Why Are Hamptons Mansion Sales Slumping?

The Hamptons, a ritzy beach area in New York, has seen a big drop in luxury home sales. In 2024, the top 10 sales brought in $327 million, way down from $511 million in 2023. What's behind this slump? Experts say it might be due to high prices and not enough upgrades in these old mansions. Celebrities like Joy Behar and Drew Barrymore call this place home, and billionaires like Ron Lauder are neighbors. Despite the drop, the ultraluxury price tag hit a record high in November 2024, at $23. 9 million. But buyers at this level usually don't need loans. The most expensive homes were priced at $50 million or more in December 2024, compared to $35 million in 2023. Wealthy homeowners in the Hamptons often don’t want to sell their big homes; they’re part of their family legacy. Plus, the Long Island shoreline is maintained, unlike areas suffering coastal erosion. Despite the dip in sales, some agents are optimistic about 2025. After the presidential election and gains in the stock market, the ultrawealthy might invest in prime real estate again.