2022 was like a “Year of March” – it came in like a lion and went out like a lamb. All 12 markets monitored by Town & Country Real Estate fell, and most fell pretty hard on the Number of Home Sales. All 12 markets monitored by T&C also experienced declines in the Total Home Sales Volume. Yet, and it’s a big ‘yet’, 11 of the 12 markets saw increases in the Median Home Sales Price. The only drop in Median Home Sales Price was in Sag Harbor Village where the Median Home Sales Price went from $2,400,000 in 2021 down to $2,100,000 in 2022. In fact, three of our Hampton markets had a Median Home Sales Price over $4,000,000 – Southampton Village, Bridgehampton, and East Hampton Village.
Southampton Village took home the gold for 2022 with an astonishing 49% leap in Median Home Sales Price from $3,100,000 in 2021 up 48.65% to $4,608,073 in 2022. Though that Median Home Sales Price wasn’t the highest, that prize goes to East Hampton Village at $4,950,000 for 2022 which was 23.44% higher than Y/E 2021. Southampton Village closed 11 home sales $20M+, the greatest of any East End market. The Southampton Area, which includes North Sea, closed with nearly one third fewer home sales than in 2021 at a mere 227. The Median Home Sales Price however, rose 20.77%, this was due to 4 home sales in the $10M-$19.99M price category.
Bridgehampton, including Water Mill and Sagaponack, logged the most money changing hands for Hampton homes at $1,496,879,732. even though that was -29.1% less Total Home Sales Volume than in 2021. The greatest drop in the Number of Home Sales and Total Home Sales Volume was on Shelter Island. On Shelter Island, -46% fewer homes changed hands from 125 in 2021 down to 68 in 2022. This, in turn, caused the Total Home Sales Volume to drop -37.6%, but the Median Home Sales Price rose a solid 19%.
In Westhampton, which includes Remsenburg, Westhampton Beach, East Quogue, Quogue, and Quiogue, the Median Home Sales Price remained just about in line year-to-year from $1,382,750 in 2021 to $1,400,000 in 2022. Hampton Bays had the least decline in the Number of Home Sales at -15%, from 329 in 2021 down to 279 in 2022. However, the Median Home Sales Price in Hampton Bays ticked up 6.38% to $750,000.
In Montauk, the Median Home Sales Price crossed over the $2M mark to hit $2,050,000 — a 25.19% increase from 2021‘s Median Home Sales Price of $1,637,500. As only 98 homes changed hands in 2022 this was quite a jump in price. In Amagansett, the Median Home Sales Price rocketed up 38.64% from $2,795,000 in 2021 to $3,875,000 due to increases of 167% in the $10M-$19.99M range and twice as many home sales $20M+. Bravo for the lovely hamlet of Amagansett.
Looking at All Hampton Markets Combined and the year of 2022 shows its true colors. One-third fewer homes changed hands and nearly a quarter of the amount of money crossed over — yet the Median Home Sales Price rose a respectable 8.8%.
This shows the strength of East End Dirt.