The Hamptons housing market reached a historic median sale price of $2.04 million this past spring, marking a significant 13% increase from the previous year. Notably, 55% of sales occurred in the $1 million to $5 million range, indicating a strong demand for midrange homes rather than just luxury properties. The surge in sales, totaling 423 transactions, was fueled by Wall Street's financial gains and an increasing inventory of homes, allowing cash-rich buyers, particularly from Manhattan, to invest in secondary residences.
The strength in the middle market is what pushed the numbers higher, according to Jonathan Miller, citing midrange home sales as a primary driver.
The Hamptons is effectively joined at the hip with Wall Street, and recent record profits and bonuses are impacting housing demand.
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