As mortgage rates reached 20-year highs and the economy began to falter, the overall U.S. housing market saw sales drop and price growth slow. Yet, among the 100 most expensive zip codes in the U.S. and the 10 most expensive zip codes in Arizona, prices were on the upswing in even more locations this year than last, with 86% of zips experiencing increases.
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That said, prices did grow at a slightly slower pace this year compared to 2021. More precisely, medians increased by 25% or more in just 16 zips in 2022 compared to last year’s 25. Overall, 2022 median price changes ranged between +39% and -41%.
Despite this slower pace of growth, a record 128 zip codes posted the 100 highest median sale prices this year (the result of 22 ties). And they also reached new heights that might have been unimaginable just a few years ago. Among them were Atherton’s $7.9 million median; the $2.9 million median in Paradise Valley, Ariz.; and the dizzying $4.75 million median in 98039 in Medina, Wash.
Once again, ranking zip codes by median sale prices — calculated from actual closed sales to reflect real market conditions, instead of listing prices that represent sellers’ goals — this year’s top 100 proved that the wealthiest zip codes for real estate have overwhelmingly become even more expensive. Specifically, the five priciest zips in the country posted medians of $5 million or more, with a total of 14 zips surpassing the $4 million threshold. In fact, of the 128 zips on our list, only 27 had medians below $2 million — and those, too, stayed above $1.7 million.
Other key findings from our study:
• Paradise Valley reached a record new price point with its $2.9 million median after a 33% Y-o-Y price increase
• Scottsdale’s 85262 was the second most expensive zip code in Arizona with a $1.4 million median, followed by Carefree’s 85377 with a $1.2 million median
• The least expensive home currently for sale in Arizona’s most expensive zip code is listed for just $375,000, $2.5 million below the median
• The most expensive zip code in America is Atherton’s 94027. Atherton neared an $8 million median and kept the crown for the sixth consecutive year
• Nationwide, there were 50 zip codes with median between $2 million and $3 million
Here are the 10 most expensive zip codes in Arizona.
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2022 reached new historic highs with 14 zips surpassing the $4 million threshold, and the five priciest going north of $5 million.
1. Atherton, California (94027)
Median home sale price in 2022: $7,900,000
2. Sagaponack, New York (11962)
Median home sale price in 2022: $5,750,000
3. Ross, California (94957)
Median home sale price in 2022: $5,500,000
4. Miami Beach, Florida (33109)
Median home sale price in 2022: $5,200,000
5. Beverly Hills, California (90210)
Median home sale price in 2022: $5,122,000
6. Medina, Washington (98039)
Median home sale price in 2022: $4,750,000
7. Santa Monica, California (90402)
Median home sale price in 2022: $4,400,000
8. Santa Barbara, California (93108)
Median home sale price in 2022: $4,300,000
9. Newport Beach, California (92661)
Median home sale price in 2022: $4,293,000
10. Rancho Santa Fe, California (92067)
Median home sale price in 2022: $4,275,000
