- Post-lockdown Manhattan hasn’t regained its spot among the top US zip codes – quite the opposite.
- For the first time ever, none of the borough’s zip codes were in PropertyShark’s ranking of the 100 most expensive neighborhoods.
- While the city’s economy is rebounding, the pandemic might have permanently marred its housing market.
The richest Americans are sleeping on the city that never sleeps.
New York City’s housing market might’ve had a “hot vax summer,” but it still hasn’t recaptured its prepandemic glitz. Manhattan fell out of the top 20 most expensive zip codes in 2021, according to a PropertyShark report published Monday. For the first time in its tracking, the report said, the city isn’t home to any of the country’s priciest neighborhoods.
The ranking reveals that, despite the city’s resurgence, Manhattan isn’t the same city as was in early 2020. Its economy was kneecapped by its time in 2020 as the epicenter of the COVID crisis in the US.
Even though Manhattan’s recovery since has been dramatic, with roughly 83% of its residents having at least one dose of a COVID vaccine, and everyday life a far cry from the quiet quarantines seen through much of 2020, PropertyShark’s report shows Americans’ wealth shifting elsewhere. New York City only had six zip codes in the list’s top 100, down from 10 zip codes in 2020.
The state’s most expensive zip codes were found in the Hamptons. Sagaponack was the third most expensive neighborhood in the US, with a median home-sale price of $5 million. The decline of Manhattan neighborhoods and the rise of the Hamptons echoes the pandemic migration wealthy New Yorkers took to escape the densely packed city.
Manhattan still holds its fair share of pricey locales. The 10013 zip code – which covers parts of the TriBeCa, SoHo, Little Italy, and Hudson Square neighborhoods – was the country’s 22nd most expensive, with a median sale price of $3.2 million. That’s up 7% from last year’s level. Still, the area has yet to fully recover from the 19% price drop it saw throughout 2020.
The 10007 zip code followed close behind in the 25th spot with a median sale price of $3.1 million. The area covers downtown Manhattan and some of TriBeCa and SoHo. Selling prices slightly declined throughout 2021, leading the area to plunge 14 spots from its 2020 ranking.
The rest of the PropertyShark list shows relatively little change during the recovery. The Bay Area suburb of Atherton, California reigned supreme for the fifth straight year. It’s median sale price rose to $7.5 million from $7 million through the year. The Bay Area was broadly the most expensive metropolitan area, with 47 zip codes landing in the top 100.
Los Angeles County also held its wealth over the last 12 months. The area hosted 21 of the country’s most expensive zip codes, with Beverly Hills’ 90210 and the coastal Pacific Palisades neighborhood ranking in the top 10.
Just as Manhattan saw the harshest shift during lockdown, its real estate environment could face the most lasting change. The city is still among the country’s most expensive. But as home values continue to soar higher, Manhattan prices are settling at a slightly lower ceiling.
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