Hamptons’ cooling housing market gives brokers pause  

Deconstruct breaks down East End’s stagnant sales and slowing rental demand

The Agency's Dana Trotter; Compass Hudson Advisory's Cindy Scholz (The Agency, Compass, Getty)
The Agency's Dana Trotter; Compass Hudson Advisory's Cindy Scholz (The Agency, Compass, Getty)

After hustling to meet unprecedented demand for the past three summers, Hamptons brokers are finally taking a breather — whether they like it or not.

New Yorkers who fled the city in search of yearlong homes during Covid have effectively decimated the area’s sales inventory. Rising rates then pushed new buyers and potential sellers to stay put.

“Our market really doesn’t plummet,” said sales broker Dana Trotter, managing partner at The Agency. “But we are seeing price corrections, especially in the high end.”

Meanwhile, inflated asking rents and an influx of rental inventory from homeowners who can now summer abroad has put a damper on leasing.

Sign Up for the undefined Newsletter

“Think about the personality of who rents in the Hamptons — super Type A,” said Compass broker Cindy Scholz. “No one wants to be a loser and say, ‘Oh yeah, I overpaid.’” 

So what might drive a market snapback? Deconstruct talks pockets of demand, the waiting game for sales, and brokers’ forecasts for next summer. 

Check out The Real Deal’s Deconstruct podcast on Apple, Spotify, Stitcher, Pandora and on TheRealDeal.com

Read more

(Photo Illustration by The Real Deal with Getty Images)
Residential
Tri-State
Housing woes costs Hamptons its hipness
The Agency's Tyler Whitman and Dana Trotter
Residential
Tri-State
Tyler Whitman takes The Agency to the Hamptons 
Compass' Cindy Scholz, Douglas Elliman's Kristy Naddell and StayMarquis' Bryan Fedner
Residential
Tri-State
Here’s the long and short of Hamptons rentals this summer
Recommended For You