Categorized | Residential

Luxury Homes in the Hamptons Post Strong Price Increases

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While the majority of the United States residential real estate market continues to experience declines, the luxury market is performing stronger than ever in most cities. In the case of the Hamptons, a town that has long been the home to the nation’s wealthiest, prices have increased twenty-two percent in the past year.

Prices have increased more than one hundred and fifty thousand dollars for homes in the Hamptons, and the total number of homes that sold with a price tag of over five million dollars hit more than three times the total from last year. High-priced luxury homes have helped offset the rest of the declining real estate market in the United States. They have been considered to be safe investments in a time where the real estate market has been deemed incredibly volatile.

In the last quarter alone, fifty-four homes were sold in the Hamptons. More than half of those homes had a final selling price of over five million dollars. That number is the highest number of sales that the area has had since 2008.

One of the most influential factors in the steadily rising prices and increasing sales in the Hamptons has been the influx of interest among international investors coming from such countries as the United Kingdom, Russia, and Germany. Even with the most recent price and sales volume increases, analysts are calling the current housing market in the Hamptons a buyer’s market.

The highest price paid for a home in the Hamptons during the third quarter amounted to over twenty-four million dollars. The residential property is located in Sagaponack, and features seven bedrooms and four thousand five hundred total square feet.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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