In the heart of the Big Apple, the allure of exclusivity has dimmed for some of New York City’s most prestigious neighborhoods. A recent report by The New York Post shows a big drop. The number of Manhattan zip codes on Zillow’s list of the 100 most expensive has fallen by 75% since 2019.
Just three years ago, a dozen of the city’s most affluent enclaves, including Tribeca, Soho, and Greenwich Village, were on the list. But in 2024, that number has dwindled to just three. The pandemic, rising crime, homelessness, and high taxes have all played a part in this decline.
The Dramatic Decline of NYC’s Posh Zip Codes
New York City’s once-luxurious neighborhoods have seen a big drop. Nine of the city’s most exclusive zip codes are no longer in the top 100. This includes Chelsea’s 10001, the Upper West Side’s 10024, and Lincoln Park’s 10069.
The pandemic and high taxes have pushed people away. Crime and homelessness in areas like Soho and Tribeca have also made these places less appealing.
A Changing Landscape
Despite the tough times, some real estate agents are hopeful. They see the current market as a chance for buyers. The Manhattan luxury real estate scene is changing, with Tribeca, Soho, and Greenwich Village seeing a drop in home values.
New York State’s presence in the top 100 zip codes has fallen from 22 to 18. Meanwhile, California’s zip codes have increased, with 61 featured, including nine from Los Angeles.
The change in these affluent NYC neighborhoods shows how real estate trends are evolving. It’s unclear how these areas will adapt to these new challenges.
nyc nabes drop off countrys top 100 ritziest zip codes list
New York City was once a top spot for luxury homes. But now, the nation’s priciest zip codes have changed. Only three Manhattan zip codes remain in the top 100. Long Island, however, has eight areas on the list, with Sagaponack’s 11962 being the 4th most expensive.
Water Mill, Bridgehampton, Amagansett, Quogue, Wainscott, Mill Neck, and Old Westbury also made the list. California still leads, with over 70% of the top US zip codes. This shows a big change in New York City real estate.
For the first time, no Manhattan property values are in the top 20. Only the Hamptons made it. This change shows a shift in high-end real estate trends across the country.
The data shows California’s luxury zip codes are still strong. The Bay Area and Los Angeles County are key. The Mountain States also gained three new top 100 zip codes for the first time.
Conclusion
New York City’s once-prestigious zip codes have seen a big drop in ranking. The pandemic, rising crime, homelessness, and high taxes have all played a part. These factors have led to a sharp fall in home values in Manhattan’s elite areas.
Even though some real estate agents are hopeful, the numbers tell a different story. California is still at the top, while New York’s influence has decreased. Only a few Long Island areas now make it to the list of the most expensive zip codes in the country.
New York City is still a major player globally. Its densely populated Manhattan is home to the world’s largest stock exchanges and famous tourist spots. Yet, the decline of its elite neighborhoods shows the city needs to tackle these issues. This is to regain its status as one of the country’s most prestigious zip codes.
