HousingWireHousingWire
The nation’s most expensive neighborhoods are once again in coastal states. A recent report from real estate data provider PropertyShark ranked California, New York and Florida as the states with the most expensive ZIP codes in 2024.
The report listed the 100 most expensive ZIP codes between Jan. 1 and Sept 30 of this year based on prices for closed residential sales. California dominated the list, comprising 66% of the most expensive ZIP codes in the U.S. Los Angeles, Santa Clara and Orange counties had the highest concentrations of pricey ZIP codes this year.
The nation’s most expensive neighborhood — Atherton, California — saw its median sale price jump to $7.9 million this year. Atherton maintained its spot as the most expensive ZIP code for the eighth year in a row. In 2023, Atherton’s median sale price was $400,000 lower than today. Behind it, six other California ZIP codes — including neighborhoods in Santa Barbara, Newport Beach, Rancho Santa Fe and Santa Monica — ranked among the 10 most expensive spots.
California may have the majority of the most expensive counties, but New York’s Suffolk County — which comprises two-thirds of Long Island — follows with eight high-income neighborhoods in The Hamptons on the list. Two of these neighborhoods — Sagaponack and Water Mill — hold the No. 2 and No. 3 spots nationally.
New York City is the most expensive city among the top 100, followed by Los Angeles and Newport Beach. Five Manhattan neighborhoods and one Brooklyn neighborhood are on the list, with Tribeca standing out as the most expensive neighborhood. Some of the Los Angeles neighborhoods on the list included Pacific Palisades, Bel Air, Beverly Crest and Brentwood.
Together, the San Francisco Bay Area, metro L.A. and metro New York make up 78% of the country’s most expensive ZIP codes. Florida’s Miami Beach area occupies the No. 4 spot on the list with a median sale price of $5.7 million.
Homebuyers in these locales boosted the luxury real estate market by 70%, according to the report. Meanwhile, 67% percent of the most expensive ZIP codes saw a price increase in 2024, compared to 29% in 2023. There were 15 ZIP codes on the list that boasted a median sale price above $4 million, while only 15 were below $2 million.
