​​California Dominates Pricest Zip Codes, But The Top Spot Took A 5% Haircut

PropertyShark crunches the numbers each year on the country’s most expensive ZIP codes. For those who don’t have a few million dollars in our pockets, it’s a chance to check out how the other half-lives and spends on luxury homes.

The data doesn’t change much from year to year, but some surprises show new up-and-comers regarding pricey communities. The leader, however, remained the same. Atherton, CA, is the most expensive ZIP code for the eighth year. 

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The Silicon Valley enclave is home to tech legends like venture capitalist Marc Andreessen and Google billionaire Eric Schmidt, although maybe not for long. Andreessen listed his Atherton mansion for over $33 million earlier this year and Schmidt sold his Atherton estate for over $22 million. The town can still count NBA star Steph Curry as a current resident. The median sales price in Atherton dipped by nearly 5%, from $8.3 million to $7.9 million.

California has 80 out of the top 100 ZIP codes, with the Bay Area claiming 39 of the top slots, followed by Los Angeles with 29. Within these clusters, an interesting trend is emerging. Three of the top 10 most expensive ZIP codes were in Newport Beach, CA. The rise of this seaside retreat now means it’s tied with Los Angeles for the priciest metro in the country. The most famous Los Angeles ZIP code, Beverly Hills 90210, slipped out of the top 10, coming in at 13th with a median list price of $4.013 million, down 16% from last year. 

Where Prices Are Rising In The Rest Of The Country

Turning to the East Coast, New York’s luxury Hamptons getaways performed strongly. Sagaponack and Water Mill owned the second and third spots, respectively. But ranking doesn’t tell the whole story. Sagaponack was second with a $5.95 million median price in 2024, but that’s down 26% from last year’s $8.075 million. Water Mill, on the other hand, had a median price of $5.885 million in 2024, up nearly 30% from last year’s $4.5 million.

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While Los Angeles might be the most expensive metro area, New York City is still the top city for expensive real estate, claiming six out of the country's top 100 ZIP codes. TriBeCa's 10013 is in the lead, with the median price up 13% to $3.36 million. Prices in New York City still haven’t returned to their pre-pandemic heights. 

New York had 19 top ZIP codes, while New Jersey had six, hitting a new median record of $3.32 million in Alpine. Massachusetts had five, with the island of Nantucket as the priciest zip with a median price of $2.9 million, even as some homes sell for highly reduced prices due to beach erosion. Florida only had one ZIP code in the top 100, Miami Beach. Despite concerns about a real estate bubble in Miami, the median sale price rose by 4.5% to $5.75 million. 

Despite price drops in some areas, 67% of the country’s most expensive ZIP codes saw median sales prices increase in 2024. That’s up from 29% in 2023. The luxury market has performed well in 2024, partly because luxury buyers tend to be less interest-rate sensitive. Bloomberg reported over the summer that cash buyers of luxury homes had hit record highs. The fact that there's not a lot of difference in the ZIP codes PropertyShark covers each year reflects that, like luxury labels, some ZIP codes have long-term staying power.

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  This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's prospectus. Read them carefully before investing.