MReport and Property Club recently revealed data from a study on how COVID-19 is impacting the U.S. luxury real estate market. The study that was conducted focused on the most expensive zip codes in America. Out of these expensive zip codes, two-thirds of them were in the state of California. The zip code 94027, which is in Atherton, CA, had the number one ranking for median home sale price- which was roughly $6,690,000. Atherton is the home of six of the top ten most expensive zip codes in the nation. According to the report, Beverly Hills’ 90210 was the second most expensive zip code, with a median home sale price of roughly four million dollars.
WHAT ELSE DID THEY FIND?
The data also revealed that urban areas are struggling to attract buyers. Almost 80% of the most expensive zip codes are in the suburbs. In fact the top ten most expensive zip codes are all in suburban settings. Only three of the top 25 zip codes are in populated cities, and all of them are in Manhattan. New York has 19 of the nation’s top 125 expensive zip codes and five of the top 25. While a majority of the nation’s most expensive zip codes are in California and New York, the remaining zip codes are spread across 13 other states. These states include: Massachusetts, Connecticut, New Jersey, Florida, Washington, Nevada, Georgia, South Carolina, Utah, Maryland, Arizona, Colorado, and Wyoming.
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