“Southern California Dominates List of Nation’s Priciest ZIP Codes for Residential Real Estate in 2023”
The latest data on the most expensive ZIP codes for residential real estate in the United States has been released, and it comes as no surprise that Southern California dominates the list. According to RealtyHop’s annual ranking, 33 of the nation’s priciest ZIP codes are located in Southern California, with six of them being in Newport Beach alone.
The median selling price for homes in these exclusive neighborhoods is a staggering $2.5 million, although this represents a 5% decrease from the previous year. Despite this slight dip, the cost of housing in Southern California remains exorbitant, with the region continuing to attract wealthy buyers looking for luxury properties near the coast.
Beverly Hills 90210 takes the second spot on the list with a median price of $6.29 million, followed by Montecito 93108 at $4.8 million. Other notable entries include Rancho Santa Fe, Santa Monica, and Manhattan Beach, all of which have median prices above $2.5 million.
The trend of rising real estate prices in California is not limited to Southern California, as the state as a whole boasts 61 ZIP codes in the top 100. With a median selling price of $2.7 million, these neighborhoods have seen a 1% increase in prices over the past year.
As the cost of housing continues to soar in California, concerns about affordability and access to housing for all residents are becoming more pressing. It remains to be seen how policymakers and developers will address these challenges in the coming years.
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