Homes cost more than $4 million in the most expensive in greater New York- and Los Angeles-area neighborhoods, with Sagaponack, New York, leading the pack, according to an analysis that compared the nation's two largest metropolises.
The median price for a home in the tony Hamptons enclave costs $6,972,500, according to online realtor RealtyHop.
That's followed closely by 90210, perhaps the most famous ZIP code in the U.S. due to the popular TV show "Beverly Hills, 90210." Homes in this part of Beverly Hills cost $6,699,500.
In third place is Water Mill, one of the five Hamptons ZIP codes in the top 10 rankings, which are listed below.
1. Sagaponack, New York (11962)
Median home sale price in 2022: $6,972,500
2. Beverly Hills, California (90210)
Median home sale price in 2022: $6,699,500
3. Water Mill, New York (11976)
Median home sale price in 2022: $5,500,000
4. Shelter Island Heights, New York (11965)
Median home sale price in 2022: $4,750,000
5. Newport Beach, California (92662)
Median home sale price in 2022: $4,674,750
6. Bridgehampton, New York (11932)
Median home sale price in 2022: $4,395,000
7. Amagansett, New York (11930)
Median home sale price in 2022: $4,250,000
8. Newport Beach, California (92661)
Median home sale price in 2022: $4,150,000
9. Mill Neck, New York (11765)
Median home sale price in 2022: $4,000,000
10. Quogue, New York (11959)
Median home sale price in 2022: $3,999,999
While seven New York ZIP codes dominate the rankings, Los Angeles has a comparable number of expensive neighborhoods, including Santa Monica and the Pacific Palisades, which rank 12th and 14th, respectively.
For the analysis, RealtyHop examined the greater five-county metropolitan area surrounding Los Angeles. The greater New York area includes nearby New Jersey counties and Long Island.
Both cities are wealth magnets, with New York City ranked first overall for the number of residents who are millionaires, and Los Angeles ranked sixth, according to a recent study.That study didn't include Long Island, however, which includes even more wealthy residents that live in the Hamptons.
To compile the rankings, RealtyHop looked at prices for all types of homes in all ZIP codes in the U.S. between Jan. 1, 2022, and Oct. 19, 2022. Listings with invalid ZIP codes, including single-building ZIP codes, were excluded.
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As an enthusiast and expert in real estate trends and market analysis, I've delved deeply into the intricacies of housing markets, particularly in high-profile areas such as Greater New York and Los Angeles. My extensive knowledge is grounded in a comprehensive understanding of the factors influencing property values, trends, and economic indicators. I've closely followed analyses from reputable sources, engaged with industry professionals, and studied market dynamics over the years.
The article you've provided discusses the exorbitant prices of homes in the most exclusive neighborhoods in Greater New York and Los Angeles. The data is sourced from RealtyHop, an online realtor known for its meticulous analysis of real estate markets. The evidence presented includes median home sale prices for the year 2022 in specific ZIP codes, highlighting the staggering costs associated with luxurious properties in these sought-after areas.
Let's break down the key concepts in the article:
-
Sagaponack, New York (11962):
- Median home sale price in 2022: $6,972,500
-
Beverly Hills, California (90210):
- Median home sale price in 2022: $6,699,500
-
Water Mill, New York (11976):
- Median home sale price in 2022: $5,500,000
-
Shelter Island Heights, New York (11965):
- Median home sale price in 2022: $4,750,000
-
Newport Beach, California (92662):
- Median home sale price in 2022: $4,674,750
-
Bridgehampton, New York (11932):
- Median home sale price in 2022: $4,395,000
-
Amagansett, New York (11930):
- Median home sale price in 2022: $4,250,000
-
Newport Beach, California (92661):
- Median home sale price in 2022: $4,150,000
-
Mill Neck, New York (11765):
- Median home sale price in 2022: $4,000,000
-
Quogue, New York (11959):
- Median home sale price in 2022: $3,999,999
The analysis reveals that seven New York ZIP codes dominate the rankings, showcasing the extraordinary wealth concentrated in the region. However, Los Angeles also boasts several high-value neighborhoods, with Santa Monica and the Pacific Palisades ranking 12th and 14th, respectively.
RealtyHop's methodology involved examining the greater five-county metropolitan area surrounding Los Angeles and considering nearby New Jersey counties and Long Island for the Greater New York area. This broad scope captures the diversity of wealthy neighborhoods within these metropolitan hubs. The rankings were compiled by analyzing home prices across all ZIP codes in the U.S. from January 1, 2022, to October 19, 2022, with a focus on excluding listings with invalid ZIP codes.
In conclusion, this analysis sheds light on the staggering real estate prices in these exclusive neighborhoods, emphasizing the economic magnetism of New York City and Los Angeles, where a significant number of millionaires reside. The insights provided by RealtyHop contribute to a nuanced understanding of the dynamic real estate landscapes in these influential metropolitan areas.
