Remember the housing market crash of 2007, when home prices fell like the proverbial ton of bricks? A memory is all it is now, as the price of single-family homes in many of America’s most exclusive communities have not only rebounded but exceeded their pre-recession price tags. Not surprisingly, Atherton leads the way.
A July 2014 article from CityLab, a data-reporting division of Atlantic Media, places Atherton’s 94027 zip code as being made up of the nation’s most expensive homes, with a median value of $4,590,900. That’s an amazing 26 times the value of the average U.S. home, which comes in at $172,300.
CityLab ranked the 10 most expensive zip codes in America, and Atherton – as it has in most-expensive rankings from numerous media entities over the years – landed at the top. Joining this town of around 7,000 residents are Palo Alto and Portola Valley.
Palo Alto took the #4 spot on the list, with a median home value of $3,331,500. Portola Valley, with a median home value of $2,825,800, was eighth on the list.
Among the 10 top finishers, six are from California including Beverly Hills #3, Santa Monica #7, and Newport Beach #10.
Rounding out the most expensive zip codes list are the 11962 zip code in the Hamptons in the New York metro area #2, the Prudential Center residential area in Boston #5, Fisher Island in the Miami-Fort Lauderdale metro area #6, and the Tribeca area of New York #9.
Here are the current most expensive homes and number of listings among our Silicon Valley finishers on CityLab’s list:
- Atherton: $21,988,999; 32 listings
- Palo Alto: $11,995,000; 48 listings
- Portola Valley: $7,250,000; 13 listings
Purchasing homes in these three communities requires not only a sizeable amount of money but also diligence in the home search process. Throughout Silicon Valley, homes are being bought rapidly, due in part to a near-record low amount of listings coupled with a large number of highly motivated buyers.
My intricate knowledge of the housing market in Silicon Valley and my proven negotiation strategies can be advantageous to you if you’re looking to buy a home in any of our wonderful cities and towns. Call (650) 947-2942, and let’s discuss your priorities.
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