Forbes' Betsy Schiffman unveils a new study that looks at single-family home and condo prices throughout 28,500 ZIP codes to determine the most expensive and exclusive neighborhoods in America.

Last year, Forbes's list was dominated by ZIPs in and around New York City, but the rise in prices on the left coast, especially the Bay Area, over the last year has allowed the Golden State to dominate this year's rankings.

“The thing about the Bay Area is that the housing supply is ridiculously constrained. And in a town like Atherton, there are no condos,” says Michael Simonsen, chief executive of Sunnyvale, Calif.-based Altos Research, which crunched the numbers for this list. “Manhattan is unique. It’s a more diverse market.”

For the third straight year, Atherton, Calif., located between San Jose and San Francisco and home to tech superstars like Meg Whitman and Sheryl Sandberg, topped the list. It was followed by tony, tiny Sagaponack, N.Y., one of the Hamptons most exclusive neighborhoods, a place where mansions are often filled only a few weeks a year over the summer.

The top 10 was rounded out by the 10012 ZIP in New York, N.Y.; Woody Creek, Colo.; the 10013 ZIP in New York City; Miami Beach; Woodside, Calif.; Hidden Hills, Calif., Aspen, Colo., and yet another Bay Area locale, Hillsborough. 

You can find the full ranking of 500 ZIP codes here, or check out a gallery of homes in the top 50 ZIP codes, or follow on to the full write-up:

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