Every real estate agent and broker dreams of working in the perfect market, but unless you live in California, the chances of your dreams becoming reality are slimmer.
A year-end report from real estate database PropertyShark has confirmed what every agent and broker may suspect: Real estate in California is expensive.
The analysis, which surveyed the priciest ZIP Codes in the country based on median home sales prices, found that California holds 77 of the 100 most expensive spots, including five in the top 10.
According to PropertyShark, New York came in with the second most ZIP Codes at 19. No other state had more than two.
Topping the list of most expensive ZIP Codes was 94027 in Atherton, Calif., a Silicon Valley city full of tech executives, which had a median sale price of $4.95 million, according to the data.
“We chose to work with ZIP Codes since they are officially designated and there is less debate concerning their boundaries when compared to neighborhoods,” said Andra Rus, who produced the report for PropertyShark. “This ranking is informative for home buyers and sellers alike, as well as real estate professionals since it highlights the top of the real estate market, although most buyers will not be able to afford a home in these areas.”
The 10013 ZIP Code of New York, home to the high-priced luxury condos of Tribeca in Manhattan, saw a median price of $4.1 million. In Miami Beach area, the 33109 ZIP Code the median was $4.052 million.
In Los Angeles, two of the most identifiable areas grabbed spots in the top 10: Beverly Hills, 90210, which had a median price of $3.85 million, and Santa Monica, 90402, which had a median of $3.512 million.
Sue Yannaccone of ERA Real Estate, told The Los Angeles Times that home prices nationwide will keep going up in 2018 as the real estate market continues to recover.