real estate

The Most Expensive ZIP Codes in New Jersey

New Jersey real estate prices have remained below the historic highs of the mid-2000s, but steady growth has occurred throughout the state. Although economic indicators remain positive, and most New Jersey residents consider their immediate communities good places to live, there is growing dissatisfaction. According to the 2018 State of the Garden State report, a whopping 75 percent of New Jersyans are dissatisfied with government spending and the cost of living, and 3 out of 10 would like to live somewhere else.  When it comes to millennials, more than a third want to leave the state completely.

From a real estate perspective, New Jersey median home prices trended upwards in 2017, with more than half of the state’s top 50 priciest zip codes posting higher figures than in 2016. The bottom threshold also increased, with the  No. 50 priciest zip code – 07733 in Holmdel – featuring a median sale price of $615,000. In 2016, that position had a median of $604,500.

At the top of the ranking, 2016’s top three most expensive zip codes – Alpine, Short Hills and Stone Harbor – held onto their positions in 2017, although Alpine and Short Hills saw median home prices decrease.

Alpine’s 07620 remained the No. 1 most expensive zip code in New Jersey yet again, with a median sale price of $1,800,000 – a significant drop from 2016’s median of $2,050,000. New Jersey’s most exclusive zip slid in national rankings as well, dropping from 44th in 2016 to No. 50 among the top 100 priciest zips codes in the country in 2017.

07078, New Jersey’s No. 2 most expensive zip code, also saw its median sale price drop. Sliding from 2016’s $1,430,000, last year’s median sale price decreased less dramatically in Short Hills’ 07078 than in Alpine, clocking in at $1,417,500. As a result, Short Hills slid in the national ranking as well, but still remained among the 100 most expensive zip codes in the country at No. 93.

Also unchanged from last year’s position, Stone Harbor’s 08247 was the No. 3 most expensive zip code in New Jersey in 2017. Unlike Alpine and Short Hills however, Stone Harbor saw 2017’s median sale price expand to $1,300,000. 2016’s median clocked in at $1,110,000. Stone Harbor was also the setting for the No. 2 priciest residential sale of the year. Sold one year ago, 1 110 Street, Stone Harbor traded hands for $10,000,000.  The 4,994-square-foot waterfront property was built in 2006 and boasts Atlantic Ocean views, and lush landscaping just mere steps from the beach.

Ranking as New Jersey’s No. 4 most expensive zip code, Deal’s 07723 gained six positions in 2017 over the previous year, registering the largest median price growth. The Monmouth County community closed 2017 with a median sale price of $1,207,500 – more than $300,000 higher than in 2016. Allenhurst’s 07711 registered as the No. 1 fastest rising zip code overall, climbing from No. 40 in 2016 to No. 19 in 2017 with a median price of $802,500.

Deal was also the setting for the #1 most expensive residential sale of 2017 in New Jersey. Closed in early October, 2 Beringer Road, Deal traded hands for $14,200,000. The 8-bed, 9-bath property sits 1.5 oceanfront acres and boasts a 7,268-square-foot home, a private tennis court, and an outdoor pool overlooking the Atlantic Ocean.

Check out 2017’s top 50 most expensive zip codes in New Jersey below:

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