Q2 2024 marked the best second quarter on record in the Hamptons, with the market displaying extraordinary strength and resilience from early 2023 lows. The trade volume surged to $490 million, almost doubling Q1's $249 million. Historically, Q2 has always been a strong quarter in the Hamptons, as buyers typically aim to secure their homes just in time for the summer season, leading into early Q3. The fact that this quarter set a record highlights the encouraging impact of macroeconomic factors on the market this year, the largest being the election. Additionally, the sentiment in Q2 was heavily focused on new, turn-key homes, rather than land or teardown properties.
The quantity of waterfront trades quadrupled. Meanwhile, the dollar volume soared a record 820%, from $11.5 million in Q2 2023 to $105.85 million in Q2 2024. This substantial increase was accompanied by an 84% rise in the average sale price, which reached $21.17 million. New construction saw a 155% increase in volume compared to Q2 2023, rising from $38.6 million to $98.6 million. This growth reflects a strong interest in modern, newly built homes. A standout example was the sale of 6 Bay View Court, with a last asking price of $49 million, marking the third most expensive trade in Sag Harbor/North Haven. Facilitated by Bespoke, it is a testament to our strong influence in this market.
Bridgehampton emerged as the best-performing market this quarter, with seven trades totaling nearly $106 million, a massive leap from zero trades in Q2 2023 (76% of which were facilitated by Bespoke so far this year). The rebound in the $20 million to $30 million price segment was tremendous as well, with a 700% increase in trade quantity and an 875% increase in trade volume compared to both Q2 2023 and Q2 2022.
“As July kicked off, we have exploded with activity; inquiries have increased at a rate that I haven’t seen since the height of the COVID years,” says Cody Vichinsky, President and Founding Partner of Bespoke.
“People go to different destinations, but as soon as they come back to the Hamptons, they realize how much of a unicorn market this is compared to the rest of the luxury markets in the world and engage heavily.”
Inland properties also saw significant growth, with a 182% increase in trade volume and a 133% increase in the number of trades. The sale of the 27.3-acre land property Topping Farm in Q2 for $49 million earlier in Q2, facilitated by Bespoke and acquired by the Peconic Land Trust, exemplifies this trend. As the most expensive sale ever from the Community Preservation Fund, the transaction ensures the preservation of natural landscapes in the Hamptons, further enhancing the region's allure and driving up prices in the surrounding area.
As Q3 begins, the Hamptons market is poised for continued strength. With 14 properties in contract totaling over $185 million at the end of Q2, only two weeks into this third quarter is already set to surpass 2023 Q3’s total of 10 trades. Historically, the market tends to see a decrease in trades from Q2 to Q3; however, this year we expect to see a range between 21 to 25 trades. As buyers continue to prioritize high-quality, ready-to-occupy homes, and with potential interest rate cuts on the horizon, the Hamptons market is well-positioned to maintain its incredible growth.
