Real Estate

Hamptons home prices hit a record $3 million in the first quarter


A beachfront residence is seen in East Hampton, New York.

Jeffrey Basinger | Reuters

The average price for a house in the Hamptons hit a record $3 million in the first quarter, highlighting a shortage of trophy beach homes for sale and the resilience of wealthy buyers.

The average sales price in the New York beach community jumped 18% in the first quarter to $3.1 million, according to a report from Douglas Elliman and Miller Samuel. The average price in the Hamptons is now more than $1 million higher than the average sales price in Manhattan. That marks the largest gap between the two markets since data started being collected in 2005, according to Miller Samuel.

The surge reflects the…


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