Over the past couple of years, the percentage of real estate sales in the East Hampton region has been declining steadily. East Hampton was once considered a hot market to buy in, primarily as a second home for retired elders. These houses were at a high residual value of roughly 5-10 million dollars.
In 2019, there was a significant drop in sales for both the higher and lower end of houses, as homes which priced under $500,000 dropped by roughly 40% as well.
Because of the many different subcategories within the region of East Hampton, the decline is generalized to be not as steep as it would be. Looking towards the future, it seems to be that the prices will be increasing while the sales are staying stagnant, or beginning to decline. This can be a potential problem that we need to continue paying close attention to the rate of sales to determine the trend for the upcoming years.
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However, people are looking at the glass half full, since a house just sold for 20.6 million in East Hampton village. So, hopefully, this will be the turning point for the East Hampton real estate market, and the sales will only go up from here.