Alpine lost its spot as New Jersey’s most expensive zip code after a six year reign.
The Bergen County town, with a median sales price of $2.18 million, was unseated by Monmouth County’s Deal, which has had a median sales price of $2.3 million in 2022, according to real estate data company Property Shark.
Property Shark on Thursday released its annual list of the 100 most expensive zip codes in the country. New Jersey had four zip codes on the list — a record for the Garden State. The previous record was set last year when three New Jersey zip codes made the top 100.
Property Shark used residential transactions for condos, co-ops, single- and two-family homes that closed between January 1, 2022, and October 31, 2022 to build the list. And they used only zip codes that had at least three transactions during that time period.
A total of 128 zip codes made the list of 100 because of 22 ties. They are from 10 different states. California had the most with 90 and New York ranked second with 17.
The four New Jersey zip codes that landed in the national ranking of 100 were Deal (No. 58), Alpine (No. 66), Avalon (No. 82) and Short Hills (No. 95).
Alpine has been number one in the state since 2016. Deal previously made the list in 2019. Avalon debuted last year and returned for a second time, 10 spots higher after a 20% increase in its median sales price. Short Hills is back after being absent from the list for a few years. It ranked from 2016 to 2019.
Low taxes and proximity to the beach, Pier Village in Long Branch and Asbury Park are big reasons why properties in Deal are fetching high prices, said Grace Marcus, a real estate agent at Sonya Grill Real Estate.
“You’re in the mix but not in the traffic area,” Marcus said, adding that homes there typically have generous 150 by 150 foot lots.
“There’ll always be a nuance to living in Deal because of the beaches … the local beach club, it’s clean, the streets are wider and some of the homes date back to the 1900s,” she said.
Short Hills made a comeback due to the COVID trend of city dwellers moving toward the suburbs, according to Simon Westfall Kwong of Keller Williams in Short Hills.
“We have lots of people coming from New York City, Hoboken, Jersey City and Brooklyn,” he said. “They’re looking for locations they can commute from and schools.”
Short Hills has a mid-town direct train and a highly ranked school system, he said.
“We have extremely low inventory. Multiple offers are continuing and they’re over asking price,” Kwong said. “We’re not feeling the effects of the increased interest rates.”
Of the 10 priciest zip codes in New Jersey, three are in Monmouth County, two each are in Ocean and Cape May counties, and Morris, Bergen and Essex counties each had one.
Here are the 10 most expensive zip codes in New Jersey and the median sales price in 2022, according to Property Shark:
10. Beach Haven – $1.35 million
9. Allenhurst – $1.36 million
8. Rumson – $1.406 million
7. New Vernon – $1.57 million
6. Mantoloking – $1.575 million
5. Stone Harbor – $1.777 million
4. Short Hills – $1.825 million
3. Avalon – $2 million
2. Alpine – $2.18 million
1. Deal – $2.3 million
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Allison Pries may be reached at firstname.lastname@example.org.