New Jersey sets a record with 6 Most Expensive Real Estate Zip Codes in USA

Discover the trends behind New Jersey's record-setting six most expensive real estate zip codes in USA. Explore this remarkable milestone.

In a remarkable turn of events, New Jersey has emerged as a formidable contender in the realm of high-end real estate, boasting a record six most expensive real estate zip codes in USA, as revealed by PropertyShark's latest study. This comprehensive analysis of the U.S. real estate market, aimed at identifying the 100 priciest ZIP codes for 2024, employed a meticulous examination of year-to-date closed residential sales. This approach provides a more accurate reflection of market realities, eschewing the often misleading nature of listing prices that tend to mirror sellers' aspirations rather than actual transactional dynamics.

Historically, the Garden State has been gradually ascending the ranks of the luxury housing market, but the year 2024 has set an unprecedented benchmark. For the first time, New Jersey finds itself with such a significant representation on this exclusive list. Between 2016 and 2019, only two locales from the state typically managed to infiltrate the ranks of the most expensive real estate zip codes in USA. The situation took a downturn in 2020, with a solitary entry barely scraping into the list at the 100th position. However, the landscape has dramatically transformed in recent years.

At the forefront of this real estate renaissance is Alpine, an affluent enclave nestled in Bergen County, where discretion reigns supreme among its illustrious residents, including the likes of Eddie Murphy and Tracy Morgan. This opulent community has ascended to the 24th position nationally, with its median home price soaring to an astonishing $3.32 million in 2024, a notable increase from $2.9 million in the previous year. This surge can be partially attributed to a staggering $16.7 million sale in July, marking the highest residential transaction in New Jersey for 2024.

Meanwhile, the coastal town of Deal in Monmouth County has experienced a meteoric rise, catapulting from 70th place last year to an impressive 32nd in 2024, driven by a remarkable increase in median sales price from $2.1 million to $2.95 million. Avalon, another coveted destination along the Jersey Shore, has climbed to 41st place, with its median price reaching $2.75 million, up from $2.29 million in 2023. Mantoloking, yet another coastal gem, secured the 59th position, with homes averaging $2.36 million. Stone Harbor, also situated along the Shore, landed at 70th place, with prices hitting $2.2 million. In contrast, Short Hills, a prestigious suburb renowned for its expansive estates, experienced a slight dip to 93rd place, yet still boasted a median price of $1.95 million.

On the national stage, Atherton, California, continues to dominate as the most expensive real estate zip codes in USA for the eighth consecutive year, flaunting a staggering median price of $7.9 million. The posh enclaves of Sagaponack and Water Mill in the Hamptons have secured the second and third positions, respectively. The data underpinning these rankings is derived from residential real estate transactions finalized between January and September 2024, encompassing a diverse array of properties, including condominiums, cooperatives, and single- and two-family homes, within ZIP codes that recorded a minimum of five sales.