Since late-2011, home values have climbed in many markets across the country. The government’s Home Price Index puts the increase at +3.7% an annual basis, and the National Association of REALTORS® shows home sale prices up 11% since last year. The price at which a home sells is determined by the economic force of supply-and-demand but location and amenities matter, too; establishing a baseline from which supply-and-demand can work.
Forbes Magazine recently presented America’s 100 most expensive ZIP codes for 2012, using data compiled by real estate market data firm Altos Research. (Incidentally, Altos has powered our market statistics here at LoCoMusings since we started providing them.)
While California and the New York Metro area dominate the Forbes list, four Washington area zip codes made the list. Here’s the top 10:
- New York, NY (10065) : $6,534,430
- Alpine, NJ (07620) : $5,745,038
- Atherton, CA (94027) : $4,897,864
- Sagaponack, NY (11962) : $4,180,385
- Hillsborough, CA (94010) : $4,127,250
- New York, NY (10014) : $4,116,506
- Los Altos Hills, CA (94022) : $4,016,050
- New York, NY (10021) : $3,980,829
- Rolling Hills, CA (90274) : $3,972,500
- New York, NY (10075) : $3,885,409
As an illustration of how home prices have climbed since Forbes publishes last year’s Most Expensive ZIP code list, this year’s #10 — Upper East Side, New York City, New York — would have ranked third in 2011.
The Forbes list may be interesting but for you as a home buyers or sellers , it’s far from the final word in home values. Real estate is still local…which means that — even within a given ZIP code — prices can vary based on street and neighborhood, and home characteristics. Want to know more about home prices in your neighborhood? Click here and we will email you a detailed report.