California is home to 91 of the nation’s 125 ZIP codes with the 100 most expensive medians for home sales, according to a recent Property Shark study. The state also includes six out of the top ten priciest ZIP codes.
The real estate website’s annual report shows that for the third year in a row, 94027 in Atherton is the most expensive ZIP code in the country. A Silicon Valley suburb, Atherton, California, about 30 miles south of San Francisco, recorded a median home sale price of $7.05 million, up 5 percent from last year when it saw a 35 percent jump.
Nine California ZIP codes had median home sale prices of more than $3 million.
“As has increasingly been the case throughout the years, California was once again the uncontested leader of pricey zip codes,” stated the annual report.
The Golden State is known to be in the midst of a housing crisis largely caused by a severe supply shortage. Less than a third of Californians can afford to buy a home, and the state has built less than half of the new homes needed to keep pace with population growth. The lack of affordable housing has led to more homelessness and much longer commute times for workers, who have been forced to move to less expensive areas outside the big cities.
San Francisco, the nation’s most expensive city, is home to 13 of the nation’s ritziest ZIP codes, the highest number of any city. Three years ago, the city had seven of the priciest ZIP codes. By 2018, it had nine.
Covering the ritzy Marina District and Cow Hollow, 94123 is San Francisco’s priciest ZIP. Its median of $2,005,000 places it as No. 38 nationally, tied with Redwood City’s 94062. Two more San Francisco zips ranked among the 50 priciest U.S. ZIP codes: 94118 and 94114.
Covering Jordan Park, Laurel Heights, Presidio Heights, Inner Richmond, Richmond District, and Lake Street, 94118 ranks No. 40 with a median of $1,985,000, while 94114—home to The Castro, Corona Heights, Dolores Heights, and parts of Noe Valley—ranked No. 49 with a median of $1,850,000.
The Bay Area is the most exclusive metropolitan zone, with 55 of America’s top ZIP codes and median home sale prices reaching $3.5 million in some places.
After Atherton, Palo Alto’s 94301 is the priciest Bay Area ZIP code in the top 100. The ZIP covers downtown Palo Alto and parts of Crescent Park. It ranked No. 7 nationally with a $3,522,000 median, down 6 percent year-over-year. Another Santa Clara community, ZIP code 94022 in Los Altos ranked as Silicon Valley’s third-priciest ZIP code at $3.45 million.
Marin County’s 94957 in Ross ranked No. 10 nationally at $3.35 million and is the most expensive ZIP code in North Bay. It saw a 31 percent increase in the median.
North Bay’s Stinson Beach’s 94970, experienced a 33 percent rise in median home sale prices. At $2.8 million, it ranks No. 16 nationwide.
Los Angeles County ranked as the most expensive county with 21 of priciest ZIP codes in the United States, some with median home sale prices higher than $4 million. Los Angeles County was followed by Santa Clara County, San Francisco County, and San Mateo County with 17, 13, and 11 ZIP codes, respectively.
Between 2014 and 2018, seven L.A. County markets have seen their medians skyrocket 40 percent or higher. The City of Los Angeles proper is home to six of the year’s most expensive ZIP, the priciest of which is Brentwood 90049 with a median sale price of about $2.088 million with a median sale price of $2,088,000. Ranked No. 37, the Brentwood ZIP was down seven spots from 2018 after a 7 percent drop in its median.
Los Angeles’s second-most expensive ZIP code is Bel Air’s 90077, which includes part of Beverly Glen and Holmby Hills. It ranked No. 56 nationally with a median sale price of $1,758,000, falling 22 positions as its median price plummeted 19 percent.
Beverly Grove’s 90048 was the city’s third-priciest ZIP code with a median price of $1,675,000. Nationally, the West Hollywood ZIP tied with 90254 in Hermosa Beach for the No. 66 ranking, with a 5 percent increase in its median. Los Angeles also claimed the No. 67 spot with neighboring 90036. Spanning parts of La Brea, Fairfax, Melrose, Brookside, Beverly Grove, and Miracle Mile, it recorded a 2019 median sale price of $1,673,000.
“California’s growing domination of our top 100 comes as no surprise, considering the dynamic price growth recorded in the state’s most important metros. Nearly half of Metro L.A.’s markets saw their medians rise at least 20 percent in just five years, while a third of the Bay Area underwent price surges of 40 percent or more,” according to the report.
After California, New York state remains the most expensive market on the East Coast with 18 ZIP codes in the top 100.
Though California and New York state dominated 2019’s top 100, nine other states with isolated pockets of wealth and luxury homes made the list. Connecticut and Massachusetts each contributed three ZIP codes, New Jersey, Nevada, and Washington had two each, and Arizona, Florida, New Hampshire, and Maryland each had one represented by one ZIP code.
Sixty-three ZIP codes saw a drop in their median sale price in the last year, while 38 recorded an increase, including a spectacular 71 percent surge in Brooklyn 10001. In four ZIP codes, the median sale prices remained unchanged from last year and 20 new ZIP codes were added. The study intended to rank the country’s top 100 ZIP codes, but ended up with 125 ranked.
Sagaponack, New York’s 11962 remains in the No. 2 spot on the top 100 list despite a 22 percent drop in median home sale price from $5.5 million in 2018 to $4.3 million this year.
California’s Santa Monica 90402 is the third-priciest ZIP with a median sale price of about $4.15 million. The city saw a 10 increase. Boston’s 02199, which ranked third last year, plunged 23 percent over last year.
World famous Beverly Hills 90210 posted a $4.08 million median sale price, up 27 percent from last year and placed fourth on the top 100 list.
New York City’s 10007 ZIP code saw a 27 percent climb the median sale price, hitting $3.9 million.