New Jersey has achieved a significant milestone in its real estate market, with six of its ZIP codes now ranked among the most expensive in the United States, according to a study by PropertyShark. This accomplishment, set in 2024, highlights the state’s rapid ascent in the high-end housing market. For the first time, New Jersey has this many ZIP codes in the top 100, a remarkable leap from previous years when only two locales would typically make the list between 2016 and 2019, dropping to just one in 2020. This year marks a turning point, as New Jersey's luxury market shows substantial growth and appeal to high-net-worth individuals.
Alpine, a renowned affluent area in Bergen County, known for its privacy and celebrity residents like Eddie Murphy and Tracy Morgan, leads New Jersey's list. This year, Alpine ranks 24th nationally, with the median home price rising to $3.32 million, influenced by a record-breaking $16.7 million property sale in July, the state's highest in 2024. Similarly, Deal in Monmouth County made noteworthy strides, climbing from 70th place last year to 32nd in 2024, driven by a surge in median sales price from $2.1 million to $2.95 million. Avalon, another desirable Jersey Shore location, reached 41st place with median prices at $2.75 million, up from $2.29 million last year.
Mantoloking also maintains its status with an average selling price of $2.36 million, placing it 59th. Stone Harbor ranks 70th with homes averaging $2.2 million. Meanwhile, Short Hills, notable for its expansive estates, remains strong despite slipping slightly to 93rd place with a median price of $1.95 million. On a national level, Atherton, California, remains the most expensive ZIP code for the eighth consecutive year with astonishing median prices hitting $7.9 million. In addition, Sagaponack and Water Mill in the Hamptons secure the second and third spots, respectively.
The study by PropertyShark analyzed residential real estate transactions closed from January through September 2024, focusing on multiple dwelling types including condos, co-ops, and single- and two-family homes in ZIP codes with a minimum of five sales, providing a precise reflection of market conditions.
