PropertyShark recently released their annual rankings of the 100 priciest zip codes in the U.S. by closed home sales. The methodology for determining the most expensive zip codes is by looking at residential transactions closed between January 1, 2022 and October 31, 2022, taking into account all condos, co-ops, and single- and two-family homes.
It’s no surprise that several Hamptons zip codes were represented on the list. Sagaponack’s 11062 zip code ranked second with a $5.75 median sale price. It had slipped from the #2 spot for the last couple of years after several years in the runner-up position. Sagaponack was last named the second priciest in 2020 and its median was nearly $2 million less than it is now!
Zip codes all across America have reached new pricing heights with 5 zip codes that had medians of at least $5 million. This year’s top 100 priciest zip codes calculated from closed home sales prove that the wealthiest zips for real estate are becoming even more expensive. Atherton’s 94027 remains unchallenged and was recorded as the most expensive zip code for the sixth consecutive year with a median nearing $8 million. And California zip codes continue to dominate the list at 70% with New York next in line. Ten states in the U.S. are represented on this list.
Of course, Sagaponack wasn’t the only Hamptons zip code to make the list—but 9 other Hamptons zips were ranked in the top 100, even outperforming New York City. Traditionally, NYC has ranked more zip codes than the Hamptons and the North Shore, but ever since the pandemic that dynamic has been flipped. This year, in 2022, Suffolk County outnumbered NYC nine to six.
New York State had 17 zip codes in total in the top 100, with only one in Nassau County (Old Westbury) and one in Westchester (Rye). The rest of them are all found in Suffolk County or NYC. Nine zip codes in the top 100 was a record for Suffolk County this year, but all nine have been represented in previous years.
After Sagaponack, Water Mill and Bridgehampton both ranked in the top 25 with median sale prices greater than $3 million. And the 11930 zip code in Amagansett recorded New York’s biggest gain, up to 33% Y-o-Y.
The effect of COVID on real estate in NYC is still evident, but the city did return to the top 20 on the list with TriBeCa’s 10013 zip code at #16.
The least expensive homes in the most expensive zip codes were also explored, and they vary widely. On Long Island, these start at $425,000 in Montauk’s 11954 and $590,000 in Southampton’s 11968 despite median sale prices that exceed $5 million. It’s a miracle to find a home under $1 million in the nation’s most expensive zip codes, with none of the top 100 having a median less than $1.7 million. However, these types of drastic fluctuations cannot be found in the second most expensive zip code of Sagaponack. The least expensive home there is only $255K less than the average of $5.75 million, which means that the “cheapest” home in this zip code is $5.5 million.
The overall U.S. housing market saw sales drop and price growth slow in 2022, even as mortgage rates reached 20-year highs and the economy began to falter. However, prices were on the upswing in even more locations this year than last in the top 100 zip codes.
All of these findings are from PropertyShark, and a full breakdown of the nation’s priciest zip codes can be found here: https://www.propertyshark.com/Real-Estate-Reports/most-expensive-zip-codes-in-the-us/
