For the first time, 3 NYC boroughs appear on top 100 priciest zip codes in U.S. list.
A list of the top-100 most expensive zip codes in the U.S. has been released, and despite market slowdown, 2023 marks another record year for the priciest homes, determined by the median sale prices derived from finalized home sales in each locale.
The Property Shark blog, which covers real estate news, collected and published the data.
New York state is well-represented on the list, with 22 entries, comprising 18% of the nation’s wealthiest zip codes.
Notably, there was an addition of five zip codes for New York in 2023, including two from NYC. A Queens zip code appeared on the list for the first time, making three boroughs represented (Manhattan and Brooklyn are the other two).
Sagaponack and Water Mill in Suffolk County contributed two of this year’s top 10 most expensive zip codes, the latter appearing on the top 10 list for the first time since 2017, with a $4.5 million median sale price.
NEW YORK CITY’S MOST EXPENSIVE ZIP CODES
In terms of cities boasting the highest concentrations of upscale zip codes, New York City claimed the top spot in the top 100 list by contributing eight of the nation’s most expensive.
For 2023, NYC added two more zip codes compared to 2022, when it had six in the list.
The two newcomers are from Brooklyn and Queens. Brooklyn’s 11231 zip code, with a median price of $1.8 million, secured the 98th spot. Meanwhile, Queens’ 11109 zip code, debuted on the top 100, claiming the 72nd place with a median price of $2.1 million.
Despite its limited size in terms of area and sales volume, this Queens zip code represents a collection of luxury buildings on the East River, offering breathtaking views of Manhattan.
Battery Park in Manhattan (10282) came in at #20 spot, with a median sale price of $3,403,000, with Tribeca (10007) coming in at #24, with a median sale price of $3,087,000.
Despite NYC’s recovery, it has not fully reclaimed its pre-pandemic status in the top 100. For example, in 2019, the city boasted two Manhattan zip codes (#5 with 10007 and #8 with 10013) in the top 10. For 2023, these exact zip codes were ranked #24 and #27, respectively, with median values of $3.09 million and $2.97 million for comparison.
REAL ESTATE SLOWDOWN
After 10 interest rate hikes in 2022 and 2023 to counter inflation and economic deceleration, the Federal Reserve has contributed to a slowdown on the U.S. housing market, reflected in the reduction in home sales.
In contrast to 2022, wherein a majority of the 100 most expensive zip codes saw price hikes, 2023 has seen a decrease in median sale prices— 70 of the top 100 zip codes (including 18 ties) have witnessed declines in prices.
