A significant portion of high-end properties are seeing rising median sale prices this year, with several areas achieving record highs.
Explore the most expensive zip codes for 2024, according to a report from PropertyShark, and learn key trends, standout locations and the shifting dynamics that define this elite segment of the market.
Leading zip code trends
Unsurprisingly, California—a predominant hub for luxury real estate—dominated the list, with zip codes throughout the state making up 80 out of 121 zip codes in the Top 100 list. New York came in second with 19 zip codes.
Other areas seeing strong long-term demand for luxury properties included Miami Beach, which has experienced consistent price increases over the last several years. This was the fifth consecutive year of price increases in the area’s Fisher Island community. Similarly, Newport Beach zip codes had three appearances on the Top 10.
Emerging luxury markets outside of these traditional hot spots included Deal, New Jersey, which experienced notable price surges; in fact, the second highest YoY increase (40%) in the Top 100.
Overall, the luxury real estate market exhibited cautious growth in 2024. Sixty-seven percent of the 100 most expensive zip codes have seen median sale price increases, up from 29% in 2023. A record 15 zip codes had median sale prices of $4 million and above, indicating a strong demand for high-end properties despite economic uncertainties.
YoY growth chart toppers
Several locations reached new price records, seeing significant year-over-year growth. The highest among them was Amagansett, New York, experiencing a 53% increase to reach a median sale price of $3.74 million.
Other major price gains included:
- Deal, New Jersey (+40% YoY)
- Water Mill, New York (+31% YoY)
- Gibson Island, Maryland (+31% YoY)
- Newport Beach – Balboa Island, California (+19% YoY)
It’s no surprise that both Water Mill and Sagaponack, New York, ranked high on the list, according to Garett Goldberg, real estate agent with Elegran Real Estate in New York. “The Hamptons market is bustling, and interest in buying in the area continues to grow.”
While inventory is limited, there’s strong investment potential and Goldberg doesn’t see interest waning anytime soon. Especially with easing interest rates, he expects even more inquiries.
“Water Mill is a year-round destination with its tranquil environment, making it the perfect escape at any time of year. The entire Hamptons offers a unique lifestyle appeal that affluent buyers find hard to resist,” he said. “Water Mill stands out for its beautiful landscapes and proximity to both ocean beaches and bayfront properties, making it a top choice for those seeking the best of the Hamptons.”
While the Hamptons markets showed significant price growth, this contrasts with declines or stagnation in surrounding areas, such as Boston’s Back Bay, which fell out of the rankings due to depressed sales.
Here are the top 10 costliest zip codes in the U.S. as ranked by PropertyShark:
- Atherton, California
Zip Code: 94027
2024 Median Sale Price: $7,900,000
- Sagaponack, New York
Zip Code: 11962
2024 Median Sale Price: $5,950,000
- Water Mill, New York
Zip Code: 11976
2024 Median Sale Price: $5,885,000
- Miami Beach, Florida
Zip Code: 33109
2024 Median Sale Price: $5,750,000
- Santa Barbara, California
Zip Code: 93108
2024 Median Sale Price: $5,052,000
- Newport Beach, California
Zip Code: 92661
2024 Median Sale Price: $4,763,000
- Newport Beach, California
Zip Code: 92657
2024 Median Sale Price: $4,720,000
- Newport Beach, California
Zip Code: 92662
2024 Median Sale Price: $4,650,000
- Rancho Santa Fe, California
Zip Code: 92067
2024 Median Sale Price: $4,550,000
- Santa Monica, California
Zip Code: 90402
2024 Median Sale Price: $4,410,000
Leading markets despite price cuts
Atherton, California, had the most expensive zip code even though it experienced a minor price decrease, showing that even the most exclusive markets can be affected by overall market trends.
Two Washington zip codes didn’t quite rank in the Top 10, but also retained their leading spots in Washington despite price cuts. Medina, Washington, maintained its rank with a $4 million median sale price, while Mercer Island ranked in the Top 100 with a record $2.3 million median sale price.
Tere Foster, managing broker for Team Foster at Compass in Bellevue, Washington, said the appeal is largely due to both communities’ close proximity to primarily tech-based job centers as well as exceptional public schools.
“The quality of life is high,” she says. “All of these factors drive property values up because there is low supply and increased demand every year.”
Price points range from $2 million to $30 million for Mercer Island and $3 million to over $100 million in Medina, says Foster.
Methodology
To identify these zip codes, PropertyShark analyzed residential transactions that closed between January 1 and September 30, 2024. This analysis included sales of condos, co-ops, and single- and two-family homes, excluding multi-parcel transactions. PropertyShark focused only on zip codes with at least five residential transactions to ensure a reliable dataset. As a result of several price ties, 121 zip codes were included in the list of the Top 100 most expensive for 2024.
