The actress has owned the rustic-chic house in Sagaponack, New York, since 2019
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Drew Barrymore is making an almost $8.5 million adjustment to her real estate portfolio with the listing of her home in the Hamptons.
The renovated barn, built in 1920, is asking $8.45 million and sits on 1.7 acres in the heart of Sagaponack, less than a mile from the ocean. It hit the market last week.
The actress and talk show host has owned the seven-bedroom home—which has appeared across her social media platforms—since 2019, when she paid $5.5 million for it using a limited liability company for the purchase, records in PropertyShark show.
Despite its transformation into a residence, the former barn still has plenty of period charm, from soaring ceilings and exposed beams to hardwood floors.
The hub of the 6,850-square-foot, light-filled home is the great room and adjacent breakfast nook and kitchen, the latter of which is separated from the rest of the space by a wall made from window frames. Glass doors open up from the great room onto a deck.
There’s also a living room with a brick fireplace, a pink-painted dining room with a sloping ceiling and a skylight, and a den. Plus a separate one-bedroom guest house with a living room and office area, according to the listing with Kathy Konzet of Sotheby’s International Realty – East Hampton Brokerage. Konzet wasn’t immediately available to comment.
The park-like grounds, complete with flowering gardens and rolling lawns, are home to a pool, pool house, a bocce court and plenty of areas for outside entertaining.
Barrymore, 49, began her career at just 11 months old when she appeared in a dog food commercial, and at 7, she starred in 1982’s “E.T. the Extra-Terrestrial.” As an adult she’s best known for roles in “Charlie’s Angels,” “Grey Gardens,” “The Wedding Singer,”and “50 First Dates.”
Her talk show, “The Drew Barrymore Show,” debuted in 2020. A representative for the star couldn’t be reached for comment.
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The US housing market remains under pressure as high mortgage rates continue to weigh on affordability and demand. Industry leaders say 2026 has been one of the toughest years for home sales, with slower price growth, weaker mortgage activity, and fewer buyers entering the market. However, experts say reduced competition and more price cuts could create opportunities for well-prepared buyers.
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The typically busy spring season for the housing market was a dud, and the summer isn’t looking much brighter.
Housing services companies like Zillow Group and Rocket RKT +3.78% were loud and clear last week on earnings calls: Rocket CEO Varun Krishna called the quarter through June “one of the toughest spring housing markets in years.”
Jeremy Hofmann, Zillow’s chief financial officer, said on a conference call that the company predicted earlier this year that the market for mortgages would be flat. “We actually now think it’s going to be down low-to-mid-single digits,” he said.
The rest of 2026 will remain challenging for mortgage origination volume, says KBW analyst Bose George. The question now is what happens in 2027. “If mortgage rates remain [around] 6.75%, I think that’s going to be challenging even for next year,” he says.
But what’s bad news for mortgage companies could be a positive for bargain hunters. Buyers can expect prices to grow more slowly—or mildly decline—with less competition as long as mortgage rates remain unpredictable.
Mortgage rates at the beginning of the year were solidly below year-ago levels, notes Zillow senior economist Kara Ng. But they surpassed last year’s levels recently, she adds, referencing Freddie Mac’s weekly survey of 30-year fixed mortgage rates. Last week’s reading, at 6.69%, was higher than year-ago levels for the first time in 2026.
“From the affordability point of view, it’s going to get more challenging in the second half of the year,” she says. “And when affordability gets more challenging, that impacts sales and home price appreciation.”
Mortgage application data tracked by the Mortgage Bankers Association has cooled since the beginning of the year. The trade group expects that the number of mortgage originations in the remaining two quarters will lag behind last year’s levels, after exceeding 2025 levels in the first half.
Rocket’s early-stage data—which the company told Barron’s it derives from its brokerage Redfin, demand for its mortgage products, and signs in its servicing portfolio that a homeowner is preparing to refinance or move—“leads us to expect the third quarter mortgage market to be smaller than the second,” Chief Financial Officer Brian Brown, said on the company’s call. He added that such an occurrence is “something the industry has not seen since 2022.”
Prices will be about flat nationally, Ng says. Zillow’s most recent forecast, which shows how values are expected to change in the year ending June 2027, show them dropping in roughly half of the 100 largest U.S. metros for which data is available.
Buyers aren’t rushing in at a time when mortgage costs are rising and unpredictable. But those with the right combination of patience and cash could stand to benefit. “If you are financially qualified to buy a starter home, you are facing less competition and you’re more likely to get a price cut,” Ng says.
