When it comes to homes, consumers want it all: Amazing location, square footage, and a reasonable price. However, most homebuyers find it difficult in searching for a home with all three perks.
With the year coming to a close, PropertyShark released its 2021 edition of the 100 most expensive zip codes in the U.S. Point2 analysts researched and compiled data from houses in highly-desired zip codes, although they’re usually nowhere near the average homebuyer’s budget. Analyses found the least expensive homes that are currently on the market in the most expensive zip codes.
Depending on economic factors in each state, the lowest-priced property available may not be a bargain for the most homebuyers. A great example, in Summerland, CA’s 93067, the median home price in 2021 was a higher than $2 million– whereas the “cheapest” property on the market right now is asking $10.6 million.
In Atherton, CA’s 94027, The country’s most expensive zip code, the least expensive home currently on the market is listed for $5 million, which is still sky-high, but a significant $2.5 million below the median price there.
In Boston’s 02199 and Sagaponack’s 11962, where median home prices hover around $5 million, the “cheapest” properties available do seem more within reach, but only by comparison. Asking close to $1.5 million, they might be way below the median, but they’re also way out of reach for most homebuyers.
The four listings in four of the nation’s most expensive zip codes that have asking prices under $200,000 are:
- Greenwich, CT’s 6831
- Calabasas, CA’s 91302
- Rye, NY’s 10580
- Laguna Beach, CA’s 92651
Surprisingly, the most space you’ll find at the lowest median price are in California. The two least expensive homes for sale in Summerland’s 93067 and Ross’s 94957 offer more than 5,000 square feet of living space, while in 27 zip codes the cheapest homes for sale offer more than 2,000 square feet. The faster-growing zip codes means demands will continue to rise as factors are weighed by most desirable location, best home price and most square footage.
The top three locations where home prices surged in past months are:
- Gibson Island, MD’s 21056 (up 97% Y-o-Y)
- Crystal Bay, NV’s 89402 (up 68%)
- Miami Beach’s 33109 (up 66%)
The least expensive home currently on the market can be found in Miami Beach. Given that the median price in the area is almost $4.5 million, this 690-square foot home asking $799,000 could potentially be a bargain for the highly-coveted location. Unlike millionaires who reside in these zip codes, the price tag is not an issue. However, most homebuyers have a strict budget at their disposal.
2020’s least expensive homes in the most expensive zip codes had prices between $425,000 and $3.7 million. This year, these prices range between $150,000 and $10.5 million. The space requirements have also changed. But although location, price and space might be the three most important aspects, they’re never the only factors to take into consideration for buyers looking to turn a property into a home.
To read the full report via Point2, click here.