5578 viewsAbove: 103 North Haven Way, Represented by Cynthia Barrett
As we venture further into 2024, the Hamptons real estate market continues to demonstrate resilience and potential for growth. Despite various economic challenges and uncertainties, the allure of this coveted region remains steadfast. Here is what two our our top-producing Brown Harris Stevens Hamptons Agents had to say regarding the market's performance in the upcoming months.
"In the Hamptons, we have seen a very consistent deal flow lately. Last week, 28 new listings came on the market and 26 went into contract. With inflation rapidly waning and mortgage rates easing, the number of inquiries has stepped up. My glass is more than half full for H2." - Michael Petersohn
The easing of inflation and mortgage rates has indeed sparked a surge in interest among potential buyers, translating into a more dynamic market. The consistent flow of deals is a promising sign that the demand for properties in the Hamptons is robust, even as we navigate through fluctuating economic conditions.
"With the expectation of slightly lower interest rates as a result of lower inflation in the fall, our Hamptons real estate market would normally see an uptick in the number of sales and home buyers. But as historical data shows, prior to a presidential election, buyers in the Hamptons become skeptical and take a wait-and-see attitude. Markets in the Hamptons see more activity after an election. My advice is to buy now when others are waiting and take advantage of these opportunities pre-election. Buyers continue to want turn-key and new construction homes, which should continue into 2025 ... With uncertainty rising in the world, the Hamptons market will always remain a safe haven to live in and invest in."" - Cynthia Barrett
Barrett's advice to "buy now when others are waiting" is particularly strategic, suggesting that savvy investors could capitalize on the current pre-election lull. Her insight into buyer preferences for turn-key and new construction homes indicates a continuing trend that is likely to shape the market well into 2025.
In summary, the Hamptons real estate market in 2024 is poised for a vibrant second half of the year. While the upcoming presidential election may introduce some hesitation among buyers, the overall outlook remains positive, especially with the promise of lower interest rates and an increase in desirable properties. For those considering a move or investment in the Hamptons, now may be the perfect time to act and secure a piece of this prestigious market.