The United States’ East Coast is a beautiful, diverse landscape offering a variety of exciting beach destinations. From the rugged, rocky beaches of New England to the bustling New Jersey shore, to quiet sandy nooks in the Carolinas, the East Coast boasts some of the most impressive (and most expensive) beach towns. According to various sources, here are a few of those towns:
1. Water Mill, NY (The Hamptons)
According to a 2015 report from Realtor.com, the least affordable beach town on the East Coast is Water Mill, NY. It came in at number two on a list of the least affordable beach towns in the United States, following Southern California’s Malibu at number one.
“In Water Mill, where entertainer Jennifer Lopez plunked down $10 million for a stunning 3-acre mansion, fewer than a dozen properties are currently for sale,” writes Realtor.com contributer, Yuqing Pan.
Another top-five contender on Realtor.com’s list of least affordable beach towns, Bridgehampton, NY, is also located in the Hamptons and came in at number four.
According to Realtor.com, the median list price for homes in Water Mill and Bridgehampton are $3,494,000 and $3,250,000, respectively. Find information on homes for sale in the Hampton >
2. Old Greenwich, CT
This small East Coast hamlet is a picturesque seaside destination with upscale shops, a tight-knit community and a small-town feel. The real estate prices, on the other hand seem to be more akin to those in big cities.
According to the New York Times, homes for sale (that are in good shape) start at roughly $1 million. Not too surprising, when you get a true feel for the town and its local culture. Old Greenwich has an old-fashioned charm, but with an affluent flair, e.g. the “upscale general store for the eco-conscious,” Back 40 Mercantile, where you’ll find “Himalayan pink salt and $64 flip-flops.” Research homes for sale in Old Greenwich >
3. Avalon, New Jersey
According to Bloomberg, this coastal community in Cape May County had a median home value of $1,065,538 in 2011, which helped it land on the publication’s list of America’s 50 Most Expensive Small Towns.
Today, the median list price is estimated at $1,595,000 by Trulia, indicating that home values in this affluent beach town have been on a steady upward path.
As a popular place for vacation homeowners, Avalon only had 18.4 percent of its 5,434 housing units occupied year-round. And with a total population of only 2,284 (as of 2011), this small town appeals to vacationers who prefer a quieter, more low-key New Jersey vacation. Research homes for sale in Avalon >
4. Wrightsville Beach, North Carolina
The beautiful, laid-back atmosphere of Wrightsville Beach is popular among vacationers as well as full-time residents. With the city of Wilmington only a few minutes away, Wrightsville Beach residents can work in the city and live on the coast with a short commute. And with a variety of shopping, dining and entertainment venues nearby, Wrightsville has it all.
Of course, having it all comes at a premium. According to Realtor.com, the median listing price for homes in Wrightsville Beach is $773,000 – which is comparatively affordable when you look at home prices in beach town up north. Research homes for sale in Wrightsville Beach >
5. Virginia Beach, Virginia
With a median list price of $309,000, Virginia Beach is one of the more affordable “expensive” beach towns on the East Coast. Still, there are plenty of very high-end homes in this popular Virginia vacation destination, many of which are in the million-dollar range.
The lower median is likely due to the wide variety of homes in many different price brackets. Virginia Beach is a community that offers housing for people of all budgets, including modest homes in the $120s-150s. This makes Virginia Beach a great beach town for people who don’t necessarily have the beachhouse budget.
Likewise, the rental market here is booming, with the average rent in Virginia Beach reported at $1,162 by RentJungle.com (the average for Richmond, VA is $971). This makes Virginia Beach a popular place for investment property owners. Research homes for sale in Virginia Beach >
Thinking of Buying a Beach House?
Whether you’re searching for a home-away-from-home along the East Coast, or you’re hoping to make a permanent move to your oceanfront dream house, Luxury Mortgage offers financing opportunities to help you achieve your home ownership goals. We provide jumbo home financing specifically for real estate property that is priced beyond conforming standards, including jumbo fixed and jumbo ARM options.
To learn more about our selection of jumbo loans, give us a call.
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