VOLUME 1
Summer 2020

The Hamptons
$10M+ Market
The Hamptons’ ultra-luxury market experienced extraordinary growth in 2024, with a 34% year-over-year increase in total trades compared to 2023 and continuing its historical increase in trade quantity since 2021.

797 & 809 Meadow Lane, Southampton, NY

In 2024, the Hamptons’ $10 million+ real estate market rebounded from a challenging 2023. The market saw a notable increase in trade volume, rising 34% year-over-year, from 62 trades in 2023 to 83 in 2024. However, total dollar volume decreased slightly by 3%. The $10 million to $20 million segment emerged as a key driver of activity, with transaction volume surging by 62% year-over-year, from $522 million in 2023 to $845 million in 2024, as buyers gravitated toward accessible, move-in-ready homes. Inland properties also saw a significant uptick, with trade quantity increasing by 70%, from 37 to 63, driven by rising land values and limited oceanfront inventory.

The primary reason for the dominance in the $10-$20 million segment can be attributed to increased frequency of trades with higher cash ratios in the $15-$18 million range. As interest rate hikes began to cool, sellers began to align pricing with higher borrowing costs, narrowing the gap between asking and closing prices, while cash-rich buyers returned to the market, leveraging liquidity to secure value-driven investments.

Trophy Sales


In turn, the $20 million+ market saw ten trades, eight of which were facilitated by Bespoke, while the $40 million+ category was buoyed by trophy property sales. These include the $79 million sale of 366 and 376 Gin Lane in Southampton, and the $49 million sale of Topping Farm to the Peconic Land Trust, a farmland preservation sale, both facilitated by Bespoke. “This dichotomy underscores the broader theme of 2024: buyers were increasingly focused on opportunities offering immediate value or clear investment potential, and avoided speculative purchases in favor of secure, strategic acquisitions with limited capital invested after the trade,” says Cody Vichinsky, Founding Partner of Bespoke.

Interestingly, with sales such as Topping Farm, as well as 66 Wainscott to the Community Preservation Fund for $56 million, where Bespoke represented both the buyer and seller, there is evidently an emerging trend of preservation purchases of massive acreage in the Hamptons. Both preservation purchasers were funded in part by private Hamptons residents with the intent of maintaining the beauty of the region. In doing so, they are necessarily limiting development, which will keep inventory tight and listing costs high well into the foreseeable future.

Turn-key properties remained a cornerstone of buyer demand in the Hamptons, making up 64% of all trades. Over the last few years, private buyers have been hesitant to acquire land or take on major renovations given the increasing costs and the increasing time it takes to get permits approved. Still, new construction saw an uptick for the first time in quite a few years, with a 54% increase in trades, from 13 in 2023 to 20 in 2024, as well as a 45% increase in dollar volume, from $187 million to $272 million.

Growing Momentum by Hamlet


As 2024 came to a close, Bespoke observed signs of growing momentum in the market. Sag Harbor, the most popular and low-inventory neighborhood, saw a 249% increase in sales volume between 2023 and 2024, from $27.5 million to $96 million in 2024. Increased showings, qualified offers, and inquiries from serious buyers reflected a renewed sense of engagement, particularly in segments where pricing had stabilized. Like the other alpha markets, cash-rich buyers, largely insulated from interest rate pressures, dominated the market, particularly in the $10-$20 million range, where value and accessibility aligned with broader economic trends. The scarcity of high-end inventory, a hallmark of the Hamptons market, further insulated it from volatility, ensuring its continued status as one of the world’s most exclusive real estate destinations.

Looking ahead, the Hamptons is poised for sustainable growth in 2025. Last year marked a turning point, with a return to fundamentals of tight supply and high demand driving activity. The interplay of constrained inventory, and improving sentiment positions the market for continued resilience.

Bespoke facilitated 29% of all Hamptons $10 million+ trades in 2024.

70 Fairfield Pond Lane, Sagaponack, NY

217 Rose Hill Road, Water Mill, NY

Average sale price above $10 million decreased to $16.2 million.

115 Beach Lane, Wainscott, NY

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