While more than half of the 100 most expensive ZIP codes in the country experienced median price declines in 2023, several at the top of the list saw prices climb to record-breaking highs. The two most expensive ZIP codes in the country—Atherton, California, and Sagaponack, New York—saw median sales prices climb above $8 million, according to Point2’s sister division PropertyShark.
Against the backdrop of record-high prices in the luxury market and declining inventory, Point2 analyzed the fastest-selling luxury ZIP codes. By analyzing median days on the market and the share of properties sold above asking price in the most expensive ZIP codes, Point2 found homes were sold in 10 days or less in eight high-end areas.
“Despite the uncertainty, stubborn inflation, interest rate gyrations, and continual struggles with inventory and supply chains worldwide, local and regional conditions have sustained the luxury property market,” says Doug Ressler, manager of business intelligence at Yardi Matrix. “In fact, things are better than many had expected despite supply and demand being out of balance in many places.”
Data from September indicates in 46 of the country’s 100 priciest ZIP codes, listings sold in 30 days or less. The most sought-after high-end ZIP code is 98039 in Medina, Washington, with many of the other fastest-selling luxury ZIP codes located in California.
In more than half of the 100 most affluent ZIP codes, residential properties are selling at a faster pace than in 2022. The housing market in the 33109 ZIP code of Miami Beach is selling homes 116 days faster in 2023 than in 2022, according to September data. Similarly, properties in the 11976 ZIP code in Water Mill, New York, sold 40 days quicker than last year, despite a 22% increase in median sale price to $4.5 million.
The majority of the country’s most expensive areas saw their for-sale inventory either drop or stagnate compared with 2022. The number of properties available decreased by more than 50% in several markets, including in Newport Beach, California, and Riverside, Connecticut. In addition to fewer homes for sale, luxury markets are also seeing a large share of bidding wars. In 23 of the 100 priciest ZIP codes, 50% to 96% of the properties sold were purchased above their respective asking prices.
California is home to six of the 10 priciest ZIP codes in the country. The most popular high-end ZIP codes are clustered across Santa Clara County and Silicon Valley. New York is home to 22 of the most expensive ZIP codes in the country, including eight in New York City alone.