(Bloomberg) -- Hamptons home prices reached a record high as New Yorkers stepped up their bidding for a dwindling supply of listings in the Long Island resort towns.
The median price of homes that changed hands in the second quarter jumped 30% from a year earlier to $1.405 million, the highest in data going back to 2005, according to a report Thursday by appraiser Miller Samuel Inc. and Douglas Elliman Real Estate. Of the 675 deals in the period, 21% were for more than the asking price.
For many city dwellers, who may have gotten a taste of working remotely in a home with a yard and rooms to spare, the suburbs are holding new appeal for post-Covid life, when commuting to the office may no longer be a five-day-a-week requirement.
As of the end of the second quarter, available listings in the Hamptons plunged 43% from a year earlier -- the most on record -- to just 1,081 homes, the firms said. At the current pace of sales, it would take 4.8 months to clear all the inventory. That's the fastest in data going back to 2006.
“We have so many buyers out here that, as soon as these things come on the market, they're going off,” said Todd Bourgard, who oversees sales in the Hamptons for Douglas Elliman. “What happens is their friends come out here, they see where they're living, see they're enjoying that kind of lifestyle and they think ‘Why not us?'”
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