Even as another uniquely challenging year — marked by the efforts of tackling the pandemic and boosting the economy — is coming to an end, the U.S. residential market continues to experience vertical price trends. And that picture is visible in this 2021 edition of the 100 most expensive zip codes in the U.S. which, for the first time, includes 127 zip codes due to multiple ties.
The Bay Area, Los Angeles County and New York yet again have a heavy presence, joined by exclusive pockets of affluence scattered across the country, like Arizona’s Paradise Valley, Washington state’s Medina and Connecticut’s Fairfield County. What’s more, 2021’s competitive residential landscape is further evidenced by the country’s 10 most expensive zip codes — all of which surpassed the $4 million threshold, marking a new record.
Unsurprisingly, California continued to provide the bulk of the country’s most expensive zip codes. 70% of all of the zip codes on this list originated in the Golden State, including six of the top 10 priciest, and, as usual, New York came in second, providing 17 zip codes, but only six of which were in NYC.
Notably, New York logged three fewer than last year, demonstrating California’s more vertical price trends, as well as the pricing slowdown in NYC’s top markets. In fact, in 2021, no NYC zip codes ranked among the 20 priciest in the U.S., with the state represented only by the Hamptons at the top of the ranking, namely with the 11962 code in Sagaponack, which was the #3 most expensive zip code in the U.S. Its fellow Hamptons zip 11976 in Water Mill, came in at #13 with a $3,745,000 median sale price, up an impressive 51% Y-o-Y.
The East Coast made its presence further known with Massachusetts, home to seven of the top 100 zips in the U.S., up from last year’s four. Not only that, but as sales activity improved in Boston’s Back Bay area, Massachusetts claimed the #2 most expensive zip code in the country with 02199’s $5.5 million median sale price, which was only surpassed by California’s Atherton, at more than $7 million, while Florida claimed the #5 most expensive zip code with Miami Beach’s 33109 — the highest-ranking for the Sunshine State since 2017.
The sharpest price gain was claimed by 21056 in Maryland’s Gibson Island, which nearly doubled its median sale price, surging 97% Y-o-Y to hit $3,195,000, while NYC’s Upper West Side registered the sharpest price contraction, where zip 10069 contracted 39% Y-o-Y to stabilize at $1,663,000. As a result, the Upper West Side zip dropped from last year’s #22 to #93 this year. Notably, this zip code was the leader of price growth in 2020, when its median shot up 42% Y-o-Y.
Overall, NYC’s top two zips were Manhattan’s 10013 and 10007, claiming #22 and #25, respectively. To be precise, 10013, which covers parts of TriBeCa, SoHo, Little Italy and Hudson Square, posted a $3,212,000 median sale price, up 7% Y-o-Y, but still reeling from the 19% price crunch it experienced in 2020. Likewise, Downtown Manhattan, TriBeCa and SoHo’s 10007 posted a $3,125,000 median sale price, dropping 14 spots Y-o-Y. They were followed by Battery Park City’s 10282 with its $2,725,000 median at #35.
How will New York City place next year? We’ll see.
Here is the link to the complete PropertyShark report and the full list of 2021’s top 100 most expensive zip codes in the U.S.:
https://www.propertyshark.com/Real-Estate-Reports/most-expensive-zip-codes-in-the-us
(source: propertyshark.com)
