High demand and low inventory are causing home prices to soar in some regions of the United States, particularly in areas where the cost of living is already high, says Realtor.com
Seven of the top 10 most expensive ZIP codes in 2021 were in California, where median prices in some areas were over 10 times higher than the national median home price for September.
The median list price in the 100 most expensive ZIP codes was a whopping $2,476,250—up about 7.1% from last year.
“Prices are going up because demand is just so strong and the inventory isn’t catching up,” says Shane Lee, a data scientist at RealtyHop who worked on the report. COVID-19 also contributed to the rise as many people left their urban apartments and bought vacation properties or larger abodes in the suburbs.
Seven of the 10 most expensive ZIP codes were in sunny California. All of these places had median list prices over $4 million. To put those prices into perspective, that’s more than 10 times the median home price of $380,000 in September, according to the most recent Realtor.com® data.
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