With high prices and low inventory all over the nation, competition is high. In some neighborhoods, most notably in California, median home prices are well into the millions.
Realtor.com ranked the most expensive neighborhoods in the country by ZIP code. The study looked at median listing prices for the past 12 months to find ZIP codes with the highest home prices, which had an average of at least 12 listings per month.
The study found Atherton, California, in San Francisco, to be the most expensive neighborhood in the U.S. The median home price in Atherton is $10,194,000, due in part to its proximity to Facebook headquarters and Menlo Park. Homes in Atherton are not only expensive but large. Many homes are over 8,000 square feet in size.
Los Altos, California and the Tribeca neighborhood in New York City were second and third on this list with home prices between $5,137,000 and $6,326,000 in these areas. Outside of California and New York, notable expensive areas include Miami Beach, Florida, with a median home price of $3,707,000. Beachfront condos in Miami Beach go for over $5,000,000.
Other buyers may look to areas outside of urban centers, such as in Wyoming or Nevada. Realtor.com’s top ten list included Glenbrook, Nevada, a lakeside town outside of Reno which serves as a vacation spot for many residents of the San Francisco Bay area, and Wilson, Wyoming, which offers a small-town feel close to Jackson Hole.
Homes in Wilson came in at a median price of $2,798,000, one of the cheaper median prices on the list, but still not cheap. The area is close to a popular ski town with newer and bigger homes than many other parts of the region.
Read the full story on Realtor.com.