- Alpine’s 07620 still reigns supreme as the most expensive zip code in New Jersey;
- Short Hills, Time magazine’s ‘Richest Town in America’ of 2014, boasts the second most expensive zip code in the state;
- Hoboken’s 07030 (#33 on our list) was the setting for the largest number of residential transactions in 2016—830;
- The biggest deals of the year in New Jersey were the $10M sales of 85 Ocean Ave. and 9 Wallace Road in Deal, N.J.
As New York City housing costs continue to skyrocket, pushing homeownership out of reach for many people, residents are shifting their focus across the Hudson River. According to a Q4 2016 report from Marcus & Millichap, households and businesses alike are flocking to New Jersey, adding thousands of new jobs and fueling both single- and multi-family development in the region. As a result, the market has blossomed into one of the most sought-after destinations in the Northeast.
At the end of last year, PropertyShark compiled a list of the most expensive zip codes in the U.S., and 2 New Jersey zip codes made the cut: Alpine’s 07620 landed the 44th spot on our list, and Short Hills’ 07078 landed the 88th. This year, we thought we’d take a closer look at the market and round up the most expensive zip codes in The Garden State.
The top three zip codes on our list will come as no surprise—these cities have made quite a few ‘most expensive’ lists in the past. The most expensive zip code on our list is occupied by Alpine’s 07620. This exclusive NYC suburb, home to celebrities such as Stevie Wonder, Sean “P. Diddy” Combs and Alicia Keys, is a long-time favorite for the super-rich. Though it no longer leads the nation, Alpine continues to boast the most expensive zip code in the state. The median home price here is $2,050,000.
The second most expensive zip code in the state is Short Hills’ 07078, with a median home price of $1,430,000. The community is a very popular destination among wealthy NYC commuters—Short Hills landed the top spot on Time magazine’s list of The 10 Richest Towns in America in 2014.
The third priciest zip code on our list is Stone Harbor’s 08247, with a median home price of $1,110,000. Described by The New York Times as featuring “block after block of gleaming McMansions and elegant shops,” Stone Harbor, N.J., is a popular resort community among vacationers from the Mid-Atlantic region and Quebec.
Though it only landed the 33rd spot on our list of most expensive New Jersey zip codes, Hoboken’s 07030 is healthy in other respects. The city was the setting for the largest number of residential transactions in the past year—830 sales closed here in 2016, at a median price of $685,000. According to the Wall Street Journal, Hoboken has recently become a magnet for young professionals and home buyers who have been priced out of New York City, offering an easy commute and a large variety of dining and leisure options.
To get a better idea on how the market is faring, we also dug up the largest residential transactions to close in New Jersey in 2016. According to public records, two properties in Deal, N.J. (07723) stole the spotlight, the first being 85 Ocean Ave. Located in Deal Boro, this 5-bedroom, 6-bathroom home changed hands for $10,000,000 in January 2016. The property was originally built in 1938 and totals 5,679 square feet of space. The second transaction worth mentioning is the $10,000,000 sale of 9 Wallace Road. Another Deal, N.J., property, this 2,788-square-foot home was built in 1966 and changed owners in April 2016.
Check out the full list of New Jersey zip codes below:
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Methodology: In order to determine which were the most expensive ZIP codes in New Jersey, we looked at all residential transactions closed in 2016, taking into account condo, co-op, single- and two-family homes. All package deals were excluded.