New York luxury home market hits record $2.34 million median price amid surge in buyers

The Hamptons housing market just made another rally, but the rally isn’t being led by everyday homebuyers.

Instead money-rich Wall Street and tech leaders are ramping up multimillion-dollar sales, pushing median prices to an all-time high, even as overall sales activity weakens, according to new data.

By new report According to Douglas Elliman and Miller Samuel, Hamptons homes achieved the highest median sales price on record at $2.34 million, up 25% from a year earlier. The average sales price also rose 25% annually to $3.76 million.

« The catalyst is definitely tied to capital markets, » Douglas Elliman’s Adam Hofer told Fox News Digital. « The Hamptons has always been a discretionary, wealth-driven marketplace. When Wall Street is performing, when liquidity events are happening in tech, when bonuses are strong, money needs a place to land and for many affluent buyers – that place is the Hamptons. »

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« However, this is not just a speculative spike, » he said. « Inventory remains structurally constrained, especially south of the highway and turnkey properties. Unlike pre-2008, today’s buyers are largely cash and down, making this valuation more sustainable. »

« So yes, Wall Street’s momentum is fueling the top, but limited supply and long-term lifestyle demand are keeping values ​​high. »

Luxury sales are doing the heavy lifting in the Hamptons, with sales of more than $5 million hitting a record high in the fourth quarter of 2025. Douglas Elliman’s internal data also shows that closings on properties over $10 million were up 75% year-over-year, with four closings of $20 million or more in 2025, up from just one the previous year.

« The luxury buyer operates in a completely different universe than the average homeowner. Any cash payment of $5 million or more demonstrates confidence, liquidity and a long-term mindset. These buyers are less sensitive to interest rates and more focused on lifestyle, legacy and asset diversification, » Hofer said.

« On the contrary, the middle market is very sensitive to interest rates. A one-point fluctuation in mortgage interest rates dramatically affects affordability. But when you cash an $8 million check or a $15 million check, interest rate fluctuations become background noise, » he said. « It highlights a fragmented market that’s increasingly visible nationally. Price sensitivity creates friction for the middle tier, while the top 10% of buyers continue to trade with relative ease. The Hamptons is simply a magnified version of what’s happening around the country. »

But the warehouse is tight. Despite a small increase in listings in the region in the fourth quarter of last year, months of supply fell to 6.8 months, down 24% from 2024, while luxury months of supply fell sharply to 16.4 months.

Buyers are said to be competing most fiercely for oceanfront and waterfront properties with turnkey, renovated condos in prime areas such as Southampton, Sag Harbor and East Hampton.

“Construction schedules, labor costs and enabling uncertainties have made ready-to-move-in products a premium commodity,” Hofer noted. « Beachfront and properties with protected water views continue to command outsized demand, and that’s where buyers are willing to stretch the furthest. The Hamptons has a finite amount of waterfront, and sophisticated buyers understand that scarcity. »

Although not fully considered in the report, early summer rent increase in line with the data, as buyers commit earlier, luxury confidence remains high and seven-figure demand is not slowing down.

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« Strong rental demand is often a leading indicator of buyer confidence. When high-end rentals are locked in early and at high prices, it shows that people want to be here and that the Hampton lifestyle remains a priority, » Hofer noted.

« For buyers waiting for a significant price correction, » he said, « the rental market suggests that underlying demand has not weakened. In fact, many renters will eventually convert to buyers after experiencing the market firsthand. Sitting on the sidelines hoping for a dramatic pullback could mean competing in an even tighter inventory environment later. »

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