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California: Home to More Than Half of America’s 20 Most Expensive Housing Markets

  • The median sales price for an existing U.S. property again rose to a new high in June: $263,800.
  • Marin, San Mateo, San Francisco, Santa Clara, Napa, Alameda, and Sonoma counties rank among the nation’s 20 real estate markets with the highest list prices.
  • Atherton’s 94027 ZIP code had the highest median list price in America in June, at $9.6 million.

U.S. home prices rose to another new all-time high in June, as tight supply conditions continued to worsen. The Bay Area’s housing shortage is evident by its elevated prices, with seven local counties ranking among the nation’s 20 most expensive real estate markets.

The latest existing home sales report from the National Association of Realtors says that the median price for an existing U.S. property climbed to $263,800 in June, up 6.5 percent from one year earlier and the 64th straight month of annual gains. There were 1.96 million homes on the market at the end of June, a year-over-year decrease of 7.1 percent and the 25th consecutive month of annual declines.

Coastal California’s well-documented inventory drought makes it one of the most expensive places in the country to buy a home, with Golden State counties accounting for 12 of the nation’s 20 priciest real estate markets, according to supplemental NAR data. With a June median list price of $1,499,500, Marin is the nation’s second most expensive county behind New York. Six other Bay Area counties are also among the nation’s 20 most expensive: San Mateo ($1,389,800), San Francisco ($1,199,300), Santa Clara ($1,055,000), Napa ($849,000), Alameda ($792,500), and Sonoma ($749,000).

Atherton‘s 94027 ZIP code was America’s most expensive in June, with a median list price of $9,584,500, almost $4 million higher that No. 2 90210 in Beverly Hills. ZIP codes in Los Altos, Belvedere-Tiburon, and Burlingame were also among the 20 U.S. communities with the highest median list prices.

Limited supply conditions across the country meant that properties continued to sell at a brisk clip in June, an average of 28 days, six days faster than one year earlier. Three Bay Area counties rank in the top 10 for the fastest pace of sales by average days on market: Alameda (24) and San Mateo and Santa Clara (both 27).

While a shortage of homes on the market and plenty of competition can be frustrating for would-be California and Bay Area buyers, the late summer may provide them with a window of opportunity.

“Prospective buyers who postponed their home search this spring because of limited inventory may have better luck as the summer winds down,” NAR President William E. Brown said. “The pool of buyers this time of year typically begins to shrink as households with children have likely closed on a home before school starts. Inventory remains extremely tight, but patience may pay off in coming months for those looking to buy.”

Source: Pacific Union Bay Area Real Estate Blog
California: Home to More Than Half of America’s 20 Most Expensive Housing Markets

 

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