A new PropertyShark survey paints an interesting picture of the 2024 real estate market, showing a steady climb in prices for many of the most exclusive zip codes across the U.S. Unlike the more sluggish performance of 2023, when only 29% of these areas saw growth due to rising interest rates, 2024 has been marked by a more measured rebound in the luxury sector.
This year, 67% of the 100 most expensive zip codes have experienced price increases, and some areas even set new records. A striking 15 zip codes now boast median sales prices of $4 million or more, while only a handful remain under $2 million.
In Manhattan, New York City continues to lead the charge with six zip codes among the nation’s priciest. In the 10013 zip code, Hudson Square and SoHo stand out with a median sales price of $3.36 million, though still shy of their $4.1 million 2017 peak. Some neighborhoods, like Battery Park City and Tribeca, saw a slight price dip, with median sales dropping below $3 million.
Brooklyn is also making its mark. The 11231 zip code, which includes Red Hook and Carroll Gardens, saw a 4% increase in home prices, placing it among the top 100 most expensive zip codes with a median of $1.91 million.
Meanwhile, luxury living continues to thrive on Long Island’s East End. Sagaponack and Water Mill ranked as the second and third most expensive zip codes in the U.S., respectively. Sagaponack maintained its status with a median price of $5.95 million, despite a slight drop from last year’s peak, while Water Mill set a new record with prices surging 31% to $5.88 million.
A new era of growth appears to be taking shape in the luxury real estate market, especially in New York, and it’s clear that demand for luxury living remains strong as 2024 unfolds. As the market continues to evolve, these trends suggest that New York will remain at the forefront of exclusive real estate in the U.S.
