Despite widespread economic declines brought on by the COVID-19 pandemic, the real estate market has remained surprisingly strong, with record-setting increases in existing home sales in every region of the United States. Recent data indicates that monthly home sales increased by 24.7 percent in July 2020, up from a large rise in June, in which monthly home sales increased by more than 20 percent.
In addition to an increase in the number of home sales, the price of residential real estate has also been on the rise, increasing every month of 2020. Since the onset of COVID-19 in early March, median home prices have increased by 2.3 percent, according to data from Zillow. Steady increases in home prices can be traced back to the second quarter of 2012, following the end of the Great Recession.
At the state level, the highest median home prices are found in Hawaii, California, Massachusetts, and Washington State. Conversely, the lowest median home prices can be found in Alabama, Oklahoma, Arkansas, Mississippi, and West Virginia.
As with state-level trends, the most expensive zip codes are found on the West and East coasts. Notably, California is home to seven of the 10 most expensive zip codes in the country, including those in Atherton and Beverly Hills, where median home prices exceed $6.4 and $5 million, respectively. Eastern zip codes, such as those in Sagaponack, New York (median home price: $4.8 million) and Boston, Massachusetts (median home price: $3.8 million), also rank highly on the list.
To identify the most expensive zip code in each state, researchers at Construction Coverage analyzed the latest data from the Zillow Home Value Index. All homes (single-family, condos, and co-ops) located in a given zip code were included in the calculations. For each state, the researchers also calculated the state median home price and how it compares to that of its most expensive zip code.
Many of the nation’s most expensive zip codes are located just outside of major urban areas, which, given shifting preferences among home buyers in the wake of COVID-19, are likely poised for future price increases. Here are the most expensive zip codes in each state.
America’s Most Expensive Zip Codes by State
Photo Credit: Alamy Stock Photo
Alabama
- Most expensive zip code: 36564
- City: Fairhope
- Metro: Daphne-Fairhope-Foley
- Zip code median home price: $616,543
- State median home price: $148,085
- Difference between zip code and state price: 4.2X
Photo Credit: Alamy Stock Photo
Alaska
- Most expensive zip code: 99516
- City: Anchorage
- Metro: Anchorage
- Zip code median home price: $489,476
- State median home price: $308,030
- Difference between zip code and state price: 1.6X
Photo Credit: Alamy Stock Photo
Arizona
- Most expensive zip code: 85253
- City: Paradise Valley
- Metro: Phoenix-Mesa-Scottsdale
- Zip code median home price: $1,738,918
- State median home price: $295,462
- Difference between zip code and state price: 5.9X
Photo Credit: Alamy Stock Photo
Arkansas
- Most expensive zip code: 72223
- City: Little Rock
- Metro: Little Rock-North Little Rock-Conway
- Zip code median home price: $345,799
- State median home price: $134,987
- Difference between zip code and state price: 2.6X
Photo Credit: Alamy Stock Photo
California
- Most expensive zip code: 94027
- City: Atherton
- Metro: San Francisco-Oakland-Hayward
- Zip code median home price: $6,444,729
- State median home price: $589,675
- Difference between zip code and state price: 10.9X
Photo Credit: Alamy Stock Photo
Colorado
- Most expensive zip code: 81656
- City: Aspen
- Metro: Glenwood Springs
- Zip code median home price: $2,807,116
- State median home price: $425,531
- Difference between zip code and state price: 6.6X
Photo Credit: Alamy Stock Photo
Connecticut
- Most expensive zip code: 06830
- City: Greenwich
- Metro: Bridgeport-Stamford-Norwalk
- Zip code median home price: $1,540,123
- State median home price: $282,098
- Difference between zip code and state price: 5.5X
Photo Credit: Alamy Stock Photo
Delaware
- Most expensive zip code: 19944
- City: Fenwick Island
- Metro: Salisbury
- Zip code median home price: $912,876
- State median home price: $270,434
- Difference between zip code and state price: 3.4X
Photo Credit: Alamy Stock Photo
Florida
- Most expensive zip code: 33109
- City: Fisher Island
- Metro: Miami-Fort Lauderdale-West Palm Beach
- Zip code median home price: $3,306,557
- State median home price: $268,442
- Difference between zip code and state price: 12.3X
Photo Credit: Alamy Stock Photo
Georgia
- Most expensive zip code: 31561
- City: Sea Island
- Metro: Brunswick
- Zip code median home price: $2,441,842
- State median home price: $211,348
- Difference between zip code and state price: 11.6X
Photo Credit: Alamy Stock Photo
Hawaii
- Most expensive zip code: 96821
- City: Honolulu
- Metro: Urban Honolulu
- Zip code median home price: $1,388,264
- State median home price: $730,366
- Difference between zip code and state price: 1.9X
Photo Credit: Alamy Stock Photo
Idaho
- Most expensive zip code: 83353
- City: Sun Valley
- Metro: Hailey
- Zip code median home price: $794,606
- State median home price: $307,576
- Difference between zip code and state price: 2.6X
Photo Credit: Alamy Stock Photo
Illinois
- Most expensive zip code: 60043
- City: Kenilworth
- Metro: Chicago-Naperville-Elgin
- Zip code median home price: $1,362,558
- State median home price: $209,305
- Difference between zip code and state price: 6.5X
Photo Credit: Alamy Stock Photo
Indiana
- Most expensive zip code: 47406
- City: Bloomington
- Metro: Bloomington
- Zip code median home price: $804,431
- State median home price: $163,832
- Difference between zip code and state price: 4.9X
Photo Credit: Alamy Stock Photo
Iowa
- Most expensive zip code: 51355
- City: Okoboji
- Metro: Spirit Lake
- Zip code median home price: $397,028
- State median home price: $158,135
- Difference between zip code and state price: 2.5X
Photo Credit: Alamy Stock Photo
Kansas
- Most expensive zip code: 66221
- City: Overland Park
- Metro: Kansas City
- Zip code median home price: $554,876
- State median home price: $155,546
- Difference between zip code and state price: 3.6X
Photo Credit: Alamy Stock Photo
Kentucky
- Most expensive zip code: 40025
- City: Louisville
- Metro: Louisville/Jefferson County
- Zip code median home price: $1,174,012
- State median home price: $152,660
- Difference between zip code and state price: 7.7X
Photo Credit: Alamy Stock Photo
Louisiana
- Most expensive zip code: 70115
- City: New Orleans
- Metro: New Orleans-Metairie
- Zip code median home price: $510,838
- State median home price: $171,095
- Difference between zip code and state price: 3.0X
Photo Credit: Alamy Stock Photo
Maine
- Most expensive zip code: 04006
- City: Biddeford
- Metro: Portland-South Portland
- Zip code median home price: $1,035,742
- State median home price: $254,824
- Difference between zip code and state price: 4.1X
Photo Credit: Alamy Stock Photo
Maryland
- Most expensive zip code: 21056
- City: Gibson Island
- Metro: Baltimore-Columbia-Towson
- Zip code median home price: $1,851,737
- State median home price: $331,466
- Difference between zip code and state price: 5.6X
Photo Credit: Alamy Stock Photo
Massachusetts
- Most expensive zip code: 02199
- City: Boston
- Metro: Boston-Cambridge-Newton
- Zip code median home price: $3,770,307
- State median home price: $451,909
- Difference between zip code and state price: 8.3X
Photo Credit: Alamy Stock Photo
Michigan
- Most expensive zip code: 49434
- City: Holland
- Metro: Grand Rapids-Wyoming
- Zip code median home price: $802,334
- State median home price: $178,172
- Difference between zip code and state price: 4.5X
Photo Credit: Alamy Stock Photo
Minnesota
- Most expensive zip code: 55424
- City: Edina
- Metro: Minneapolis-St. Paul-Bloomington
- Zip code median home price: $842,957
- State median home price: $271,782
- Difference between zip code and state price: 3.1X
Photo Credit: Alamy Stock Photo
Mississippi
- Most expensive zip code: 39110
- City: Madison
- Metro: Jackson
- Zip code median home price: $280,306
- State median home price: $127,196
- Difference between zip code and state price: 2.2X
Photo Credit: Alamy Stock Photo
Missouri
- Most expensive zip code: 63124
- City: Ladue
- Metro: St. Louis
- Zip code median home price: $884,416
- State median home price: $170,186
- Difference between zip code and state price: 5.2X
Photo Credit: Alamy Stock Photo
Montana
- Most expensive zip code: 59716
- City: Gallatin Gateway
- Metro: Bozeman
- Zip code median home price: $813,763
- State median home price: $293,505
- Difference between zip code and state price: 2.8X
Photo Credit: Alamy Stock Photo
Nebraska
- Most expensive zip code: 68461
- City: Walton
- Metro: Lincoln
- Zip code median home price: $478,320
- State median home price: $182,426
- Difference between zip code and state price: 2.6X
Photo Credit: Alamy Stock Photo
Nevada
- Most expensive zip code: 89413
- City: Glenbrook
- Metro: Gardnerville Ranchos
- Zip code median home price: $2,323,262
- State median home price: $324,174
- Difference between zip code and state price: 7.2X
Photo Credit: Alamy Stock Photo
New Hampshire
- Most expensive zip code: 03871
- City: Rye
- Metro: Boston-Cambridge-Newton
- Zip code median home price: $1,582,708
- State median home price: $318,983
- Difference between zip code and state price: 5.0X
Photo Credit: Alamy Stock Photo
New Jersey
- Most expensive zip code: 07620
- City: Alpine
- Metro: New York-Newark-Jersey City
- Zip code median home price: $2,319,901
- State median home price: $358,351
- Difference between zip code and state price: 6.5X
Photo Credit: Alamy Stock Photo
New Mexico
- Most expensive zip code: 87506
- City: Santa Fe
- Metro: Santa Fe
- Zip code median home price: $748,975
- State median home price: $215,785
- Difference between zip code and state price: 3.5X
Photo Credit: Alamy Stock Photo
New York
- Most expensive zip code: 11962
- City: Sagaponack
- Metro: New York-Newark-Jersey City
- Zip code median home price: $4,880,017
- State median home price: $278,481
- Difference between zip code and state price: 17.5X
Photo Credit: Alamy Stock Photo
North Carolina
- Most expensive zip code: 28207
- City: Charlotte
- Metro: Charlotte-Concord-Gastonia
- Zip code median home price: $1,018,264
- State median home price: $214,658
- Difference between zip code and state price: 4.7X
Photo Credit: Alamy Stock Photo
North Dakota
- Most expensive zip code: 58521
- City: Baldwin
- Metro: Bismarck
- Zip code median home price: $423,086
- State median home price: $242,002
- Difference between zip code and state price: 1.7X
Photo Credit: Alamy Stock Photo
Ohio
- Most expensive zip code: 44040
- City: Gates Mills
- Metro: Cleveland-Elyria
- Zip code median home price: $504,213
- State median home price: $159,974
- Difference between zip code and state price: 3.2X
Photo Credit: Alamy Stock Photo
Oklahoma
- Most expensive zip code: 73151
- City: Oklahoma City
- Metro: Oklahoma City
- Zip code median home price: $433,856
- State median home price: $135,996
- Difference between zip code and state price: 3.2X
Photo Credit: Alamy Stock Photo
Oregon
- Most expensive zip code: 97034
- City: Lake Oswego
- Metro: Portland-Vancouver-Hillsboro
- Zip code median home price: $869,740
- State median home price: $374,051
- Difference between zip code and state price: 2.3X
Photo Credit: Alamy Stock Photo
Pennsylvania
- Most expensive zip code: 19035
- City: Lower Merion Township
- Metro: Philadelphia-Camden-Wilmington
- Zip code median home price: $1,037,348
- State median home price: $204,007
- Difference between zip code and state price: 5.1X
Photo Credit: Alamy Stock Photo
Rhode Island
- Most expensive zip code: 02807
- City: New Shoreham
- Metro: Providence-Warwick
- Zip code median home price: $1,098,981
- State median home price: $320,919
- Difference between zip code and state price: 3.4X
Photo Credit: Alamy Stock Photo
South Carolina
- Most expensive zip code: 29482
- City: Sullivans Island
- Metro: Charleston-North Charleston
- Zip code median home price: $2,006,180
- State median home price: $198,204
- Difference between zip code and state price: 10.1X
Photo Credit: Alamy Stock Photo
South Dakota
- Most expensive zip code: 57759
- City: Deadwood
- Metro: Spearfish
- Zip code median home price: $343,017
- State median home price: $217,925
- Difference between zip code and state price: 1.6X
Photo Credit: Alamy Stock Photo
Tennessee
- Most expensive zip code: 37215
- City: Nashville
- Metro: Nashville-Davidson–Murfreesboro–Franklin
- Zip code median home price: $696,557
- State median home price: $193,693
- Difference between zip code and state price: 3.6X
Photo Credit: Alamy Stock Photo
Texas
- Most expensive zip code: 75205
- City: University Park
- Metro: Dallas-Fort Worth-Arlington
- Zip code median home price: $1,213,386
- State median home price: $215,258
- Difference between zip code and state price: 5.6X
Photo Credit: Alamy Stock Photo
Utah
- Most expensive zip code: 84060
- City: Park City
- Metro: Summit Park
- Zip code median home price: $1,110,126
- State median home price: $374,443
- Difference between zip code and state price: 3.0X
Photo Credit: Alamy Stock Photo
Vermont
- Most expensive zip code: 05445
- City: Charlotte
- Metro: Burlington-South Burlington
- Zip code median home price: $580,226
- State median home price: $269,830
- Difference between zip code and state price: 2.2X
Photo Credit: Alamy Stock Photo
Virginia
- Most expensive zip code: 22101
- City: McLean
- Metro: Washington-Arlington-Alexandria
- Zip code median home price: $1,163,914
- State median home price: $296,784
- Difference between zip code and state price: 3.9X
Photo Credit: Alamy Stock Photo
Washington
- Most expensive zip code: 98039
- City: Medina
- Metro: Seattle-Tacoma-Bellevue
- Zip code median home price: $3,036,977
- State median home price: $443,215
- Difference between zip code and state price: 6.9X
Photo Credit: Alamy Stock Photo
West Virginia
- Most expensive zip code: 25443
- City: Shepherdstown
- Metro: Washington-Arlington-Alexandria
- Zip code median home price: $303,529
- State median home price: $107,542
- Difference between zip code and state price: 2.8X
Photo Credit: Alamy Stock Photo
Wisconsin
- Most expensive zip code: 53726
- City: Madison
- Metro: Madison
- Zip code median home price: $543,267
- State median home price: $204,826
- Difference between zip code and state price: 2.7X
Photo Credit: Alamy Stock Photo
Wyoming
- Most expensive zip code: 83014
- City: Wilson
- Metro: Jackson
- Zip code median home price: $1,372,850
- State median home price: $255,101
- Difference between zip code and state price: 5.4X
Photo Credit: Alamy Stock Photo
District of Columbia
- Most expensive zip code: 20052
- City: Washington
- Metro: Washington-Arlington-Alexandria
- Zip code median home price: $1,274,732
- State median home price: $743,956
- Difference between zip code and state price: 1.7X
Methodology & Detailed Findings
The adjustments to daily life that resulted from COVID-19 may serve as a forecast of things to come in the real estate market. For instance, shifts have been observed in how and where people work, with remote work making one’s physical location less important to employers. Such a change in the culture of work and continued concerns over infection rates in major cities and densely populated areas may influence where individuals and families choose to live and relocate, with a possible preference for suburban living.
Although suburban settings may be viewed as attractive due to less congestion and convenient access to amenities, growing demand for suburban housing may drive up home prices in these areas. In some cases, this is already occurring as some of the most expensive zip codes are located in areas outside of major cities. In the case of Atherton, California, one of several high-price areas in the San Francisco-Oakland-Hayward metro, median home prices are 10.9 times greater than the state median and 25.6 times greater than the national median.
The data used in this analysis are from the Zillow Home Value Index. The median home price shown represents the most recent Zillow Home Value Index, accessed on September 3, 2020. Median home prices include all homes in a given zip code, including single-family homes, condos, and co-ops. For each state, the zip code with the highest median home price was identified and used as the basis for this list. Only zip codes with available data from Zillow were included in the analysis.
