The City of New York has fallen out of the ranks of the twenty most expensive US ZIP codes even against the backdrop of the skyrocketing rents throughout the Big Apple as the COVID-19 pandemic is supposedly starting to wind down.

That is according to the ranking of the 2021 most expensive US ZIP codes published by Property Shark.

California dominates massively the top 20

The highest-ranking New York City ZIP code is ranked only at No. 22.

That is Manhattan’s 10013, which includes parts of Soho, Tribeca, Hudson Square, and Little Italy – the median sale prices there stands at $3,212,000.

There are ZIP codes in New York State that fare better: Sagaponack and Water Mill, which are both in Suffolk County, and on Long Island’s Hamptons enclave, have come at No. 3, with a median sale price of $5 million.

Another New York location, the 10007 ZIP code of Downtown Manhattan, which includes part of Tribeca, is ranked 25th, with a median sale price of $3,125,000.

Sixteen out of the top 20 spots in the 2021 Property Shark ranking are in California.

The top spot in the ranking, with the most expensive ZIP code in America, is 94027 of Atherton, San Mateo County, California, with a median sale price of $7,475,000.

The second spot remains for Boston, Massachusetts, with the 02199 ZIP code and a median sale price of $5.5 million.

After Sagaponack, NY, at No. 3, No. 4 is 94957, Ross in Marin County, California, with a median sale price of $4,583,000.

Miami Beach in Florida with its 33109 ZIP code is ranked fifth, with the median sale there at $4,475,000 in 2021.

The rest of the rankings top 10 and top 20 are all California ZIP codes, with only No. 10 reserved for the 98039 ZIP code of Medina, Washington state.

Manhattan’s property market starting to surge

Despite New York City’s ZIP codes’ abysmal performance in the Property Shark ranking, NYC and Manhattan, in particular, have been experiencing a surge in real estate prices, which is attributed to the return of buyers to the city based on the development of the COVID-19 pandemic.

Thus, according to a report by Douglas Elliman and Miller Samuel cited by The Daily Mail, the median resale price of Manhattan apartments reached $999,000 in 2021 Q2, which is a record for a period of the pandemic, i.e. since March 2020.

The area’s average sale prices surpassed $1.9 million for a 12% in the second quarter, the report says.

Estimates by Unacast show that a net 70,000 residents fled NYC at the height of the coronavirus pandemic, which meant the city lost income to the amount of $34 billion.