“Monster trophy homes” are causing home prices to jump in the Hamptons.
The latest report released by Suffolk Research Service (SRS) for single-family residences shows median price increases in the double-digits from the beginning of the year to the end of August.
East Hampton Village posted a 35.3 percent gain, the largest in the survey, from $2.55 million to $3.45 million. East Hampton Town, meanwhile, experienced a price increase of 20.5 percent to $1 million.
The Village of Southampton’s numbers were up by 25.1 percent from $1.6 million to $2 million, while the township prices rose 21.4 percent to $925,000.
“The market is experiencing a shift of emphasis toward the [marketing of] monster trophy homes,” said SRS President George Simpson.
In the past ten years, East Hampton Village’s median price has soared from $753,000 in 1997 to $3.45 million.