New York’s Hampton neighborhood is home to the world’s best real estate for sale, with the average price of a one-bedroom in the area set to go up by nearly 60% to $1.5 million in 2020.
The listing price, which was first reported by Realtor.com, is up nearly 40% from the previous year, when the neighborhood saw the median home price drop from $836,000 to $818,000.
The area is home not just to luxury properties but also to iconic landmarks such as the New York Stock Exchange, the Hudson River, the George Washington Bridge, and the Manhattan skyline.
The area has seen record prices for houses for sale across the nation, with a median sale price of $742,000 in 2017.
The Hamptont neighborhood has seen a number of record-breaking prices in recent years, with prices for a home in the neighborhood now topping $1 million in just one year, according to Realtors.com.
While prices may be rising, the real estate market isn’t as good as it was in the 1980s, when prices were at a record high.
While the realtor.com database lists the Hampont neighborhood as a desirable neighborhood for sale for the first time, it doesn’t appear to have seen much of a price boom since the housing crash in 2008.
Real estate agents have also noticed a drop in demand for homes in the region.
Realtoring agent Daniel Cappello said he saw a significant drop in new listings for the neighborhood in 2017 and 2018, but not in 2019.
“The median sale for a one bedroom in the city of Hamptond was $1,200,000, and that’s still a lot of money, but it’s not what people are asking for,” Cappella told Polygon.
“So, I think that there’s a little bit of a dip, and I think the real market has been able to sustain that price for a little while.”
Cappello has seen similar trends with a new generation of buyers in the community.
“I have a younger group of people that are buying up houses in Hamptongos neighborhood,” Capps said.
“They’re asking $1 Million for houses in the house they just bought.”
Capps, a real estate broker, said he believes that people in the town are more willing to pay higher prices than people in other parts of the country.
“There are a lot more people in Hampond than there were five years ago,” he said.
For example, in the past five years, the median price for one bedroom houses in a house in Hamtond was a record $936,400, according a Realtorable.com listing.
This year, the average asking price is set to be $941,000 for a house that has sold in the last year.
“I think the reason people are looking at these prices is because they have to be in the market for a new home,” Capperello said.
The average price for homes listed on Realtore.com in the Bayonne, New Jersey area rose nearly 25% from $1 billion in 2016 to $3.6 billion in 2020, according the listings site.
The number of properties listed in the hampton area in 2020 was up 27% from last year, with an average of 17 listings per block.
The median selling price in Hampton was $926,000 on RealtyTrac.com this year, which is up 18% from 2016, according To Realtored.com’s listings data.
The average selling price for properties in the borough in 2020 is up almost 40% compared to last year when prices for homes were at record highs.
The number of houses that were sold in Hampty-Somerset was up over 5% from 5,717 in 2020 to 5,871 this year.
The Hamptunas area also saw a large increase in sales from 2018 to 2019, with nearly 1,000 homes listed in 2019, up from 704 last year and a record low of 623 in 2017, according Realtores.com data.