Bridgehampton, Water Mill rank among most expensive U.S. ZIP codes
Street scenes and stores on Main Street in Bridgehampton, where the ZIP code 11932 was ranked third nationwide in July for priciest homes. Credit: John Roca
Two Long Island communities ranked among the 10 most expensive ZIP codes in the country in July, with sellers in those Hamptons hot spots asking about 10 times the typical price for a home in Nassau and Suffolk counties.
Bridgehampton (11932) ranked third nationwide, with a median list price of nearly $8.5 million in July, according to data released this week by Realtor.com. Water Mill (11976) was No. 8 on the list, with a median asking price of $6.8 million.
Meanwhile, the median home price on Long Island, excluding the East End, was $725,000 in the second quarter, according to a report from brokerage Douglas Elliman and appraisal firm Miller Samuel.
Fisher Island in Miami Beach, Florida ($11.9 million) and Newport Coast in Southern California's Orange County ($9.1 million) topped the Realtor.com list, with Bel Air in Los Angeles ($8.2 million) and Montecito, California, just south of Santa Barbara ($7 million), rounding out the top five. Seven of the top 10 locations were in Southern California.
"Proximity to the water was a big selling point to a lot of these locations," said Anthony Smith, senior economist at Realtor.com.
Of course, sky-high asking prices don’t always translate into sales. That’s why tracking the prices of deals that have closed often gives a better sense of real estate market values, said Judi Desiderio, senior vice president at brokerage William Raveis in East Hampton.
"It’s about what people are willing to pay," Desiderio said.
Luxury real estate often sells below the seller's initial asking price. In the Hamptons, about three-quarters of the homes that sold in the second quarter received below their last list price, according to the Douglas Elliman report.
Still, Smith, of Realtor.com, said the report’s focus on listings offers more timely data on the market as compared with data on closings, which become available weeks or months after a buyer agrees to a deal.
Home sales have been on the rise in the Hamptons, with 21% more deals closing through the first half of the year as compared with the same period in 2024, according to William Raveis.
Desiderio said she’s optimistic about the rest of the year because of increased foot traffic at open houses in August and more calls from interested buyers.
"That all converts to future business," she said. "I think it’s going to be a very good fourth quarter."
Jonathan LaMantia covers residential real estate and other business news on Long Island. He previously covered the business of health care for Crain's New York Business.
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