California Has Bulk of Nation’s Priciest ZIPs for Homes

California now contains more than half of the nation’s 1,000 priciest ZIP codes for home values.

Leading the way within the Golden State is 94027, in Atherton south of San Francisco, where a typical home in March was worth $7.71 million, the Silicon Valley Business Journal reported.

The newspaper ranking was based on The Business Journals Wealthy 1000, a ranking of the nation’s wealthiest ZIP codes based on a weighted formula that examines numerous wealth metrics, including typical home values from Zillow.

Atherton led the way, followed by Beverly Hills’ 90210 at $5.48 million; Los Altos’ 94022 at $4.9 million; Newport Coast’s 92657 at $4.79 million and Santa Barbara’s 93108 at $4.7 million.

Other California cities among the top 10 were Rancho Santa Fe’s 92067 at $4.55 million; Los Altos Hills’ 94024 at $4.44 million and Newport Beach’s 92661 at $4.38 million.

Among the top 10 outside California, Washington’s Medina, whose 98039 is outside Seattle, stood at $4.46 million; and New York’s Water Mill, whose 11976 is outside New York City, was $4.39 million.

California accounts for more than half of the nation’s 1,000 priciest ZIPs for home values, followed by New York at 96, Massachusetts at 74 and New Jersey at 55.

Among metropolitan areas, Los Angeles led with 203 ZIP codes, joined near the top by San Francisco at 115; San Jose at 55; New York at 145 and Boston at 58 with the most ZIP codes in the top 1,000.

Across the U.S., 776 ZIP codes had a typical home value above $1 million, according to the analysis. The average home value for the top 1,000 ZIP codes was $1.4 million.

Zillow put the average American home value in May at $360,681, up 4.3 percent from a year earlier. The median value of new houses sold was $417,400, down 0.9 percent in the wake of higher interest rates.

— Dana Bartholomew