(Bloomberg) — New Yorkers searching for a pandemic retreat have sent Hamptons home prices to a record high.
The median for properties that changed hands in the third quarter soared 40% from a year earlier to $1.2 million, the highest in more than 15 years of data-keeping, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report Thursday. Sales jumped 51%, the biggest annual increase since 2014.
The Long Island resort towns, a popular summer address for New York City’s executive set, have drawn residents looking to settle in through the winter. With many schools still online and Manhattan offices mostly empty, some city-dwellers are making their escape more permanent.
“At least for now, this is going to be their primary residence,” said Todd Bourgard, who oversees sales in the Hamptons for Douglas Elliman. “They realized they can work from home,