The pandemic has led to many changes in the residential real estate market: suburban migration, a dearth of inventory, the return of bidding wars, waning luxury markets and more. But have those trends in homebuying sparked big changes to sale prices around the country — particularly in the most expensive areas?
The short answer: Maybe.
According to PropertyShark’s analysis of the country’s most expensive ZIP codes, “2020 presented a reversal of 2019’s picture, with significantly more areas experiencing gains in their median sale price than losses.”
Seventy-eight locations saw gains year-over-year, and 28 of those experienced double-digit increases. On New York City’s Upper West Side, for example, the median sale price in the ZIP code 10069 rose 42 percent to reach $2.725 million.
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PropertyShark ranks the country’s priciest ZIP codes this year by looking at every closed residential transaction through the end of October and calculating median sale prices from that. Among the 121 ZIP codes that made it onto the list, New York and California stand strong, with 107 of the most expensive areas.
California dominates the top 10, while New York City doesn’t enter the list until No. 11, with Tribeca, located in ZIP code 10007. Miami Beach’s Fisher Island, in the 33109 ZIP code, made it onto the list at No. 23.
Other states also that appear on the list include Massachusetts, with four zip codes; Connecticut and Nevada, with two; and Arizona, Florida, Maryland, New Hampshire, New Jersey and Washington, which each contributed one.
Here are the top 10:
- 94027: In the town of Atherton in San Mateo County, California, the median sales price was a whopping $7 million, making it the most expensive zip code for the fourth year in a row. Notable residents include Chamath Palihapitiya, the venture capitalist whose Social Capital Hedosophia Holdings II recently helped take Opendoor public.
- 11962: Sagaponack, New York once sat at the top of the list back in 2015. But, its $3.875 million median is the result of a 10 percent year-over-year drop — the fourth year in the past five that the Hamptons community’s median sale price has decreased.
- 90402 and 90210: Unsurprisingly Santa Monica, California, is close to the top of the list with a median sales price of $3.75 million. This is the second year the neighborhood has ranked No. 3 on PropertyShark’s list, despite coming in 10 percent below 2019 pricing levels. Beverly Hills tied with Santa Monica, but that’s a drop from the city’s five-year high of $4.08 million in 2019.
- 94957: With an 8 percent gain over 2019 figures to reach $3.605 million, Ross, a small town in Marin County, California, claimed fourth place.
- 94028: Portola Valley in San Mateo County, California, similarly rose 7 percent to hit $3.53 million.
- 94022: Los Altos in Santa Clara County, California, claimed sixth place with $3.453 million.
- 11932: After a California-filled spree, seventh place brings us back to the Hamptons. Bridgehampton in Suffolk County, New York, saw a 30 percent price increase, pushing its median sale price to $3.325 million. That’s also the third-highest median price growth among the top 100 most expensive ZIP codes.
- 94301: Going back to Cali: Palo Alto in Santa Clara County claims eighth place with $3.298 million.
- 98039: In King County, Washington, Medina claims the title of most expensive ZIP code in the Pacific Northwest with a median sales price of $3.225 million. Bill and Melinda Gates are among the notable people who call Medina home.
- 94024: A separate ZIP code in Los Altos closes out the list with a median sale price of $3.2 million.