Oct 8, 2018 11:25 AMMatt Daimler, the general manager of the online residential listing portal Out East, said he’s wowed by how much the Hamptons real estate market has dramatically changed in the past five years.
“Buyers who are seeking relative affordability [are] looking to areas that were less on the map even just a few years ago,” Mr. Daimler said. According to a September analysis by Out East—it’s operated by StreetEasy, a Zillow Group subsidiary—the change Mr. Daimler is referring to is most notable in Flanders and Montauk, where he has seen the number of searches increase. Montauk is now in the top-five renter and buyer searches, garnering 6 percent and 8 percent respectively, of the total number of searches across the South Fork.
Because of rising interest in properties in Flanders and Montauk, Out East reports asking prices have doubled in the two hamlets that bookend the Hamptons since 2013.
The median asking price in Flanders was $319,500 in 2013. That jumped to $662,000, a 107.2 percent increase in five years. Montauk’s median asking price ballooned from $950,000 to $1.94 million, or a 105.3 percent increase in five years. That’s a $1 million difference.
Westhampton Beach and Quiogue also saw considerable growth with increases of 80.2 percent and 78.6 percent from 2013 to 2018, respectively.
“Areas west of the Shinnecock Canal including Quiogue and Westhampton Beach and further-out hamlets like Montauk have seen a huge influx of demand over the last several years as more people realize everything these areas have to offer—great nightlife, beautiful beaches and bays, and for now, relatively lower price points compared to what you’ll find in many other areas along the island,” Mr. Daimler said. Not to mention “more reasonable” travel times to reach west-of-the-canal destinations.
However, Mr. Daimler said whether looking to rent or buy in the Hamptons, East Hampton and Southampton are still the top-two destinations most future second-home owners search for on Out East.
East Hampton led the pack with 22 percent of renter searches and 13 percent of buyer searches in the second quarter. But the town only saw a change of median home value of 60.6 percent since 2013.
Southampton garnered 8 percent of renter searches and 9 percent of buyer searches, and saw a change of 61.9 percent in median home value in the last 5 years.
More than half of the destinations on the East End have seen an increase in median asking price of at least 30 percent since 2013.
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