Escape From NYC Pushes Hamptons Home Prices to 13-Year High
- City-dwellers in search of space are willing to pay a premium
- Number of transactions falls, but the median price jumps 27%
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New Yorkers seeking a Hamptons retreat during the Covid-19 lockdown were big spenders. Their purchases sent home prices in the Long Island beach towns to a 13-year high.
While the number of homes sold declined 13% in the second quarter from a year earlier, the median price of those deals surged 27% to $1.08 million -- the highest since the second quarter of 2007, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said Thursday.