Study says Bay Area has fewer pricey areas compared to 2022

A 2023 ranking of the 100 priciest zip codes in the U.S. by home sales shows the Bay Area has the highest concentration of zip codes at a metro level for the eighth consecutive year, with 37 entries in the Top 100, including long-time leader Atherton.

The Property Shark study calculated median sale prices based on home sales, not asking prices, to reflect real market dynamics. After the Federal Reserve raised interest rates 10 times in 2022 and 2023 to combat inflation and slow the economy, the U.S. housing market has begun to cool, as evidenced by declining home sales and moderated price growth, according to the report.

In contrast to the previous year — when most of the 100 most expensive U.S. zip codes saw price increases — 2023 witnessed a general decline in median sale prices. Specifically, this year, 70 of the 122 zip codes within the top 100 (due to 18 ties) experienced price drops, as compared to only 15 drops in the previous year.

Bay Area data from study: 

• While the Bay Area claims 37 of nation’s most expensive zip codes, it lost nine compared to 2022  
• The Bay Area’s hot spot remains Santa Clara County with 16 zip codes in the top 100 
• For seventh year in a row, Atherton’s 94027 is the most expensive U.S. zip code at $8.3 million 
• San Francisco has only three zip codes among the country’s 100 priciest, a drop from the record 13 it contributed in 2019 
• Marin County’s Ross saw its median home price drop 39% to fall from #3  to #21, the biggest change in the nation.
• Of the 23 most expensive zip codes in the nation, 11 are in the Bay Area.