The real estate market is on fire. Recently, the carefully followed S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showed home prices rose 19.5% nationally in September compared to the same month last year. Among the large cities the survey covers, Phoenix had the largest increase at 33.1%.
This data is not out of step with other studies. People have migrated by the tens of thousands from expensive coastal cities like New York and San Francisco to less expensive cities inland. These smaller cities are not just less expensive. Many have a perceived better quality of life. Ironically, the rush of homebuyers to these places has driven up prices sharply.
Not surprisingly, the most expensive Zip codes in terms of home prices were heavily concentrated on the two coasts. This included 94027 (Atherton, California), 02199 (Boston) and 11962 (Sagaponack, New York). In 94027, The median sales prices for a home there this year were $7.475 million, $5.500 million and $5.000 million, respectively.
As in every other Zip code, neighborhood or city, some homes cost well below the median for the area. Atherton’s 94027, the nation’s most expensive Zip code, has a home on the market for “only” $4,998,000. The address, for those who want it, is 16 Valley Road, Atherton.
These are the cheapest houses in America’s 20 most expensive Zip codes:
|Zip Code||Location||Asking Price||Median Sale Price|
|92067||Rancho Santa Fe||$1,995,000||$3,399,000|