The pandemic has led to many changes in the residential real estate market: suburban migration, lack of supplies, the return of auction wars, declining luxury markets and more. But have these trends in home buying caused large changes in selling prices across the country – especially in the most expensive areas?
Short answer: Maybe.
According to PropertyShark analysis of the most expensive postal codes in the country, “2020 represented a reversal of the picture of 2019, with significantly more areas recording gains in their average selling price than losses.”
Seventy-eight jobs recorded year-on-year gains and 28 recorded double-digit growth. For example, in New York’s Upper West Side, the median sale price at ZIP Code 10069 increased 42 percent to $ 2.725 million.
PropertyShark ranks this year’s most stringent postal codes by looking at each closed residential transaction by the end of October and calculating average retail prices. Among the 121 postcodes on the list are strong New York and California with 107 most expensive areas.
The top ten is dominated by California, while New York will not enter the list until No. 11, while Tribeca is located at ZIP Code 10007. On Island No. 23, the ZIP code at Fisher Island in Miami Beach was entered at 33109. .
Other states that also appear on the list include Massachusetts with four zip codes; Connecticut and Nevada, two; and Arizona, Florida, Maryland, New Hampshire, New Jersey and Washington, each contributing one.
Here are the top 10:
- 94027: In Atherton, San Mateo, California, the median selling price was an incredible $ 7 million, making it the most expensive zip code for the fourth year. Notable residents include Chamath Palihapitiya, a venture capitalist whose social capital Hedosophia Holdings II recently helped take over Open the door public.
- 11962: Sagaponack“New York used to be at the top of the list back in 2015. However, its median $ 3.875 million is the result of a year-on-year decline of 10 percent – the fourth year of the last five the Hamptons’ median selling price has fallen.
- 90402 and 90210: Not surprisingly, Santa Monica is at the top of the list in California with a median selling price of $ 3.75 million. This is the second year the neighborhood has ranked 3rd in the PropertyShark list, although it fell 10 percent below price levels in 2019. Beverly Hills tied with Santa Monica, but it’s down from the city’s five-year high of 4.08 million dollars in 2019.
- 94957: Ross, a small town in Marin County, California, came in fourth with a profit of 8 percent from 2019, which reached $ 3.605 million.
- 94028: The Portola Valley in California’s San Mateo County similarly grew 7 percent to $ 3.53 million.
- 94022: Los Altos in Santa Clara County, California won sixth place with $ 3.453 million.
- 11932: After the California rampage, seventh place takes us back to the Hamptons. Bridgehampton in Suffolk County, NY, saw a 30% price increase and pushed its average selling price to $ 3.325 million. It is also the third highest average price increase among the 100 most expensive postcodes.
- 94301: Back to Cali: Palo Alto in Santa Clara County won eighth place with $ 3.298 million.
- 98039: In King County, Washington, Medina claims the title of the most expensive zip code in the Pacific Northwest with a median retail price of $ 3.225 million. Bill and Melinda Gates are among the prominent people who call Medina at home.
- 94024: Last but not least, the list closes with a separate zip code in Los Altos with a median selling price of $ 3.2 million.