PropertyShark ranks 14 Long Island areas among priciest ZIP codes in U.S.

Two Hamptons communities ranked among the top five most expensive ZIP codes in the United States, and 14 Long Island locations were among the top 100, according to the latest annual ranking from a national real estate data provider.

Sagaponack ranked second, with a median home sale price of $7.3 million, and Bridgehampton rose to fourth, at nearly $6.2 million, the data from Manhattan-based PropertyShark showed.

Both locations climbed compared with last year's rankings. Sagaponack reclaimed the No. 2 slot, after ranking third last year, and landed behind Atherton, California, where the median home sold for $11 million. Bridgehampton surged from No. 39 last year, with the median price in the hamlet more than doubling, according to PropertyShark.

The ZIP codes at the top of the list, including Sagaponack and Bridgehampton, often offer larger lot sizes than other areas of the Hamptons that can drive higher prices, said Adam Hofer, an agent at Douglas Elliman Real Estate in Southampton.

Those higher prices also reflect greater similarity among homes in those ZIP codes, many of which are south of Montauk Highway, when compared with ZIP codes 11968 or 11937, which cover larger areas within Southampton and East Hampton, respectively.

"The pricing is consistently higher south of the highway," Hofer said, referring to Montauk Highway.

Rounding out the top five were Miami's Fisher Island at No. 3, where the median price was $7.2 million and the Newport Coast section of Newport Beach, California, at $6.1 million.

This year's top 100 shifted toward the East Coast more than in past years, PropertyShark said, and communities in the New York metropolitan area made up about 25% of the list, including Manhattan, Long Island, Westchester County and New Jersey communities.

The ranking doesn't capture the higher values within the villages of Southampton and East Hampton, and few Hamptons buyers prioritize certain ZIP codes when house hunting, said Judi Desiderio, a senior real estate broker at William Raveis Real Estate in East Hampton.

Buyers look for proximity to the ocean as well as shopping and restaurants in the villages when they structure their search, she said.

"Those are the dynamics that affect the values here," Desiderio said.

Prices in the Hamptons have fluctuated this year, according to local market reports.

The median home price in the Hamptons reached a record $2.4 million in the first quarter, but more recent data on the third quarter showed a 6% year-over-year decline in prices, as the mix of sales shifted toward lower-priced homes. That's according to data from the Hamptons Real Estate Association and analyst Jonathan Miller.

Data for the third quarter showed about two-thirds of closings were priced between $1 million and $5 million. Only about 18% of properties sold for below $1 million, which was the third-lowest percentage on record, Miller said.

While ultraluxury buyers in the Hamptons often don't use mortgages to purchase homes, rising interest rates could have a potential negative effect on the local real estate market, Desiderio said.

"When the interest rates go up, it doesn't necessarily affect their purchase ability, but it affects their businesses, which is where their money comes from," she said.

Beyond the Hamptons, four Nassau County communities along the Gold Coast ranked among the top 100. They were Old Westbury, Great Neck, Mill Neck and Manhasset.

Several Long Island ZIP codes appearing on the list cover multiple communities. For example, while ZIP code 11024 includes parts of the Village of Great Neck, it also covers Kings Point, which is home to some of Nassau's most expensive houses.

The data covered sales of one- and two-family houses, condos and co-ops that closed this year through Sept. 30, according to PropertyShark.

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