With an astonishing median home value of $3.5 million, Sagaponack has retained the title of The Priciest Small Town in America, according to Bloomberg Businessweek's annual ranking.
Businessweek reports that Sagaponack's median is down 10.2 percent from the previous year but still high enough to retain the No. 1 spot. Forbes Magazine ranks Sagaponack's 11962 as the third most expensive ZIP code in the nation.
Median home value in Sagaponack peaked in November 2008 at $4.6 million, according to Zillow.com, which collaborated with BusinessWeek to design its ranking. Only places with populations of less than 10,000 were evaluated. Businessweek said Sagaponack's population is just 683.
Read more at businessweek.com.