Top 25 Most Expensive Zip Codes in New Jersey: Alpine Returns to Leading Spot with Record $2.94 Million Median Sale Price

Key Takeaways:

  • Alpine returns to its usual #1 leading position with 07620 at a record $2.94 million, followed by Avalon’s 08202 at $2.29 million
  • Monmouth County claims highest number of expensive New Jersey zip codes with 7, Bergen County next with 5
  • 15 of New Jersey’s top zips located on the Atlantic shore & 9 clustered along the Hudson River
  • Long Beach Island’s 08008 experiences most active sales market, closing 318 unique transactions
  • New Jersey’s top 5 priciest zip codes rank among 100 most expensive in the country

After releasing our traditional year-end report of the 100 most expensive zip codes in the U.S., we noticed that New Jersey ranked a record five zip codes among the country’s most exclusive locations for high-priced real estate. Generally, New Jersey is represented by just one to three zip codes among the country’s 100 priciest. That said, it landed a record four in 2022, only to surpass that number this year.

In fact, New Jersey came close to ranking seven zip codes among the country’s 100 most expensive as the median sale prices in one Stone Harbor zip code and one Allenhurst zip code were just $1,000 and $5,000 short, respectively, of the $1.8 million median posted by the #100 priciest zip in our national ranking. All in all, New Jersey’s 25 most expensive zip codes ranged between $1.15 million and $2.94 million in 2023 and originated from eight counties.

To determine the most expensive zip codes in New Jersey, we analyzed residential sales recorded between January 1 and November 20, 2023. Then, we calculated median sale prices based on closed home sales, as this method provides the most accurate picture of on-the-ground market dynamics (as opposed to listing prices, which tend to more closely reflect sellers’ goals).

For the full ranking of the 25 most expensive New Jersey zip codes in 2023, scroll to the bottom of the page.

Four New Jersey’s Zips Surpass $2M Median, Alpine Nears $3M

Although regularly outperformed by its much pricier neighbor of New York, New Jersey has plenty of exclusive real estate to offer. This is evidenced by the fact that the state has been a mainstay in our annual ranking of the country’s 100 most expensive zip codes since the report’s earliest days.

In particular, Alpine’s 07620 stands out, having ranked among the most exclusive locations for expensive New Jersey real estate for eight consecutive years. Not only that, but 07620 has also been its top zip in seven of those eight years. Accordingly, 2023 held to that trend, as well, with a record-breaking $2.94 million median sale price.

As a result, the top 10 most expensive zip codes in New Jersey in 2023 were:

1. Alpine (07620)

Median sale price in 2023: $2,939,000

2. Avalon (08202)

Median sale price in 2023: $2,285,000

3. Sea Girt (08750)

Median sale price in 2023: $2,241,000

4.Deal (07723)

Median sale price in 2023: $2,100,000

5. Short Hills (07078)

Median sale price in 2023: $1,923,000    

6. Stone Harbor (08247)

Median sale price in 2023: $1,799,000

7. Allenhurst (07711)

Median sale price in 2023: $1,795,000

8. Mantoloking (08738)

Median sale price in 2023: $1,700,000

9. Cape May Point (08212)

Median home sale price in 2023: $1,649,000

10. Rumson (07760)

Median sale price in 2023: $1,578,000

As is usually the case, Alpine’s 07620 was, yet again, New Jersey’s #1 most expensive zip code with a record median sale price of $2,939,000. Although it momentarily lost its leading position to Deal’s 07723 last year, a 35% year-over-year (Y-o-Y) pricing surge — coupled with negative price trends in Deal — allowed Alpine to comfortably retake its leading position. In fact, the New Jersey zip code that has long been popular with very high-income individuals and celebrities surpassed Deal by well over $800,000 and was more than $650,000 ahead of the state’s second-priciest zip.

Interestingly, although Bergen County provided the second-highest number of expensive zip codes (ranking five), Alpine’s 07620 was the only Bergen County zip among the state’s 10 most expensive.

Next, Avalon’s 08202 was the #2 most expensive New Jersey zip code this year, reaching a $2,285,000 median sale price after a 9% increase compared to last year’s figures. One of three Cape May County zip codes among New Jersey’s 10 most expensive zip codes, this was Avalon’s third time on the state’s most exclusive zip list — and it set a new pricing record. For context, the island zip first made national headlines in 2021, when it was the #92 most expensive zip code in the U.S. with a $1.67 million median sale price.

Not far behind, Sea Girt’s 08750 became New Jersey’s #3 most expensive zip code with a $2,241,000 median sale price in what is the zip code’s second appearance among the country’s 100 priciest. (It first appeared in 2021 with a $1,892,000 median.) Sea Girt was also one of four Monmouth County zip codes among New Jersey’s 10 most exclusive. In fact, Monmouth County claimed the highest concentration of expensive zip codes, ranking seven among the state’s top 25.

Then, despite overtaking Alpine in 2022, the real estate market in Deal’s 07723 was somewhat more sluggish this year. Specifically, the zip experienced a 9% Y-o-Y price decrease, which led to a drop from last year’s tentative #1 spot down to #4 this year. At the same time, places such as Alpine, Avalon and Short Hills were trending up.

Rounding out the top five, Short Hills’ 07078 ticked up 5%. However, that was still a nearly $100,000 increase in the Essex County zip’s median to make it New Jersey’s #5 most expensive this year at $1,923,000.

In Cape May County’s Stone Harbor, zip 08247 posted a $1,799,000 median sale price to become the #6 most expensive in the state — just $1,000 shy of the #100 priciest zip code in the U.S. Not to be outdone, fellow Cape May County zip 08212 ranked as New Jersey’s #9 priciest zip at $1,649,000. Located in the borough of Cape May Point on the tip of the Cape May Peninsula, zip 08212 is known to have relatively modest lot and home sizes due to local zoning regulations.  

Meanwhile, Monmouth County also claimed New Jersey’s #7 most expensive zip with 07711 in Allenhurst. Here again, its $1,795,000 median was just $5,000 short of making our top 100 priciest zip codes in the U.S. Monmouth County was also represented by the #10 priciest New Jersey zip 07760 in Rumson — with its $1,578,000 median sale price.

Otherwise, Ocean County’s priciest zip was 08738 in Mantoloking, which was New Jersey’s #8 most expensive zip code at $1.7 million. Mantoloking was one of just three Ocean County zips among New Jersey’s 25 highest-priced zips.

Mantoloking’s 08738 was also one of the 15 zip codes along the Atlantic shore to rank among New Jersey’s 25 priciest. It was joined by nine zips within close proximity of the Hudson River and one Somerset County zip bordering the Raritan River and the Great Swamp National Wildlife Refuge. Surprisingly, no Hudson County zip codes were among New Jersey’s 25 most expensive.

For the full list of 2023’s top 25 most expensive zip codes in New Jersey, explore the interactive table below:

Make sure to explore this year’s top 100 most expensive zip codes in the U.S.

Methodology

To determine the most expensive New Jersey zip codes in 2023, we looked at residential transactions closed between January 1, 2023, and November 20, 2023, taking into account sales of condos, co-ops, and single- and two-family homes. All package deals were excluded.

For an accurate representation, we considered only zip codes that registered a minimum of seven residential transactions. 

Median sale prices were rounded to the closest $1,000. 

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza writes for both PropertyShark and CommercialEdge. Reach her at [email protected]