As New York City’s real estate market foundered during the pandemic in 2020, home sales in the Hamptons boomed.
It began with a rush for spring rentals. New Yorkers sought beach access and airy quarters months earlier than they had in previous years. Then, as the weather warmed, many of those renters, who were paying exorbitant monthly prices, began to buy. Others joined them, and the buying spree continued through the fall and winter, as the housing supply on the East End of Long Island dwindled and prices climbed.
Sales in the Hamptons rose annually at the highest rate in a decade, according to a new report from Douglas Elliman. For the year 2020, the median sale price hit $1,202,500, a 40 percent increase from 2019 and the first time the year-end price broke the million-dollar threshold. The number of sales for the year rose by 37 percent, to 2,186, compared with 1,597 in 2019.
Record-low mortgage rates have enabled buyers to pay inflated home prices, and many Manhattan office workers who have spent the pandemic working from homes on the East End have helped turn the Hamptons and the North Fork into year-round communities, at least for now.