Ten years ago, no other borough could rival Manhattan in terms of home prices. Today, the situation is slightly different, and given the data we’re about to show you, you might be inclined to conclude that Brooklyn is on track to become the new Manhattan.
We wanted to compare the 10 priciest zip codes in NYC today to the priciest zip codes in 2010, to see if and how the New York City rental market has shifted over the past decade. As it turns out, it has changed quite a bit.
Ten years ago, there was only one borough on the priciest zip codes map - literally. All of the ten most expensive zip codes in the city were located in Manhattan, led by 10013, with a median sale price of $1.9 million.
According to this map, Tribeca was basically the most expensive neighborhood to live in 2010. The two priciest zip codes on our map both cover parts of Tribeca, namely 10013 and 10007, which covers the southern part of the neighborhood.
The fifth, sixth, and seventh priciest zip codes in 2010 are all located in Uptown Manhattan. The Upper West Side’s 10069 was the fifth-priciest zip code in the city 10 years ago, followed by 10028 and 10065 on the Upper East Side. 10011 in Chelsea landed the eighth spot on our map, with a median sale price of $1.2 million, followed by 10280 in Battery Park City, and finally by 10001 in Chelsea.
Now let’s fast forward to 2019 and see what our map looks like.
Last summer, we analyzed the market to extract the 100 most expensive zip codes in NYC. At the time, Manhattan took over the entire top 10, with Queens sneaking into the 11th slot and Brooklyn landing its priciest zip code at #18. Fast forward a few months, and the top 10 looks a bit different.
A decade since 2010, Tribeca is still the most expensive enclave in New York City, with its 10013 and 10007 zip codes right at the top. However, these zip codes are a lot more expensive today than they were ten years ago. The median sale price in the 10007 zip code went from $1.9 million in 2010 to $3.7 million in 2019. The second-priciest zip code, 10013, also went from commanding $1.9 million in 2010 to $3 million at the end of last year.
The 10001 zip code climbed from #10 in 2010 to #3 in 2019, with a median sale price that went from $1.2 million to $2.5 million over the course of a decade. The Garment District’s 10018 zip did not make the list back in 2010, but nowadays, it’s the fourth-priciest zip code in the city, with a median sale price of $1.9 million.
The Upper East Side’s 10069 stayed put at #5, though it experienced a significant increase in prices, climbing from a median of $1.4 million in 2010 to $1.9 million in 2019. 10012 in Soho dropped three spots and was the sixth-priciest zip code in 2019, followed by 10010, which covers parts of the Flatiron District in Midtown.
The eighth most expensive NYC zip code in 2019 was located across the bridge in Brooklyn. Zip code 11231, which covers Red Hook and Carroll Gardens, had a median sale price of $1.5 million last year. That makes it pricier than zip code 10004, covering Battery Park, which landed the ninth spot on our 2019 map.
Finally, the 10th priciest zip code of 2019 was also located in Brooklyn, more specifically in the Greenpoint neighborhood. Zip code 11222 recorded a median sale price of $1.3 million in 2019.
So, we can see that some zip codes that were at the top in 2010 are still some of the most expensive enclaves in the city, with a couple of contenders located outside Manhattan. What about the zip codes where prices increased the most over these ten years?
We also wanted to see which zip codes in the city recorded the biggest increases in median sale prices over these last ten years, to get a better picture of how the market has evolved. Manhattan prices might still be in a league of their own compared to the other boroughs, but it seems that Brooklyn is catching up, and fast. The three fastest-growing zip codes in NYC are located in Brooklyn, and the borough housed 6 of the top 10 zips on our growth map.
Zip code 11216, which covers parts of Crown Heights and Bed-Stuy, saw median sale prices rise by 195% in 10 years, climbing from just $363,263 in 2010 to over $1 million in 2019. The second zip code to see a massive increase in home prices is 11222, covering the Greenpoint neighborhood. Median sale prices here rose 169%, from $519,307 in 2010 to over $1.3 million in 2019. Following close is another Brooklyn zip code, namely 11221, covering parts of Bushwick and Bed-Stuy. Here, prices jumped 163%, reaching a median sale price of $899,000 in 2019.
The fourth fastest growing zip code in NYC is not in Manhattan but in the Bronx. Covering parts of Mott Haven and Melrose, zip code 10455 recorded a 160% increase in median sale prices - from $246,750 in 2010 to $642,500 in 2019.
The top growing Manhattan zip code over the past ten years lands at #5 on our list, with an increase of 159%. Median sale prices in the 10030 zip code, which covers the Strivers’ Row area of Harlem, climbed from $343,000 in 2010 to $887,500 in 2019.
There were also three zip codes in Manhattan, which recorded an absolute gain in median sale prices of over $1 million during the past ten years. Tribeca’s 10007, currently the most expensive zip code in the city, saw prices increase by $1.8 million since 2010. 10001 in Chelsea also saw prices jump $1.3 million, followed by 10018 in Midtown.
For more information on the evolution of the market, check out the list below of the 50 fastest-growing zip codes in New York City in the past decade.
Data source: NYC DOF Rolling Sales data, all sales recorded throughout 2010-2019, with a minimum sale price of $1,000.