Every year we pull together data for Forbes to publish their 500 most expensive real estate zip codes. This year’s was published a week or so ago, and is more dominated by New York City than previous years. In previous years, the most expensive real estate markets in the country are in New York and the San Francisco Bay Area, this year, despite Atherton being the top of the list, the Bay Area is absent from the Top 10. Why is that?
In a word, inventory.
Housing availability remains in chronic shortage in California and particularly around San Francisco and Silicon Valley. In previous years, for example, Los Altos Hills would have two zip codes in the top 10 most expensive – 94024 and 94022. But this year, the active inventory fell too low. We use a size of 10 properties listed as a minimum count in this project, so Los Altos Hills wasn’t even included.Median Home Price in Los Altos Hills
The other reason some markets get prioritized in this project, is that Forbes likes to blend the prices of condos with those of single family homes to get a weighted price. The result is that the expensive condos in Manhattan bring the prices up, but in an expensive resort town like Vail, the cheaper ski condos bring the overall price down.
Check out the overall list and let us know if any other patterns jump out at you.