Despite the median home price rising from $3,595,000 to $4,180,385 in Sagaponack, 11962 fell one spot on Forbes' annual list of America's most expensive ZIP codes, released last week.
Manhattan's 10065 jumped to the top of the list since the 2011 rankings, pushing 07620 in Alpine, N.J., 94027 in Atherton, Calif., and Sagaponack's 11962 each back one spot.
Forbes explained that it, with the help of Altos Research, it examined prices in more than 22,000 ZIP codes from June 28 through Sept. 28 — and looked at the median asking price for single-family homes and condominiums. Forbes not that co-ops were not included, and notes that the decision may have prished some Manhattan ZIP codes lower on the list. The analysis was also limited to ZIPs where 10 or more residences were on the market.
According to the magazine's analysis, Sagaponack has 84 homes on the market, and the average time on the market is 333 days.
Water Mill was ranked at 16 with a median home price of $3,317,277. Last year, Water Mill broke the top 10 at number 8. It was ranked 17 in 2010.
Bloomberg Businessweek's annual rankings of the priciest small towns in America placed Sagaponack at No. 1 earlier this year, and Water Mill came in at No. 4.
Empire Center for New York State Policy reported in May that Sagaponack has the lowest property tax rate in New York. Where Sagaponack Village and Sagaponack School District overlap has a tax rate of just $1.24 per $1,000 of assessed property value. Meanwhile, the median tax rate for Long Island is $23.53 per $1,000.