The median house price in 94027, Atherton, California, was about 8.3 million U.S. dollars. This made it the most expensive zip code in the United States in 2023. 11962 Sagaponack, N.Y., was the runner-up with a median house price of about 8.1 million U.S. dollars. Of the 10 most expensive zip codes in the United States in 2026, six were in California.

VITAL SIGNS INDICATOR Home Prices (EC7)

FULL MEASURE NAME Home Prices

LAST UPDATED August 2019

DESCRIPTION Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE Zillow Median Sale Price (1997-2018) http://www.zillow.com/research/data/

Bureau of Labor Statistics: Consumer Price Index All Urban Consumers Data Table (1997-2018; specific to each metro area) http://data.bls.gov

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Median housing price estimates for the region, counties, cities, and zip code come from analysis of individual home sales by Zillow. The median sale price is the price separating the higher half of the sales from the lower half. In other words, 50 percent of home sales are below or above the median value. Zillow defines all homes as single-family residential, condominium, and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that you own in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums where the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Home sales prices are not reliably available for Houston, because Texas is a non-disclosure state. For more information on non-disclosure states, see: http://www.zillow.com/blog/chronicles-of-data-collection-ii-non-disclosure-states-3783/

Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

In 2023, Sagaponack, NY (zip code 11962) was the zip code that witnessed the highest luxury house price increase in the United States. Year-on-year, prices in that zip code increased by 40 percent. Ross, CA (zip code 94957) stood at the other end of the scale, with a decline of 39 percent.

What is Rental Data?

Rental data encompasses detailed information about residential rental properties, including single-family homes, multifamily units, and large apartment complexes. This data often includes key metrics such as rental prices, occupancy rates, property amenities, and detailed property descriptions. Advanced rental datasets integrate listings directly sourced from property management software systems, ensuring real-time accuracy and eliminating reliance on outdated or scraped information.

Additional Rental Data Details

The rental data is sourced from over 20,000 property managers via direct feeds and property management platforms, covering over 30 percent of the national rental housing market for diverse and broad representation. Real-time updates ensure data remains current, while verified listings enhance accuracy, avoiding errors typical of survey-based or scraped datasets. The dataset includes 14+ million rental units with detailed descriptions, rich photography, and amenities, offering address-level granularity for precise market analysis. Its extensive coverage of small multifamily and single-family rentals sets it apart from competitors focused on premium multifamily properties.

Rental Data Includes:

• Property Types
• Single-Family Rentals
• Small Multi-family Units
• Premium Apartments
• 16,000+ ZIP Codes
• 800+ MSAs
• Pricing Trends
• Lease Terms Amenities

House prices grew year-on-year in most states in the U.S. in the third quarter of 2024. The District of Columbia was the only exception, with a decline of three percent. The annual appreciation for single-family housing in the U.S. was 0.71 percent, while in Hawaii—the state where homes appreciated the most—the increase exceeded 10 percent. How have home prices developed in recent years? House price growth in the U.S. has been going strong for years. In 2024, the median sales price of a single-family home exceeded 413,000 U.S. dollars, up from 277,000 U.S. dollars five years ago. One of the factors driving house prices was the cost of credit. The record-low federal funds effective rate allowed mortgage lenders to set mortgage interest rates as low as 2.3 percent. With interest rates on the rise, home buying has also slowed, causing fluctuations in house prices. Why are house prices growing? Many markets in the U.S. are overheated because supply has not been able to keep up with demand. How many homes enter the housing market depends on the construction output, whereas the availability of existing homes for purchase depends on many other factors, such as the willingness of owners to sell. Furthermore, growing investor appetite in the housing sector means that prospective homebuyers have some extra competition to worry about. In certain metros, for example, the share of homes bought by investors exceeded 20 percent in 2024.

The median house prices in the most expensive zip codes in New York reached as high as 8.1 billion U.S. in 2023. That was the median property price in dollars in 11962, Sagaponack, Suffolk County in that year. In 11976, Water Mill, the median price amounted to 4.5 million U.S. dollars. The two zip codes also ranked among the 10 zip codes with the highest median house price in the entire United States.

The average price per square foot of floor space in new single-family housing in the United States decreased after the great financial crisis, followed by several years of stagnation. Since 2012, the price has continuously risen, hitting 168 U.S. dollars per square foot in 2022. In 2024, the average sales price of a new home exceeded 500,000 U.S. dollars. Development of house sales in the U.S. One of the reasons for rising property prices is the gradual growth of house sales between 2011 and 2020. This period was marked by the gradual recovery following the subprime mortgage crisis and a growing housing sentiment. Another significant factor for the housing demand was the growing number of new household formations each year. Despite this trend, housing transactions plummeted in 2021, amid soaring prices and borrowing costs. In 2021, the average construction cost for single-family housing rose by nearly 12 percent year-on-year, and in 2022, the increase was even higher, at close to 17 percent. Financing a house purchase Mortgage interest rates in the U.S. rose dramatically in 2022 and remained elevated until 2024. In 2020, a homebuyer could lock in a 30-year fixed interest rate of under three percent, whereas in 2024, the average rate for the same mortgage type was more than twice higher. That has led to a decline in homebuyer sentiment, and an increasing share of the population pessimistic about buying a home in the current market.

VITAL SIGNS INDICATOR
Home Prices (EC7)

FULL MEASURE NAME
Home Prices

LAST UPDATED
December 2022

DESCRIPTION
Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE
Zillow: Zillow Home Value Index (ZHVI) - http://www.zillow.com/research/data/
2000-2021

California Department of Finance: E-4 Historical Population Estimates for Cities, Counties, and the State - https://dof.ca.gov/forecasting/demographics/estimates/
2000-2021

US Census Population and Housing Unit Estimates - https://www.census.gov/programs-surveys/popest.html
2000-2021

Bureau of Labor Statistics: Consumer Price Index - http://data.bls.gov
2000-2021

US Census ZIP Code Tabulation Areas (ZCTAs) - https://www.census.gov/programs-surveys/geography/guidance/geo-areas/zctas.html
2020 Census Blocks

CONTACT INFORMATION
vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator)
Housing price estimates at the regional-, county-, city- and zip code-level come from analysis of individual home sales by Zillow based upon transaction records. Zillow Home Value Index (ZHVI) is a smoothed, seasonally adjusted measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range. ZHVI is computed from public record transaction data as reported by counties. All standard real estate transactions are included in this metric, including REO sales and auctions. Zillow makes a substantial effort to remove transactions not typically considered a standard sale. Examples of these include bank takeovers of foreclosed properties, title transfers after a death or divorce and non arms-length transactions. Zillow defines all homes as single-family residential, condominium and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that can be owned in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums in that the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Data is adjusted for inflation using Bureau of Labor Statistics metropolitan statistical area (MSA)-specific series. Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index (CPI) does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of the CPI itself.

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