Home sales in the United States surged to historic levels this year. Based on the S&P Case-Shiller Home Price Index, the gold standard of home sales data, prices in May rose more than 16% from last year. In some cities, like Phoenix, that figure was over 20%. Much of the increase in both sales volume and price is because people have moved from the large coastal cities. Prices have been particularly high in recent decades in the New York City area and in cities and towns near San Francisco, Los Angeles and Seattle. Prices in cities inland from these have surged, with Boise as one example. Home prices there are more than a third higher year over year.
The most expensive homes in the nation continue to be in or around the huge coastal cities. The most expensive house in America, as far as Realtor.com is concerned, is in Southampton on Long Island, 90 miles east of New York City. The Hamptons have long been a playground of New York City’s rich.
The most expensive home in America is called Mylestone at Meadow Lane. Bespoke Real Estate is handling the sale of the $175 million home. Realtor.com describes it as follows:
Billed as “in a class of its own,” with a price to match, the double-lot waterfront estate spans the Atlantic Ocean to the Shinnecock Bay, and has 500 feet of ocean frontage, an array of amenities, and a 15,521-square-foot residence with 11 bedrooms, 12 bathrooms, and four half-bathrooms.
The house sits on eight acres, a property size rarely seen in the Hamptons. As would be expected the home has a pool, tennis courts, a basketball court and a caretaker’s cottage.
Southampton is among the cities and towns where local people have been priced out of the market because of the home demand of rich, summer residents. The town has an unusually high median income. With a population of 3,285 (which likely does not include many people with vacation homes), that income figure is $122,641, about double the national figure. Median home prices for owner-occupied properties are $1.23 million. That is more than three times the national number.
Base on the price of Mylestone at Meadow Lane, it is hard to believe anyone other than a billionaire could buy it.