The most expensive U.S. ZIP codes saw a reshuffling in 2017, as downtown Manhattan and a California hotspot for tech entrepreneurs topped the list this year, according to rankings released Tuesday by PropertyShark.
Atherton, California, a popular address for Silicon Valley tech executives, ranked No. 1 as the most expensive ZIP code in the country with a median sales price in 2017 of $4.95 million. Only four houses in the city sold for less than $1 million in the past year, according to Redfin.
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Meanwhile, a spate of luxury condominium closings in New York City’s posh Tribeca neighborhood pushed the ZIP Code to No. 2 from No. 3 on the list. The median sales price there was $4.1 million.
Unlike other measures that rank prices in U.S. neighborhoods, PropertyShark bases its list on sales rather than listing price, a more definitive assessment of market value.
"This allows us to avoid presenting inflated prices that are the result of luxury listings lingering longer on the market and which are frequently the subject of hefty price cuts," PropertyShark said in its report.
And despite woes of a soft luxury market in Miami Beach, Florida, the balmy metro area still rounded out the top three with a median sales price of $4.052 million.
This year’s rankings saw Sagaponack, a pricey enclave in the Hamptons on Long Island, unseated after a two-year reign at the top of the list. Thanks to a number of less expensive sales in the town, it plunged to No. 15, while neighboring Hamptons addresses rose above it. Sagaponack’s median home price fell to $2.819 million, down from $5.5 million a year ago.
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Water Mill and Wainscott, neighboring Hamptons towns, logged a handful of $10 million-plus transactions in 2017 to join the top 10 for the first time. Median sales prices were $3.162 million and $3 million, respectively.
California and New York dominate the list of most expensive ZIP codes in the U.S. year after year. Some exceptions include Medina, Washington, a ritzy part of town near Seattle with a median sales price of $2.59 million; Gibson Island, Maryland, outside of Washington, D.C.; and Honolulu, Hawaii.
All but one ZIP code on the top 100 list was in a coastal state—underscoring the difference in wealth between the center of the country and its edges. The only exception was Aspen, Colorado.