Despite a year-over-year median home value dip of 14.5 percent, Sagaponack Village held the top spot on BusinessWeek’s ranking of the Most Expensive Small Towns.
With a population of 582 and median home value of $3.4 million, the 8-square-mile village blows away the runner up, Jupiter Island, Fla., with its median home value of $2.8 million.
BusinessWeek pointed out that Sagaponack includes the 63-acre estate and 66,000-square-foot home of Ira Rennert, said to be one of the largest private single-family residences in the country.
Median home value in Sagaponack peaked in November 2008 at $4.6 million, according to Zillow.com, which collaborated with BusinessWeek to design the ranking.
BusinessWeek explained that only places with populations of less than 10,000 were evaluated.
Other South Fork villages and hamlets made the list as well.
Water Mill rose one spot to reach No. 5, with a median home value of $2.1 million. Quogue Village leaped from No. 30 on the list in 2010 to No. 13, despite a year-over-year price change of negative 13.4 percent. Amagansett, which saw a 14.5 percent decrease in median home value, was ranked No. 23, after not making the top 50 in 2010. Zillow estimated median home value in Amagansett at $1.4 million. Bridgehampton took a tumble. Median home value decreased 7.5 percent, bringing it down to $1.2 million. It ranked No. 35, down from No. 8. The village of North Haven rose from No. 48 to 43, with a median home value of $1.1 million, a 9.7 percent decrease.
Sagaponack was notably absent from , which was released in September. However, the methodology for that ranking included all residences that fell within Sagaponack's ZIP Code, 11962, rather than just the village of Sagaponack, and it considered the pricetag of homes for sale, rather than the estimated price of all homes.