The 2024 real estate market in the Hamptons closed with its Top 10 most expensive home sales totaling $281 million, according to Judi Desiderio, who last week saw her brokerage, Town & Country, merge with William Raveis. This figure represents just over 50% of 2023’s $499 million and is a far cry from the high-water mark of $635 million set in 2021.
This year’s downturn was particularly stark at the platinum level of the market. Homes ranking in the 5-10 range of 2024’s Top 10 list would not have even been placed in prior years. To put this in perspective, the most expensive home sale in 2024 would have only ranked fifth in 2023. Consider this: in 2023, 700 Meadow Lane in Southampton led the pack at $112.5 million—a figure unmatched by anything on this year’s list.
While the numbers may appear disheartening to some, this decline is likely a byproduct of an exceptional year on Wall Street, which serves as a primary feeder market for high-end Hamptons real estate. A prominent broker noted optimism for 2025, predicting investors may opt to “take money off the table” and allocate it toward hard assets like Hamptons properties in the coming year.
A Closer Look at the Rankings
There is some debate surrounding the year’s top sale. While some reports list the combined sale of 367 and 366 Gin Lane, known as “La Dune,” at $89,007,720, Town & Country—now under the William Raveis brand—ranks sales based on single Suffolk County Tax Map (SCTM) numbers. According to this methodology, “La Dune” was classified as two separate transactions, occupying the #1 and #2 spots, respectively.
Similarly, other reports have included properties like 332 Parsonage Lane, a pre-construction sale of a vacant lot for $14.5 million. However, Town & Country’s reports do not consider such sales as “home sales,” as they involve no transfer on a build-out. Additionally, a North Haven compilation totaling $34.5 million was excluded from the Top 10 due to its status as three separate properties, each with distinct SCTM numbers.
The Metrics That Matter
It is worth noting that all Town & Country, now William Raveis, home sales reports focus exclusively on residential property transactions. They do not include sales of land, commercial properties, condos, co-ops, or partial interests.
As the Hamptons look toward 2025, brokers and market analysts are hopeful for a rebound, bolstered by potential shifts in investment strategies. While 2024 may have been a year of recalibration, the allure of Hamptons real estate as a long-term investment remains strong.
The Homes That Made The List
1. $45,661,440 376 Gin Lane Southampton
2. $43,345,280 366 Gin Lane Southampton
3. $29,600,000 21 Spaeth Lane East Hampton
4. $27,500,000 484 First Neck Lane Southampton
5. $24,950,000 9 Hither Lane East Hampton
6. $24,925,000 155 Seascape Lane Sagaponack
7. $22,775,000 22 Channel Pond Court Southampton
8. $21,000,000 43 Lee Avenue East Hampton
9. $20,750,000 383 First Neck Lane Southampton
10. $20,500,000 1953 Scuttle Hole Road Bridgehampton
$20,500,000 342 Town Line Road Sagaponack
To learn more, visit their market reports.
