If you’re looking to try your luck in real estate investment for the first time, then knowing which are the most expensive cities in the US is a must. Due to several factors, the ranking changes from time to time. But thanks to a new report from Property Shark, we now know which US cities currently have the costliest homes.
The extensive report by Property Shark has revealed America’s 10 most expensive zip codes in 2021, and seven of them are cities.
On top of the ranking is the incorporated town of Atherton in San Mateo County, California. Home to tech billionaires and venture capitalists and sitting just outside of San Francisco in Silicon Valley, Atherton is the most expensive zip code in the country for the fifth year in a row, with a median home price of $7.5 million.
Atherton is followed by Boston City in Massachusetts. Boston, which was noticeably absent from last year’s ranking due to depressed real estate sales activity during the onset of the COVID-19 pandemic, secures the second spot this year with a median home price of $5.5 million.
Right after Boston is Sagaponack, a village on Long Island in New York. Dropping from the runner-up slot it held for three consecutive years, Sagaponack now has a median sale price of $5 million. It’s worthy to note that Sagaponack is the only zip code from the state of New York to make it into the top 10, with New York City failing to secure a spot even in the top 20.
A favorite of Silicon Valley executives and celebrities, Ross town in California retained its previous year’s position at no. 4 with a $4.58 million median sale price. This marked the first time that Ross surpassed the $4 million pricing mark.
The coastal resort city of Miami Beach in Florida, which includes the exclusive Fisher Island, saw a 66% jump in home prices year-over-year and rose from no. 23 last year to no. 5 on the ranking. It is the highest-ranking for a Florida zip code since 2017.
Completing the 10 most expensive US zip codes this year are Beverly Hills City in California ($41.2 million), Santa Barbara City in California ($4.1 million), Santa Monica City in California ($4.06 million), Los Althos City in California ($4.05 million), and Medina City in Washington ($4 million).
For the first time ever, America’s top 10 priciest zip codes all have median home prices of more than $4 million. And 30 of the country’s top 100 most expensive zip codes have median prices of over $3 million ― that’s more than twice the number of areas at that price last year.
Though home prices went up in all parts of the country, the Property Shark report pointed out that the top 100 zip codes are only found in 10 states, namely, Arizona, California, Connecticut, Florida, Massachusetts, Maryland, New Jersey, Nevada, New York, and Washington.