Hamptons Home Prices Experience First Decline in Two Years.

The median home sale price in the Hamptons fell to $1.66 million in Q1 2023, a 7.6% decline compared to the same period one year earlier, according to data released by Town & Country Real Estate. The price drops were the first since 2019, and all 12 Hamptons-area real estate markets tracked by the firm reported declines in total home sales. Economic uncertainty, interest rate hikes, and geopolitical tensions were cited as contributing factors. The number of homes sold at a price between $10 million and $19.99 million fell by 61%, while the number of homes sold for more than $20 million fell by 55%.