New York City residents fled to less populated places like eastern Long Island when the pandemic hit. The exodus has sparked a $1 billion real estate boom in the Hamptons.
Home sales in the Hamptons hit $973 million during July, August and September — that’s double what sales brought in during the same period last year, according to real estate company Brown Harris Stevens.
The median price tag for a home in the Hamptons is now just over $1.2 million — up 26%.
Home sales in western Connecticut and the Hudson Valley have also surged. Bidding wars have become more common due to high demand and low inventory.
The market report is another indicator of how wealthy city dwellers are making their escape to the Hamptons permanent amid concerns about the pandemic.