NYC falls out of the top 20 most expensive zip codes despite “sky-high” rental rates
New York City has fallen out of the 20 most expensive zip codes in the United States, despite sky-high rents in the resurgent, post-COVID Big Apple.
New York City failed to break the top 20 in the Property Sharks ranking of 2021’s most expensive zip codes, as the borough continues to struggle after the pandemic despite the recent resurgence in the real estate market in recent months.
Manhattan’s beautiful zip code 10013 – which covers parts of the neighborhoods of Tribeca, Soho, Little Italy and Hudson Square – was the highest-ranked zip code in NYC at number 22 with a median selling price of $ 3,212,000.
Property Sharks top 25 most expensive zip codes in 2021
Despite NYC’s known high real estate prices, the most expensive zip code is now only the 22nd most expensive in the United States. A street in Manhattan is pictured
The city of Atherton in California, (pictured) in San Mateo County (94027) took first place this year, with the median sales price in 2021 coming in at a full $ 7,475,000
In second place was Boston, (pictured) with zip code 02199, where median sales were $ 5.5 million
New York State’s zip codes did better with Sagaponack and Water Mill – both in Suffolk County’s Long Island’s famous Hamptons enclave – ranked among the top 15.
And in 25th place came Downtown Manhattan 10007 zip code – covering parts of Tribeca – where the median selling price was $ 3,125,000.
The California city of Atherton, in San Mateo County (94027) took first place this year, with the median sales price in 2021 coming in at a full $ 7,475,000.
In second place was Boston, with zip code 02199, where median sales were $ 5.5 million.
Rounded out the top five was Miami Beach (33109) in Florida where median sales were $ 4,475,000 in 2021
It was followed by Sagaponack (11962) in Suffolk County, New York, where median sales are $ 5,000,000, followed by California City Ross (94957) in Marin County where median sales were $ 4,583,000 and rounding the top five was Miami Beach (33109) in Florida where median sales were $ 4,475,000 in 2021.
Although New York City zip codes did not make the top 20 this year, this summer Real estate prices in Manhattan saw a sudden increase as buyers returned to the city and increased demand for extravagant and expensive properties.
The median prices for resale of Manhattan apartments reached $ 999,000 in the second quarter of 2021 – a record high since before the COVID-19 pandemic hit – according to the report by Douglas Elliman and Miller Samuel.
Average sales prices in the area rose 12% in the quarter, exceeding $ 1.9 million.
The buying frenzy comes despite a net 70,000 New Yorkers fleeing the city at the height of the pandemic – and costing the city about $ 34 billion in lost revenue, according to estimates by Unacast.
Prosperous neighborhoods, such as Hell’s Kitchen and the Upper East Side, experienced the largest emigration with nearly 11% of residents fleeing, according to research from CRBE. Most of these are young professionals who work in financial hubs in Midtown and the Financial District, as well as creatives who work in Broadway Theaters.
But rents have since risen again, and last year’s famous coup is now a thing of the past.
Net effective rental rates in Manhattan rose 10.1 percent between January and July – the biggest jump in over 30 years.
It has raised concerns that tenants who made a coup last year will get a nasty shock when their rents rise at the last renewal of the lease, as professionals flood the city again.
