller Samuel Inc., which also states that a record number of houses were purchased for over $5 million and over $10 million within the fourth quarter.
"After a lull in high end sales over the past several quarters, Hamptons high end sales activity snapped back in contrast to other housing markets in the region, especially above the $5 million threshold," explained Jonathan J. Miller, President and CEO of Miller Samuel Inc.
The median price on the North Fork was also on the rise, and was measured at its highest level since the financial crisis began. The median price, which rose 14.2 percent to $522,500, increased year over year for the seventh quarter in a row. The North Fork real estate market saw a 40 percent increase in sales falling between $1 million and $2 million, but overall, the number of sales fell 19.6 percent to 180.
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