Real Estate

Home prices in Hamptons hit record as wealthy New Yorkers flee

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

Jeffrey Basinger | Reuters

Home prices in the Hamptons hit new records as wealthy New Yorkers fled the Covid-19 troubles of the city for the beach, according to a new report.

The median price of a single-family home in the Hamptons reached $1.1 million in the second quarter, marking a new record and an increase of 25% over last year’s second quarter, according to a report from Miller Samuel and Douglas Elliman. The average sale price hit $2.1 million, as the sale of several eight-figure mansions drove up the average.

The rebound in the Hamptons, after nearly two years of weakness in 2018 and 2019, shows how the coronavirus is remaking…



Source cnbc.com

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