You don’t have to read any source of national real estate news for very long before you see something about Silicon Valley home prices. This vibrant enclave south of San Francisco consistently comes in at the top of “most-expensive” lists. This time, we’re looking at the 20 highest-priced communities within the Valley, based on the median sold price of homes during 2014.It should come as no surprise that the town of Atherton, population about 7,000, ranked #1, with a median home price of $3,900,000 in its 94027 zip code. It’s interesting to note, however, that this figure is only 4% above the 2013 median price. Among the 20 highest-priced Silicon Valley communities, Atherton’s homes were among the slowest appreciators between the two years.
The list, compiled by Business Insider from stats gathered from PropertyShark, has 94022 and 94024 in Los Altos Hills as numbers 2 and 3, with home prices of $2,450,000 and $2,200,000, respectively. Homes in both zip codes increased 17 percent in price from 2013 to 2014.
Here are the communities, zip codes and 2014 home prices for the rest of the top 10. You can read the entire list at the Business Insider link above.
4. 94031 Palo Alto: $2,200,00 5. 94028 Portola Valley: $2,135,500 6. 94010 Hillsborough: $1,878,250 7. 94306 Palo Alto: $1,860,000 8. 95070 Saratoga: $1,805,000 9. 95030 Los Gatos: $1,800,000 10. 95014 Cupertino: $1,418,500
While most of the homes in these zip codes have grown considerably in value over the last two years, several communities have experienced sluggish – or negative – growth. Homes in #4 Portola Valley actually decreased in median price by 4%. Homes in Menlo Park, Redwood City and Los Gatos all had price increases of less than 10% from 2013 to 2014.
Price gains were seen in most zip code areas. The largest was a 50% median price increase in the 94301 zip code in Palo Alto – jumping from $1,470,000 in 2013 to $2,200,000 in 2014. Other top gainers included:
San Mateo +31% Mountain View (94040) +27% Palo Alto (94306) +19% Cupertino +18% San Jose +18% Los Altos Hills (both zip codes) +17% Belmont +17%