O
n Long Island's East End, the luxury market is thriving. In the Hamptons and North Fork, record-breaking deals are being made, with sales above $5 million in the Hamptons and $2 million in the North Fork hitting new highs last quarter, according to a report by Miller Samuel for Douglas Elliman. The surge in high-end activity has led to year-over-year increases in transactions in both regions.

    Report author Jonathan Miller notes that this uptick is a "harbinger of what's coming in 2025," with the high end of the market likely performing better than the lower end as mortgage rates remain steady and financial markets continue to strengthen. In the Hamptons, sales rose by 76% year-over-year, with 481 transactions closing in the fourth quarter compared to 273 in the same period in 2023.

    The median sale price in the Hamptons fell just 5% annually, from $1.85 million to $1.75 million, but remains nearly double the region's median sale price five years ago. Inventory levels have been "moving sideways," with a slight increase of 4% year-over-year, but Miller notes that low inventory is still a concern and could restrain sales in the coming months.

    In the North Fork, transactions rose for the sixth consecutive quarter, up 17% year-over-year from 120 to 140. The median sale price remained at a record high, just shy of $1 million, while inventory fell sharply by 40%, with only 84 homes on the market. Miller is optimistic about the market's prospects, particularly as bonus season approaches and Wall Street is expected to have a strong year.