A new study shows that the United States’ most exclusive zip codes saw prices rise over the past year, with multiple locations setting new price records, including Water Mill.
The Southampton Town hamlet saw a 31% spike year-over-year, according to PropertyShark’s latest research to create a list of the 100 most expensive zip codes in 2024. Water Mill has now achieved a $5.89 million median sale price, making it as the third most expensive zip code in the U.S.
The 11976 zip code in Water Mill came within $65,000 of Sagaponack’s median sale price of $5.95 million, which secured its spot as the most expensive zip code in the Hamptons and the second most expensive zip in the country.
PropertyShark says research clearly shows a trend of “cautious growth for luxury real estate,” with the top 10 priciest zips showing median sales prices between $4.41 million and $7.9 million.
“Following last year’s declining prices, 67% of the country’s 100 most expensive zip codes (representing 121 locations due to a number of pricing ties) saw median sale prices increase in 2024, as opposed to only 29% in 2023,” the study says. “As a result, a record 15 zip codes had median sale prices of $4 million and above and only 15 stayed below $2 million.”
The zip code of 94027 in Atherton, Calif., remains the most expensive zip code in the country for the eighth consecutive year — but only because Sagaponack saw a price drop. Sagaponack saw a $2.13 million downturn, “fueled by weak transactional activity,” the research shows. “Whereas last year, it reached its highest price point ever at $8.08 million, but still did not manage to retake the leading position it last held in 2016”.
Atherton’s drop of 5% went “against the grain with a minor price decrease, which brought the wealthy enclave’s median sale price back below $8 million.”
Water Mill Reached Highest Spot Yet
Water Mill’s abrupt price increase meant Miami Beach’s 33109 moved down to fourth position with $5,750,000 median sales price.
In Santa Barbara, Calif., 93108 in Montecito came in at No. 5, thanks to an increase. “At the same time, last year’s #5 — the iconic 90210 in Beverly Hills — missed the top 10 after an $800,000 median sale price drop,” the study shows.
Newport Beach, Calif., claimed an unprecedented three spots on the list, with the lower half of the Balboa Peninsula, 92661, being the most expensive with a median sales price of $4.763 million. The master-planned community of Newport Coast, 92657, spiked $545,000 over last year to mark a new high and secure the No. 7 spot on the list, followed by 92662, which represents the rest of Balboa Island, where the $4.65 million median sales price went up 19%.
The 92067 zip in Rancho Sante Fe., Calif. saw a new price record at $4.55 million, becoming the only San Diego County town in the top 10 for the third year in a row.
Lastly, at No. 10, Santa Monica’s 90402 has a $4.41 million zip code, but it’s a downturn for the California town. “Santa Monica’s top zip code hasn’t been able to keep up with more robust price gains in other affluent areas. It also was the only Los Angeles County community in the top 10, despite Los Angeles County being the decided leader of expensive zip codes with 18 locations in the top 100.”
Suffolk’s Strong Showing
California may be home to four of the most expensive counties, but Suffolk County here in New York was the strongest on the East Coast with seven hamlets on the list.
“The affluent Long Island county was also home to the sharpest pricing surge among the country’s 100 most expensive zips as it was influenced by a limited sales pool.”
In particular, Amagansett, which shot up 53% year-over-year to reach $3.74 million and set a new price record, driven in part by low sales. The 11962 zip, which came in at No. 19, saw sales over the past year, such as an Amagansett house in Beach Hampton Dunes that closed in late 2023 for $5.53 million — more than $1 million over the asking price thanks to strategic marketing.
Others in Suffolk included Bridgehampton, which ranked No. 31 with a median sales price of $3,050,000, Wainscott’s 11975 and Quogue’s 11959, tying with several others outside of the state at No. 48 with $2.6 million, Sag Harbor’s 11963 with $2,225,000 at No. 68, and Montauk’s 11954 coming in at No. 86 with $2 million.
Also on Long Island, several towns in Nassau County made the list. They include Mill Neck’s 11765 coming in at No. 63 with a $2.3 million figure, Great Neck’s 11024 with a median sales price of $2,190,000 at No. 71. and Old Westbury’s 11568 at No. 79 thanks to a $2.1 million median sales price.
New York City Didn’t Break the Top 20
Closer to home, New York City may still be the most expensive city on the list, but even its priciest areas missed the top 20 most expensive zip codes. NYC’s most expensive zip code, 10013 in TriBeCa, ranked No. 23 nationally with a $3.36 million median sale price. The 2017 data shows the same zip was the second-most expensive in the country at $4.1 million.
Battery Park City’s 10282 came in at No. 37 as it saw what PropertyShark says was one of “the sharpest price drops among the country’s most exclusive zips to land $540,000 below last year’s figures.”
The 10007 zip code, which covers parts of Downtown Manhattan, TriBeCa and SoHo, ranked No. 43 with the zip’s $2.71 million median sale price coming in at $377,000 less than the prior year. Brooklyn’s 11231 in Red Hook also slid down with a $1.91 million median sale price.
