Are you working in one of the most expensive ZIP codes in America.
Altos Research recently compiled a list of America’s priciest locales for Forbes, looking at median home price data for more than 29,500 ZIPs covering 95 percent of the U.S. population.
Leading the field is 94027, Atherton, Calif., where the median price is $9,686,154 and the average days on market is 190. The least expensive listing there right now has a price tag of $2.789 million.
Michael Simonsen of Altos Research, noted that the median price of the 27 homes listed for sale in Atherton through October was $9.69 million, making 94027 the most expensive ZIP code in America, a title it previously held from 2013 through 2015 before slipping to third last year.
“Atherton is the epicenter of Silicon Valley money and it only has ultra-high end properties. There is no other mix there.”
Coming in at No. 2 is Manalapan, Fla., 33462, with a median price of $8,368,431 262 days on the market and an inventory of 25 homes. Last year, it ranked No. 1.
At No. 3 is 94022, Los Altos, Calif., where the median price is $7,755,000 and average days on the market stands at 105. Inventory is 25 properties.
Another Bay-Area ZIP cracks the Top 5: 94301. Palo Alto, Calif., boasts a median price of $7,016,631 and just 67 days on the market with inventory at 14 properties.
Also in the Bay area, 94957 in Ross, Calif., rounds out the Top 5 with a median price of $6,939,423. Days on the market comes in at 123 and inventory at 10.
“The explosion of wealth has taken a lot of properties off the market” in Silicon Valley, says Golden Gate Sotheby’s International Realty’s Michael Dreyfus, who has sold real estate in the area for over 25 years.
With Los Angeles’ Beverly Hills 90210 at No. 8, California accounts for half of America’s 10 priciest ZIPs in 2017.
New York City has two Top 10 spots: the Upper East Side’s 10065 (No. 9) and Tribeca’s 10013 (No. 10).
Nevertheless, in ZIPs across the country, tight inventory remained a key theme in 2017, with 12 percent fewer properties for sale in 2017 than in Forbes’ 2016 analysis.
Nationwide homes are moving at about the same pace as they were a year ago, however in the 10 most expensive ZIP codes in the country, the average time a home spends on the market is up from four and a half months in 2016 to six months today.
See the full list of 500 ZIP codes here to find out where your market stands.
