Manhattan drops out of country’s top 20 most expensive Zip codes

New York City is rebounding from the pandemic, but the property market’s top end may take longer to recover

New York City’s property market has yet to fully regain losses sustained during the Covid pandemic and keep pace with the country’s priciest zip codes.

Manhattan has been bumped out of the top 20 most expensive neighbourhoods for the first time, after many of its wealthiest residents migrated to wealthy enclaves outside of the city.

With a median house-sale price of $5m, Sagaponack in the Hamptons was the third most expensive neighbourhood in the US and the richest in New York state, a new report from PropertyShark found.

Manhattan’s 10013 zip code, which includes parts of SoHo, TriBeca and Hudson Square, sits in the 22nd spot nationally with a median sale price of $3.2m. Prices are up 7 per cent from last year after a 19 per cent drop in 2020.

In 25th place is the 10007 zip code, which stretches from downtown Manhattan into TriBeca and SoHo, where the median sale price dropped slightly to $3.1m.

The largest nationwide price fall occurred on the Upper West Side’s 10069 zip code, where the median house sale fell 39 per cent to $1.66 million.

California is now home to 70 per cent of the most expensive US zip codes.

Atherton, near Palo Alto in the San Francisco Bay Area, maintained its spot as the priciest neighbourhood for a fifth year straight with a median house price sale of $7.5m.

Among the famous residents in the exclusive spot are Golden State Warriors superstar Steph Curry, who purchased a $31m mansion there in 2019, and WhatsApp founder Jan Koum, who shelled out $57m over four years ago on a mega-compound.

Steph Curry owns a mansion in America’s priciest neighbourhood (AP)

Los Angeles County is home to 21 of the 100 wealthiest neighbourhoods, with Beverly Hills 90210 in sixth place with a media sale price of $4.1m. Orange County alone has four zip codes in the top 20.

Boston’s Back Bay Area was the second most expensive neighbourhood in the US with a median sale price of $5.5m. Massachusetts was home to seven of the top 100 most expensive areas, with neighbourhoods like Nantucket, Beacon Hill and downtown Boston making the cut.

In New Jersey, Bergen County’s Alpine was the most expensive Zip Code with a $2m median sale price, which is still down from its 2018 high of $2.2m.

The US’s 20 priciest Zip Codes

1 94027 Atherton San Mateo County, CA $7,475,000

2 2199 Boston Suffolk County, MA $5,500,000

3 11962 Sagaponack Suffolk County, NY $5,000,000

4 94957 Ross Marin County, CA $4,583,000

5 33109 Miami Beach Miami-Dade County, FL $4,475,000

6 90210 Beverly Hills Los Angeles County, CA $4,125,000

7 93108 Santa Barbara Santa Barbara County, CA $4,103,000

8 90402 Santa Monica Los Angeles County, CA $4,058,000

9 94022 Los Altos Santa Clara County, CA $4,052,000

10 98039 Medina King County, WA $4,000,000

11 94024 Los Altos Santa Clara County, CA $3,856,000

12 94301 Palo Alto Santa Clara County, CA $3,800,000

13 11976 Water Mill Suffolk County, NY $3,745,000

14 90742 Huntington Beach Orange County, CA $3,625,000

15 92662 Newport Beach Orange County, CA $3,577,000

16 94970 Stinson Beach Marin County, CA $3,500,000

17 94028 Portola Valley San Mateo County, CA $3,400,000

18 92067 Rancho Santa Fe San Diego County, CA $3,399,000

19 92657 Newport Beach Orange County, CA $3,365,000

20 92661 Newport Beach Orange County, CA $3,293,000

Source: PropertyShark