In what’s ostensibly a win for the West Coast, the Bay Area is again home to the most expensive zip code in the nation.
PropertyShark’s annual ranking now puts Atherton’s 94027 zip code in the lead, having wrested the top spot from New York’s exclusive Hamptons enclave of Sagaponack, which had been the priciest neighborhood for two years running. Atherton, the tony town of roughly 7,200 people in Southern San Mateo County made it to the top with a median home sales price for 2017 of $4.95 million.
The ranking of the priciest zip codes in the country was calculated by analyzing all residential real estate transitions closed in 2017 including condos, co-ops and single-family homes. The real estate data company calculated median home values using closing prices, which in a highly competitive market like the Bay Area, where multiple bidders are often vying for the same property, can vastly outpace initial asking prices.
California itself is home to the highest number of the nation’s 100 most expensive zip codes, weighing in with 77. The Bay Area alone makes up more than half of those.
The city with the most individual zip codes in the top 100 ranking is San Francisco. But its most expensive example, 94118, which includ es the Inner Richmond and Presidio Heights, only comes in at No. 42, with a median home price of $1.9 million.
When looking at counties in the Bay Area that had zip codes in the the top 100, Santa Clara comes in first with 15 listings, followed by San Mateo with 10 listings and San Francisco with nine zip codes.
Some of the biggest movers from the 2016 list includ e the Diablo zip code of 94528, which jumped up more than 20 spots nationally because of its median sale price of $2.62 million. Another big move up was seen from 94920 in Marin County, which saw prices go up from $2.1 million in 2016 to $2.56 million this year. Well represented on the top 15 priciest Bay Area zip codes are Palo Alto and Los Altos, which have multiple listings and home prices all above $2.4 million.