The East Hampton housing market has experienced significant changes over the past year, with the market remaining somewhat competitive. While the number of homes sold has decreased, the median sale price has seen an extraordinary increase.
The market in East Hampton is moderately competitive. While some homes receive multiple offers, others linger on the market.
On average, homes in this area are selling for about 1% below the listing price, showing a small room for negotiation. However, the most sought-after homes can sell for as much as 6% above their list price, underlining the potential for a bidding war on the most desirable properties.
The average time for a home to go pending is approximately 62 days, although the most competitive homes can go pending in as little as 27 days. This is faster than the median time on market of 47 days, demonstrating that the most attractive properties are moving quickly.
In summary, the East Hampton real estate market has witnessed a staggering rise in median sale prices, going up by 160% compared to last year. This boom is coupled with a somewhat competitive atmosphere, particularly for highly desirable properties. While the number of homes sold has decreased, the reduced median days on market indicate that properties are still moving at a reasonable pace. Buyers looking to enter this market should be prepared for some level of competition and be ready to act quickly for the most sought-after homes.
Matthew has a reputation for consistently carrying one of the most impressive luxury listing platforms in the marketplace. Contact Matthew today for a free consultation for buying, selling, renting or investing in the Hamptons.
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