Trophy Home Sales in the Hamptons Plummeted by Nearly $200 Million in 2024

The Hamptons, the exclusive beachfront communities on New York’s Long Island, is known for the celebrities and ultrawealthy who flock to its shores—but is there trouble in paradise?

Sales of trophy homes have plummeted by nearly $200 million in 2024 from a year earlier. This year, the top 10 sales netted $327 million compared with $511 million in 2023, according to The Real Deal.

That might come as a surprise as the exclusive enclave has many part-time celebrity residents, including Joy Behar, Brooke Shields, and Drew Barrymore. And neighbors could include plenty of billionaires such as heir to the Estee Lauder fortune Ron Lauder and Renco Group chairman Ira Rennert, owner of the South Fork’s most expensive home.

The ultraluxury price threshold in Suffolk County, NY, was $23.9 million in November 2024, up from $19.2 million one year ago and the highest in the data’s history, according to Hannah Jones, Realtor.com® senior economic research analyst.

Jones adds that this top 1% translated to about 41 homes in the area.

In December 2024, the 10 most expensive listings were all priced at roughly $50 million or more. For comparison, in 2023, the top 10 price threshold was $35 million.

While buyers at this level generally aren’t taking out loans, the monthly payment for a $24 million home would be $126,000, according to Jones. To afford this monthly mortgage payment, the 30% affordability rule of thumb would recommend a $6.4 million annual income.

Why the Hamptons saw a $200 million sales plunge

“The resetting of luxury high-end property prices often takes time. Sellers sometimes need time to become more realistic about pricing,” says Tim Davis of Corcoran, who was co-agent for the year’s biggest sale: two homes on Gin Lane in Southampton that sold for $89 million.

Many of the high-end properties in the Hamptons have been in the same families for decades, without much upgrading, and may require “extensive renovations,” according to Davis. The agent has been selling some of the most exclusive homes in the area for 45 years.

“It can take a while for the market to understand the value of a property like that. If it’s in perfect condition, it will move faster,” he adds.

Davis says another of his trophy properties—623 Halsey Neck Lane in Southampton—is going to get a price cut. The 10-bedroom, European-style villa with 450 feet of frontage on exclusive Taylor Creek will be reduced from $53 million to $34 million in January. The property was last sold for $2.2 million in 1987.

There is also a shortage of these trophy homes, and the wealthy owners often don’t need to sell—nor do they want to.

“These bigger homes are part of their lifestyle. They want to keep it and pass it down to the next generations,” says Davis.

And while exclusive waterfront properties in other areas like Nantucket are seeing values plummet due to coastal erosion, the South Fork isn’t suffering from the same fate.

Too valuable to become shark bait, the Long Island shoreline is regularly “rejuvenated” by the Army Corps of Engineers.

“We’ve actually seen a lot of buildup of dunes,” says Davis. Some lucky owners even had their frontage increased by significant amounts.

What’s in store for luxury Hamptons real estate

Despite the plummet in sales value, Davis is optimistic about the year ahead.

“There were so many things going on globally and domestically in 2024. People were standing by, waiting for the next shoe to drop,” says Davis.

With the presidential election settled, Davis says his clients are now more inclined to dip back into the real estate waters.

Last year, the elite made “enormous amounts” in the stock market, he adds, so he’s expecting them to go high-end real estate shopping.

After cashing in their stock blue chips, Davis says, the ultrawealthy “tend to segue into hard assets and make an investment into the prime real estate markets.”

Here were the top 10 priciest residential sales in the Hamptons in 2024:

366 and 376 Gin Lane, Southampton

Sold: $89 million

Known as “La Dune,” one of the most expensive properties ever listed in the Hamptons, went on the auction block in January and was closed in March for around $89 million. It is the only oceanfront home on the top 10 list.

The property consists of a main direct-beach access residence designed by Stanford White and another property with six bedrooms to the west.

The homes had faced foreclosure before being sent to auction by Canadian art magazine publisher Louise Blouin, who wanted $150 million for them.

Fun fact: The 1978 Woody Allen drama “Interiors” was filmed here.

6 Bay View Court, North Haven

Sold: $49 million

Listed exclusively by Bespoke Real Estate, this 12,000-square-foot mansion on 6.5 waterfront acres boasts stunning views of Noyack Bay and Shelter Island. It was originally listed for the comparatively bargain price of $39.5 million.

21 Spaeth Lane, East Hampton

Sold: $29.6 million

Sold in an off-market transaction, according to Behind the Hedges, the 2.6-acre property with a five-bedroom, six-bathroom mansion close to Two Mile Hollow Beach was sold on April 5.

The last time the property changed hands was in 1999 for the relative bargain of $3.4 million, according to records.

332 Parsonage Lane, Sagaponack

Sold: $28.5 million

This nine-bedroom estate on 3.3 acres set a new record for an inland sale in Sagaponack. It was built only last year and sold in pre-construction for near its asking price of $29.5 million.

The 13,000-square-foot classic Hamptons house was designed and built by local architect Michael Davis Design & Construction.

484 First Neck Lane, Southampton 

Sold: $27.5 million

This seven-bedroom estate on 2.7 acres was represented by Corcoran’s Davis. A long driveway lined by linden trees leads to this graceful abode overlooking Lake Agawam with 500 feet of waterfront and a 45-foot pool.

It was originally listed with an additional 1.8-acre parcel for $45 million.

9 Hither Lane, East Hampton

Sold: $24.95 million

Reportedly purchased by Sylvester Stallone as a summer getaway for his three daughters, the modern eight-bedroom, 8.5-bathroom house less than a mile from the ocean was offered furnished with unique pieces by James Michael Howard.

The gated property was designed “nonconforming,” meaning current zoning codes wouldn’t allow it, so the property is one of a kind.

Let’s hope Rocky’s neighbors in East Hampton like him better than the ones in Palm Beach, FL, where his plan to erect a sea barrier to protect his privacy was knocked out in Round 1.

155 Seascape Lane, Sagaponack

Sold: $24.9 million

This six-bedroom, eight-bathroom shingle-style home was built in 2008 and put on the market for the first time in spring 2024. It was sold quickly for close to its asking price of $25.95 million. The estate comes with a dock on Sagg Pond.

The single-family structure was designed by architect Faruk Yorgancioglu and made to “blend into its natural surroundings.”

7 Channel Pond Court, Water Mill

Sold: $22.775

Listed exclusively with Bespoke Real Estate, this property was originally listed for $29.5 million.

The 16,500-square-foot shingle-style house sits on 6 beautifully maintained acres and is part of Fordune, once home to Henry Ford II’s 235-acre oceanfront estate in the 1950s.

In 2021, the astonishing 32-bedroom, 90-bath home on 90 Jule Pond Drive, with 42 acres also in Fordune, smashed real estate records by selling for $105 million.

43 Lee Ave., East Hampton

Sold: $21 million

This 10,000-square-foot, eight-bedroom shingle-style house sits on 1 acre in the Estate Section, near Main Beach. The 125-year-old house is listed in the Historic Register, though it has been updated.

The last time the house changed hands was in 2011 for a mere $6 million.

383 First Neck Lane, Southampton

Sold: $20.75 million

This property was sold in an off-market deal in February. There is a request in with the Village of Southampton to demolish and rebuild the central part of this seven-bedroom, 6,146-square-foot house on 2.44 acres.