New York has been booted from the upper echelons of the U.S. real estate market. A casualty of the ongoing coronavirus pandemic. Not a single New York City zip code cracked the top 10 in Property Shark’s 2020 report of the 100 most expensive U.S. zip codes. A first since the company began tracking median sales in 2015.
Two Tribeca zips, 10007 and 10013, typically appear near the top of the pile, landing at number 5 and 8 respectively in 2019.
But with the Big Apple the epicenter of one of the earliest COVID-19 outbreaks in the U.S., median sales in 10007 dropped nearly 20%, from $3,900,000 to $3,150,000, and just missed the brass ring at number 11.
Landing at number 13, neighboring 10013 dropped 15%, from $3,515,000 to $2,999,000—the first time in the report’s history that the area has ever dipped below the $3 million line.
“The irony of Manhattan’s falling out of the top 10 U.S. zip code rankings by price is exactly because it is one of the most expensive housing markets in the U.S.,” said Jonathan Miller, president of real estate appraisal firm Miller Samuel.
“The wealth and mobility of its residents enabled outbound migration en masse,” Miller said. “They have been slow to return, resulting in weaker housing prices.”
Overall, the Big Apple still had 20 of the most expensive zip codes in the country. But with residents fleeing the city, the only places in the entire state to crack the top 10 were in the Hamptons: Sagaponack’s 19962 stayed at No. 2, with a median price of $3.875 million, and 11932 in Bridgehampton leaped from 23 to 7 with a $3.325 million median, a 30% increase over 2019.
Brooklyn just made the report, with Carroll Gardens’s 11231 coming in at number 100 with a $1,450,000 median, fairly unchanged from last year.
Meanwhile, back across the river Manhattan continues to face growing inventory. In the third quarter of 2020, the number of home sales plummeted 46% compared with the same time last year, according to Douglas Elliman. That decline, from 2,562 to 1,375, is the sharpest in more than a decade.
Some of Manhattan’s priciest areas have faced double-digit price declines. In Hell’s Kitchen, 10018 saw median prices drop 38%, the deepest plunge in the entire country. Closing sales averaged $1,575,000, down nearly $1 million from 2019.
The one glimmer of hope was on the Upper West Side, where luxury condo sales along the Hudson helped median sales in 10069 soar 42%, from $1,920,000 to $2,725,000, the sharpest increase in the nation.
The report analyzed median prices for residential sales closed between January 1 and October 16, 2020. [Source: AD]