Sagaponack Is Second Most Expensive Zip Code in the U.S. for Third Consecutive Year

Credit: Property Shark

PropertyShark released its annual ranking of the 100 priciest zip codes in the United States and Sagaponack’s 11962 was the runner-up, ranked the second most expensive zip code.

To determine the most expensive zip codes, PropertyShark looked at all residential transactions that closed between January 1 and October 15, 2020, calculating median sale prices based on closed home sales, not asking prices.

New York State—surprise, surprise—provided 20 of the most expensive zip codes in the country, 10 of which are in the New York City area, one in Westchester County and nine on Long Island.

This year’s ranking marks the third consecutive year that Sagaponack came in second. Sales like the $20.5 million one at 25 Potato Lane, an oceanfront property developed by Howard Lorber, helped 11962 hold onto its crown. The new, ultra-modern house just completed this summer is amongst the highest sales in the Hamptons so far in 2020.

Credit: Douglas Elliman

Despite Sagaponack’s median price of $3.875 million, the zip actually experienced a 10% dip, the fourth in the past five years that the zip code decreased, according to PropertyShark. In 2015, it had been named to the number one spot with an $8.5 million median sale price, but since 2016 it has been outpaced by the West Coast’s Bay Area community of Atherton, which has held on to the top spot for four consecutive years. The 94027 zip code has a $7 million sale price.

Sagaponack is not the only zip code to make the list on the East End, where real estate has been booming since March due to people fleeing New York City during the ongoing pandemic. Just over Townline Road in Wainscott, the zip code of 11975 came in at number 17 on the list with a median sales price of $2.8 million.

Bridgehampton’s 11932 was listed seventh, thanks to a 30% price increase, according to PropertyShark’s data. Bridgehampton also saw the third-highest gain to a median sale price of $3.325 million, thanks to transactions like a $16 million on Mid Ocean Drive or an $8.1 million sale on Ocean Road.

Water Mill’s 11976 came in 29th on the list of most expensive zip codes with a median sales price of $2.47 million, followed by Amagansett’s 11930 at $2.35 million at number 32, and Quogue’s 11959 at $2.10 million in the 39th position.

Other zip codes on Long Island to rank include Manhasset, Old Westbury and Mill Neck on Nassau County’s North Shore with medians in the $1.5 million range. They fell in the 84th, 88th and 99th spots.

New York and California provided the bulk of the most expensive zip codes on the list—107 of the 121 zip codes on the list (due to several ties for certain spots). California supplied 87 zip codes, including eight of the 10 priciest.

For the first time ever, no New York City zip code ranked among the country’s 10 priciest zip codes, PropertyShark says.

The data also showed that there were “significantly more areas experiencing gains in their median sale price than losses” in 2020 as compared to 2018. Despite the pandemic, PropertyShark found the sharpest growth rate on the Upper West Side’s 10069 zip code, which saw its median rise 42%, or about $800,000, to reach a median sale price of $2.725 million.

Still, some of New York City’s neighborhoods saw sharp, double-digit price drops. In New York City’s 10018, better known as the Garment District, the median prices dropped 38% year over year, which decreased the Midtown zip code’s median to $1.575 million for a nearly $1 million price cut compared to 2019. Chelsea’s 10001’s median came down 28% to $1.830 million, the third sharpest decline.

To read the full list, click here.

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