America’s 100 Most Expensive Zip Codes: Boston Back Bay, Weston, Newton and a Few More Make the List

As mortgage rates reached 20-year highs and the economy began to falter, the overall U.S. housing market saw sales drop and price growth slow, according to a report by Property Shark. Yet, among the 100 most expensive zip codes in the U.S., prices were on the upswing in even more locations this year than last, with 86% of zips experiencing increases.

Please see below the full report from Property Shark:

That said, prices did grow at a slightly slower pace this year compared to 2021. More precisely, medians increased by 25% or more in just 16 zips in 2022 compared to last year’s 25. Overall, 2022 median price changes ranged between +39% and -41%.

Despite this slower pace of growth, a record 128 zip codes posted the 100 highest median sale prices this year (the result of 22 ties). And they also reached new heights that might have been unimaginable just a few years ago. Among them were Atherton’s $7.9 million median; the $2.9 million median in Paradise Valley, Ariz.; and the dizzying $4.75 million median in 98039 in Medina, Wash.

Once again, ranking zip codes by median sale prices — calculated from actual closed sales to reflect real market conditions, instead of listing prices that represent sellers’ goals — this year’s top 100 proved that the wealthiest zip codes for real estate have overwhelmingly become even more expensive. Specifically, the five priciest zips in the country posted medians of $5 million or more, with a total of 14 zips surpassing the $4 million threshold. In fact, of the 128 zips on our list, only 27 had medians below $2 million — and those, too, stayed above $1.7 million.

For the full ranking of 2022’s 100 most expensive zip codes, scroll to the bottom of the page. For an even more detailed picture, explore last year’s top 100

10 States Originate Country’s Most Expensive Zips, California Keeps Its Lead

As has been the case for years now, California remained the unchallenged leader of the most expensive zip codes to buy a home in the U.S., providing 90 zips to our ranking or the equivalent of 70% of the country’s leading zips.

Not only that, but the country’s four priciest counties; the most expensive metro; four of the five priciest cities; and seven of the 10 most exclusive zips were all in California. Furthermore, the sharpest median increase was also in California: 92014 in San Diego County grew 39% year-over-year (Y-o-Y).

As expected, New York contributed the second-highest number of zips with 17 entries, representing 13% of the richest zip codes for real estate in the U.S. It was followed by Massachusetts with six zips, where the ultra-pricey 02199 zip code slipped out of the top 10 after undergoing the most radical price drop on our list at -41%. Additionally, Washington and New Jersey tied with four zips each to increase their presence among the most exclusive zips.

At the other end of the spectrum, Connecticut slid down in rankings, losing one entry since last year. Arizona, Nevada, Florida and New Hampshire all contributed one zip this year.

Sagaponack Returns to #2 As Boston’s 02199 Sees Median Slashed by 41%

2022 reached new historic highs with14 zips surpassing the $4 million threshold, and the five priciest going north of $5 million. Of those, Atherton’s 94027 remained firmly entrenched as the #1 most expensive zip code in the U.S. at a jaw-dropping $7.9 million median sale price, after a 6% Y-o-Y increase. In fact, the billionaire hotspot now sports a median sale price that’s more than 20 times higher than the national median.

Meanwhile, with Boston’s Back Bay out of the picture and a 15% Y-o-Y price hike, the Hamptons’ Sagaponack returned to its traditional #2 spot with a $5.75 million median. Sagaponack’s 11062 was the second-priciest U.S. zip code for several years, although it last grabbed the runner-up position in 2020 when its median was nearly $2 million less than it is now.

The #3 priciest U.S. zip code for the first time ever, 94957 in Ross, Calif., posted a $5.5 million median. This was after an increase of 20% or nearly $1 million year-over-year. Notably, Ross has been steadily climbing in the rankings since 2016, when it was #11 in the country. Had Ross’ price gains been slightly more muted, it would have been surpassed by Fisher Island’s 33109 in Miami Beach, which placed 4^th with a $5.2 million median after a 16% Y-o-Y increase.

Arguably the most famous U.S. zip code, 90210 also reached a new price record at $5,122,000 after the Beverly Hills zip shot up 24% over last year’s figures. In 2020, 90210 placed third with a $3.75 million median. Today, that median would have only earned #17.

At the same time, one long-time presence among the 100 priciest U.S. zip codes — 98039 in Medina, Wash. — secured its highest position yet with a record-breaking $4.65 million median sale price. A result of surging prices throughout King County, as well as a heated luxury market, prices rose 19% Y-o-Y in this enclave of tech dollars. In fact, the least expensive home currently on the market in Medina has a listing price of $2,998,000, according to a recent study by Point2.

Next, Los Angeles County secured its second spot among the 10 most expensive U.S zip codes with Santa Monica’s 90402 at $4.4 million, making it the only county to do so. Thanks to an 8% Y-o-Y median increase, it outpaced the 5% hike in Santa Barbara’s 93108 to claim #7 and push Santa Barbara down to #8.

Newport Beach also reached new heights with 92661 placing #9 at $4,293,000 after its median sale price shot up 30% Y-o-Y. This secured the town’s highest position yet and set a new pricing record. Finally, Rancho Santa Fe’s 92067 also set a new record for the municipality — as well as San Diego County — after its median grew 26% to reach $4,275,000 to become the #10 most expensive zip code in the U.S.

Bay Area Remains Most Expensive Metro Area in U.S. by Significant Margin

The Bay Area maintained a comfortable lead as the most expensive metropolitan area in the country, contributing 46 zip codes to the country’s priciest. However, it has lost some ground in recent years, pulling back from the record 55 zip codes it contributed back in 2019. This year, the Bay Area’s top zips were located in the counties of Santa Clara (14), San Mateo (10), Marin (8), Contra Costa (6), San Francisco (5) and Alameda (3).

As expected, metro LA had the second-strongest presence, originating 31 of the top zips from the ultra-pricey Los Angeles and Orange counties. Likewise (and as in previous years), the vast New York metropolitan area had the third-heaviest presence with 23 of the richest zip codes for real estate. These were primarily located in the New York counties of Suffolk (9) and New York (6), with Westchester and Nassau placing one each. Connecticut’s Fairfield County also contributed three, while the New Jersey counties of Essex, Bergen and Monmouth contributed one each.

Silicon Valley and Southern California Claim Counties with Highest Concentrations of Pricey Zips

Considering that the Bay Area and metro Los Angeles combined claimed 81 of the 128 zips with the country’s highest medians, the most expensive counties in the U.S were also located here, as usual. Specifically, Los Angeles County remained firmly in the lead with 21 of the most expensive U.S. zip codes, including the #5 and #7 priciest zips.

Runner-up Santa Clara County maintained its position with 14 exclusive zips, despite losing its presence in the top 10 after 94022 in Los Altos slid from to #11. And, although 94022’s median inched up 5% over last year’s figures, prices in some Orange, Santa Barbara and King County zips appreciated at a much faster rate to leapfrog the small town at the heart of Silicon Valley.

Finally, Bay Area neighbor San Mateo County contained the #3 highest concentration of pricey zips. However, unlike in 2021, it now shares its spot with Orange County, which also contributed 10 exclusive zips.

As a result, these four counties formed several dense clusters of exclusive California zip codes, including hotspots like Sunnyvale, Mountain View, Menlo Park, Beverly Hills, Newport Beach and Los Angeles.

Exclusive Los Angeles Zip Codes Form 13-Mile Supercluster Along Sunset Blvd.

After five years in the lead, San Francisco was dethroned as NYC and LA contributed six zip codes each, claiming the highest concentration of expensive zip codes. Just behind them, San Francisco tied for #2 with Newport Beach, Calif., contributing five zips each.

San Francisco’s position had been firmly entrenched for years, even ranking a record 13 zips at one point — a feat no other city has come close to. However, that number dropped to five in 2022, as 94121 and 94122 fell off the top, despite gains that raised their medians to around $1.75 million.

Yet even that price point wasn’t enough to place them in the top of our list in 2022: The two zips that tied for #100 this year had a $1.78 million median — a price point that was 9% higher than last year’ final entry.

That said, while San Francisco’s star was on the wane, Newport Beach was on the rise, ranking five zips. As a result, Newport Beach is now a community of exclusive zip codes with medians between $2.4 million and $4.29 million and double-digit price gains as high as 30% Y-o-Y. One such example was 92661, covering the lower half of the Balboa Peninsula, which actually placed Newport Beach in the top 10 for the first time.

Notably, the six LA zip codes in the top 100 were mostly on the rise. 90077 in particular underwent one of the sharpest increases in our ranking, coming in 34% higher than year-ago figures. And, just like last year, the three priciest zips in LA — 90272, 90077 and 90049 — formed an uninterrupted cluster of ultra-expensive real estate.

Not only that, but Beverly Hills’ 90210 connects these exclusive hotspots to zips 90036 and 90048 to form a 13-mile supercluster of expensive zip codes within Los Angeles. Famed neighborhoods (or parts of them), such as Bel Air, Holmby Hills, Pacific Palisades, Beverly Grove and West Hollywood all fall within the range of this supercluster, which claims medians between $1.95 million and $3.81 million. Moreover, a short drive to Little Armenia brings buyers to LA’s sixth entry, zip 90027.

NYC Returns to Top 20, but Hamptons Dominate State Rankings

Although NYC has traditionally ranked more zip codes than the Hamptons and the North Shore combined, COVID-19 flipped that dynamic. Consequently, Suffolk County zips outnumbered those from NYC nine to six in 2022, while Long Island’s North Shore was represented by 11568 in Old Westbury. Additionally, Westchester County’s 10580 in Rye brought New York state’s total to 17 entries of the country’s 100 most expensive zip codes.

While Rye has been a constant presence since 2017, its position has steadily declined, ranking #88 this year as increases in other pricey enclaves have outpaced it. The exclusive community posted a median sale price of just $1,873,00 this year. Similarly, Nassau County was on the decline, as well, ranking only one zip this year — far from the record four that it contributed in 2017.

Turning south, Suffolk County was represented by a record nine zip codes this year, with medians ranging between $1,865,000 and $5.75 million. It’s worth noting here that all nine communities have ranked multiple times in previous years.

In particular, the #2 priciest zip code nationwide yet again — Sagaponack’s 11692 and its record $5.75 million median — was followed by Water Mill’s 11976 at $3,699,000; Amagansett’s 11930 at $3,525,000; and Bridgehampton’s 11932 at $3.3 million, all of which landed in the top 25.

In NYC, however, COVID’s effect on real estate can still be felt: In 2022, the city contributed six zips to the top 100 and reinforced the shifting dynamics when compared to the 10 zips it ranked in 2019. On the positive side, the city did manage to return to the top 20 with 10013 at #16. Including parts of TriBeCa, SoHo, Little Italy and Hudson Square, the exclusive zip’s median climbed 18% Y-o-Y to reach $3,795,000.

However, neighboring 10007 — which covers Downtown Manhattan, TriBeCa and SoHo — slid 12 positions after its median sale price contracted to $2,775,000. In fact, even Battery Park City’s 10282 outpaced it with its $3.13 million median. And, despite a 10% increase, the Greenwich Village, SoHo and Nolita zip of 10012 dropped further in the rankings It landed at #71 with a median of $2,125,000 — a far cry from its highest position at #26 in 2018, which it secured with $2,378,000.

The Upper West Side’s 10069 also recovered some of its 2021 losses, appreciating 23% to return to a price point north of $2 million. At the same time, although Chelsea’s 10001 also recovered some pandemic losses last year, the affluent neighborhood saw its median decrease yet again, dropping 36 positions.

Alpine’s 07620 Dethroned as New Jersey’s Priciest Zip After 6 Consecutive Years

Across the river in New Jersey, four zip codes ranked among the country’s wealthiest, a new record for the state. Another change in New Jersey: Its perennially pricey 07620 in Alpine — which had been a mainstay of the country’s leading zips, as well as New Jersey’s most expensive one since 2016 — was finally outpriced by Deal’s 07723. Specifically, Alpine placed #66 with a $2.18 million median sale price, whereas Deal was #58 with a $2.3 million median. Deal previously ranked in 2019.

Next, Avalon’s 08202 returned for the second time after last year’s debut. This time, it ranked 10 spots higher after a 20% increase that lifted its median to $2 million. Finally, New Jersey’s fourth contribution was 07078 in Short Hills at $1,825,000. This one had previously appeared for three consecutive years between 2016 and 2019 but was later locked out of rankings by zips with faster paces of price increases.

Miami Beach Reaches New Pricing Record with Fisher Island

Way down south on the East Coast, Florida was again represented by 33109 in the Miami Beach community of Fisher Island. A mainstay of the country’s 100 priciest zips, 33109 returned for the seventh consecutive year with a $5.2 million median.

And, while the zip’s position has fluctuated throughout the years, it has most often landed among the 10 most expensive zip codes in the U.S. Earning the #4 spot this year, it’s worth noting that 33109 claimed the #3 spot back in 2017 — but it did so with a $4 million median. In 2022, that figure would only make it to #14.

Boston’s Back Bay Drops from #2 Following 41% Price Cut

Far up north on the Eastern seaboard, New England was home to 10 of the country’s wealthiest zips, with Massachusetts contributing six, Connecticut three and New Hampshire returning with one.

After originating a record 11 of the richest zip codes for real estate prices — including #2 last year — the winds shifted in some key areas in 2022. For example, Boston’s position noticeably weakened: The city placed only one zip, and its flagship pricey zip code in Back Bay, 02199, fell from last year’s record #2 spot and all-time high median of $5.5 million.

This came after a 41% price cut slashed Back Bay’s median to $3,245,000, the result of lower-priced transactions. Even so, this remained the most exclusive zip code in New England. Conversely, the other five Massachusetts zips at the top of our list all experienced double-digit price hikes.

Meanwhile, Nantucket’s 02554 was Massachusetts’ next most expensive zip code, with its $2,538,000 median marking a new pricing peak for the exclusive island. The next-richest zip code was Chilmark’s 02535. It surged from #93 last year to land at #58 in 2022, thanks to a 38% Y-o-Y price jump. In fact, that was the second-sharpest price appreciation in this year’s national rankings, and it lifted the median of this Martha’s Vineyard community to $2.3 million.

Other Massachusetts entries were all from communities that have been listed sporadically throughout the years, including Weston’s 02493; 02481 in Wellesley Hills; and 02468 in Waban, all of which landed above the $2 million mark.

New Hampshire Returns with Record Rye Beach Median as Connecticut Loses Ground

New Hampshire returned to the top 100 this year with its most exclusive zip code — 03871 in Rye Beach. The Rockingham County zip debuted in 2019 and returned in 2020, but Rye Beach reached its highest ranking yet at #41 this year, with its $2.65 million median sale price its highest thus far.

However, in Connecticut, things looked gloomier: The state contributed only three zips, all of which trended down.

More precisely, the Connecticut zips recorded negative price growth that pulled all three zips down in the rankings by at least 20 slots: 06830 in Greenwich, 06878 in Riverside and 06870 in Old Greenwich all slid to the bottom 10 positions on our list, with the latter clinging on at the #100 spot. What’s more, the contracting price trends of Fairfield County’s leading zip codes were even more notable considering that the county’s median increased 11% Y-o-Y overall.

Washington Ranks with Record 4 Zips, with Medina #6 Priciest in the U.S.

In contrast to Connecticut, Washington state was on the rise, securing its heaviest presence yet with a record four zip codes. Usually, the state is represented by the ever-pricey Medina zip of 98039 — home to tech executives and innovators — with Bellevue and Mercer Island occasionally making appearances. But, as prices in King County surged to new heights in 2022, Washington’s most exclusive enclaves followed suit.

As expected, Medina’s 98039 was again the leading Washington zip, reaching its highest position yet as the #6 most expensive U.S. zip code with a median of $4.75 million. Across the lake from Seattle, Mercer Island’s 98040 returned with a $2.28 million median sale price, the result of a 27% increase over last year’s figures.

And, having previously ranked in 2017, Bellevue’s 98004 landed at #88 with a median sale price of $1.9 million to mark a new pricing record for the birthplace of Amazon. Just across the lake from Bellevue, zip code 98075 in Sammamish was the fourth-priciest zip code in the Pacific Northwest with a $1,869,000 median sale price.

Arizona Enclave Draws Increasing Number of Wealthy Buyers as Nevada Pulls Back

The West’s last two entries came from the desert states of Arizona and Nevada. In particular, Arizona’s flagship zip code of 85253 in Paradise Valley returned for its fourth consecutive year to claim its highest position yetat #34 after a 33% Y-o-Y price boom.

The rockstar hotspot first placed among the priciest U.S. zip codes in 2019 at #93 with a median just below $1.5 million. Paradise Valley reached a record new price point with its $2.9 million median. Thus, the wealthy enclave remained strong compared to the rest of the region, where transactional activity slowed and price growth faltered in the latter part of the year.

Conversely, Nevada pulled back in 2022: After three consecutive years of claiming two spots among the country’s richest zip codes for real estate, Nevada returned with only one this year — Glenbrook’s 89413. The Glenbrook zip has been a constant among the top 100 for seven consecutive years and landed at #31 in 2022 with a record $3,075,000 median. The Douglas County zip was joined by fellow Lake Tahoe enclave Crystal Bay in 2019, which did not manage to place this year.

For the full list of 2022’s top 100 most expensive zip codes in the U.S., explore the interactive table below:

 

 

Explore the 10 most expensive zip codes in Massachusetts, Washington, New Jersey, Connecticut, New Hampshire, Arizona and Nevada in the interactive tables below:

 

 

Make sure to explore 2021’s rankings, as well.

Methodology

To determine the most expensive zip codes in the U.S., we looked at residential transactions closed between January 1, 2022, and October 31, 2022, taking into account condos; co-ops; and single- and two-family homes. All package deals were excluded.

For an accurate representation, we considered only zip codes that registered a minimum of three residential transactions. Due to a number of ties, 128 zips made it onto our list of the 100 most expensive zip codes in 2022.

Median sale prices in 2021 and 2022 were rounded to the nearest $1,000.

The Bay Area was defined as Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Sonoma and Solano counties.

The Los Angeles metropolitan area was defined as Los Angeles County and Orange County.

The 23-county New York metropolitan area was defined as New York City; Long Island; the Mid- and Lower Hudson Valley; Central and Northern New Jersey; Western Connecticut; and Pike County, Penn.

U.S. regions and divisions were defined per U.S. Census Bureau designations.

To read the original article from Property Shark, please click here.