East Hampton and Southampton are known for exceptional homes and an elite cadre of residents, and top our list of most popular destinations out east. These areas are traditionally some of the most expensive and difficult markets for buyers to access, but they are not actually where we see the strongest annual price growth.
We looked at median asking prices across the East End over the last five years to hone in on which markets are heating up right now. It turns out, there are a lot. We found that more than half of the towns in the Hamptons have seen an increase in median asking price of at least 30 percent since 2013.
But where are prices rising the fastest? And which markets might now be overheated? Read on for a closer look at the areas with the top price growth.
Flanders and Montauk Home Prices Doubled in Last 5 Years
The hamlet with the largest increase in asking price may not have the pedigree of East Hampton, but it has an appeal all its own. Flanders, home of the Big Duck, has seen a 107 percent increase in median asking price, reaching $662,000 in 2018, up from $319,500 in 2013. Just southwest of Peconic Bay, Flanders offers a strong local community, a pretension-free ambiance, reasonable commutes to New York City, and easy access to beautiful Hamptons beaches, all at a price rarely found out east. Here, you can find a 3-bedroom jewel with a private beach for $799,000 — a steal compared to other waterfront homes in the Hamptons.
Homes in Flanders have risen value by over 100 percent over the last five years
On the opposite end of the South Fork as Flanders, but with near equal price growth, Montauk comes in second on our list. Here the median asking price for a home has increased by an astronomic $1 million over the last five years, from $950,000 in 2013 to nearly $2,000,000, an increase of 105 percent. With its relaxed vibe and ocean views, Montauk has become an attractive option for home shoppers looking to enjoy all the benefits of life on the coast. The hamlet’s lively restaurant and nightlife scenes have added to its allure, attracting a new set of weekenders from the city. Sellers have been quick to capitalize on the opportunity, dramatically increasing asking prices over the last several years.
See below for the 10 villages where prices are rising the fastest.
