As one of America’s most elite summertime destinations, the Hamptons are home to many celebrities, CEOs, and New York’s many socialites. Though considered one of the most expensive real estate markets in the country, other parts of the NYC Metropolitan area are surpassing the Hamptons in price by square foot.
Based on a study conducted for August 2018, NeighborhoodX found that several part of the Hamptons, typically thought to be untouchable real estate, are more affordable than beach towns elsewhere in the New York City area. For example, the average asking price per square foot in Riverhead, on the North Fork of the Hamptons, is $267/sq.ft., which is more affordable than City Island in the Bronx, where the average asking price is $362/sq.ft.
NeighborhoodX, who gathered the data in this study, is a real estate & data analytics firm whose data has been featured in The Real Deal, Wall Street Journal, Curbed, and several other real estate outlets, founded by Constantine Valhouli and advisor Jonathan Miller.
Courtesy of Wiki Commons / Mark Jenney
The average asking price in Rockaway Beach, which is $335/sq.ft., is on par with the Hamptons’ East Quogue, at $373/sq.ft. Meanwhile, on Staten Island, South Beach ($388) and Midland Beach ($372) are priced on par with Shinnecock Hills ($392) and East Quogue, respectively.
In another set of data, NeighborhoodX found that the average property in Manhattan is more expensive per square foot than the trophy properties in many cities, as the average property in Manhattan is $1,773/sq.ft., surpassing Portland ($1,053), New Orleans ($1,308), Austin ($1,466), Philadelphia ($1,643), and Denver ($1,708).