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October 14, 2024 at 04:24 PM
Sixty-seven percent of the 100 most expensive ZIP codes in the U.S. experienced median sale price increases in 2024, a big turnaround from last year when only 29% saw increases, according to a new report from PropertyShark.
As a result, a record 15 ZIP codes recorded median sale prices of $4 million or more, including five that topped $5 million. Just 15 ZIP codes stayed below $2 million.
PropertyShark’s analysis showed that the main trend for luxury real estate in 2024 has been one of cautious growth following last year’s price drop.
To determine the most expensive ZIP codes in the U.S. in 2024, researchers looked at residential transactions closed between Jan. 1 and Sept. 30, taking into account condo, co-op and single- and two-family home sales, but excluding all multiparcel deals. They considered only ZIP codes that registered a minimum of five residential transactions — 121 ZIP codes made it onto the top 100 list because of price ties.
Researchers based year-over-year comparisons on median sale prices determined for the firm’s 2023 most expensive ZIP codes analysis for sales recorded between Jan. 1 and Oct. 20.
According to the analysis, 78% of the most expensive ZIP codes were clustered in three areas on the West and East Coasts. New York remains the top city for expensive real estate, claiming six of the country’s top 100 ZIP codes, five in Manhattan and one in Brooklyn.
See the gallery for the 11 most expensive ZIP codes in the U.S. this year, according to PropertyShark.
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