As 2021 draws to a close and with it, one of the busiest years on record for US real estate, analysts are crunching the statistics. And among them are those for prices, particularly the highest. A recent study looked at the most expensive zip codes across the country and discovered that the west and east coasts had the priciest property this year.
California and New Year dominate the table
A report by Realtyhop looked at the top 100 most expensive zip codes for US real estate this year. The properties were in just 11 states, with the east and west coasts dominating the listings.
California took the lion’s share – some 63 of the most expensive zip codes were in this state. New York state was the next on the list with 20 of the priciest areas. New Jersey state had 5 of and real estate in Florida stood in fifth position with 2.
Most expensive zip code for US real estate
Atherton in Silicon Valley in California took the top position. The median price in this zip code came in at US$8.95 million, the most expensive property on average in the country. Furthermore, real estate in this part of the US went up by 3.5% in the year.
Fisher Island in Florida stood in second position. Properties in this exclusive enclave off the coast of Miami had an average price of US$6.4 million this year. Not far behind were homes in Sagaponack in the Hamptons, whose zip code came with a US$5.995 million price tag.
Priciest metro area
Real estate in Los Angeles has traditionally been among the most expensive in the US and 2021 was no exception. This metro area had eight of the priciest zip codes. For example, properties in Beverley Hills had a median price of US$5.95 million while those in Bel Air cost an average of US$4.2 million.
Median price for most expensive zip codes
The statistics also looked at the average among the most expensive places in the US to buy real estate and found that prices rose by 7.1%. As a result, the median this year rose to US$2,476,250, up from US$2,312,000 in 2020.
Steepest price hikes
In a separate survey, Realtor.com examined price trends in US real estate this year to find the metro areas where values have gone up the most. In general, 2021 has seen prices go up every month with double-digit increases in some parts of the country.
Montauk in New York state saw the most significant price hikes this year. Property values in this metro area increased by 33.62%, making them a third more expensive than in 2020. Real estate in Wainscott, also in New York state, posted the second highest rise with a 28.68% uptick in values.
(Sources: Realtyhop, Realtor.com)
