East Hampton Village Shingle Style Home
With the coming of spring, a different kind of traveller descends on the Hamptons: people seeking to buy or rent homes!
Hamptons residential real estate prices rank among the highest in the country. In 2015 Sagaponack, which had recently seceded from the Town of Southampton, was deemed the most expensive town in the US with a median sale price of $5,200,000. One year later the median home price bounced to $8,500,000. In the third quarter of 2016, the median sales price of residential homes in all of the Hamptons was $2,900,000. The third quarter of 2017 showed considerable growth at $3,600,000 median price. By the 3rd Quarter of 2018, East Hampton Village showed a median sales price of $4,300,000 with Amagansett reaching $5,200,000 - but without the cachet of having the most expensive area code in the USA!
East Hampton Further Lane Estate
With residential real estate sales prices this high, it is no wonder that many people choose to rent, whether for the entire summer season or for shorter term rentals. Websites like HomeAway and VRBO offer a wide assortment of house rentals, but the local towns have been cracking down on AirBnB and other venues that ignore the local codes. Real Estate Agencies remain the most reputable source of rentals for the area - unless you are lucky enough to rent the Mill House Inn’s Graybarn Cottage with its solid reputation for quality, integrity, and service . . . (if I do say so myself!)
Graybarn Cottage by the Mill House Inn
Besides wealthy American buyers and vacationers, the Hamptons attract the international set due to its reputation as a luxury destination and proximity to New York City. In addition, a great part of the appeal of the area is its lack of crime, the convenience of getting here and the fact that over 66% of the acreage is preserved green space. One could conceivably walk from Southampton to Montauk, on the beach, without ever seeing a commercial property - only stunning homes and pristine sand dunes.
East Hampton Homes on Double Dunes Preserve
All of the East End villages have charm, but the perennial star of Hamptons real estate is East Hampton - voted by the readers of National Geographic ‘America’s most beautiful Village’. There are few properties for sale in the village proper, and, given the restrictions of the Village’s ‘Master Plan,’ no real opportunities for new development.
Why East Hampton? One could start with top-rated U.S. beaches, and oceanfront estates, historic homes and cutting-edge modern masterpieces. East Hampton has an exciting arts community with top notch galleries and the renowned Guild Hall for art exhibitions, concerts and theatrical productions. Each Autumn, the village is home to the Hamptons International Film Festival with attendees flocking in from all over the world. If you’re looking for first class shopping and at least a dozen fine restaurants, East Hampton is an unparalleled four-season destination, a convenient two-hour drive (or Jitney or Train ride) from Manhattan, or an easy flight to our own airport.
One need only drive through the village (or read our blogs) to recognize why so many travellers choose East Hampton as their favorite year-round destination.
East Hampton Main Beach at Dusk
We hope to see you here soon. And, if you should happen to be looking at real estate while you are staying with us, we are happy to have you invite your agent to join you for our infamous breakfast while you plan your day’s itinerary.
P.S. Check out some of our other local articles if you need more reasons ‘why’!