NYC ZIP Code Sees Nation's Biggest Drop In Home Prices: Study

MIDTOWN MANHATTAN, NY — In what is surely no surprise for residents, two ZIP codes covering Midtown and Hell's Kitchen rank among the most expensive in the U.S. by home sale price this year — although one saw a precipitous drop compared to 2019.

According to the annual study by Property Shark, released this week, the 10018 and 10019 ZIP codes both ranked among the nation's 100 most expensive this year based on the median sale price of homes from Jan. 1 through Oct. 15.

In 10019 — bounded roughly by 48th and 60th streets to the south and north and the Hudson River and Fifth Avenue to the west and east — this year's median home sale price was $1,600,000, the 84th-highest of any in the U.S.

Three spots below is 10018, covering a sliver of the Garment District and Hell's Kitchen, with a median price of $1,575,000.

High as that may be, it represents a 38 percent drop from last year, when 10018 had a median sale price of $2,520,000 — good for 26th on the nationwide list.

That's the largest drop recorded anywhere in the country

The likely cause, of course, is the coronavirus pandemic, which caused the real estate market to plummet in pricey ZIP codes "located in the heart of the urban core," according to the study.

On the other hand, prices rose in some neighborhoods, like the Upper West Side, where a new luxury condo development helped the 10069 ZIP code shoot up by 42 percent this year — the nation's highest increase.

Related coverage: Hell's Kitchen Among Nation's Most Expensive Pandemic ZIP Codes