June 11, 2019
What Makes For the Most Costly Neighborhoods?
In a recent report, Realtor.com examined the median prices of homes in every state in the nation to determine which zip code among them was the costliest—both in each state and, as a result, in the nation. The results were interesting. Some of what they learned was old news, but there are some up-and-coming zones of wealth in the country that may not be obvious at first blush.
Among our own service areas of Florida, Massachusetts, and Rhode Island, there are some spectacularly expensive zip codes to contend with.
Miami’s Fisher Island (zip code 33109) is, in fact, the most expensive zip code in the South, with a median list price of $3,592,981. It’s a popular location for (among others) well-heeled international purchasers, who like to buy second homes in this location, which they can reach only by ferry, yacht, or helicopter.
It may come as no surprise that the Beacon Hill neighborhood of Boston (zip code) 02108 is Massachusetts’s most costly. With a median home price of $3,382,008, this historic neighborhood has some strict building codes in place to maintain its classic brownstone ambience, which also means that there isn’t room for much in the way of new construction, limiting supply.
As for Rhode Island: the seven mile long Block Island (zip code 02807) clocks in at the top, with a median home price of $1,162,988. The majority of homes on this little island—which is accessible only by ferry or private plane—are luxury estates. It’s a popular summertime vacation spot for well-off New Yorkers and Bostonians.
Meanwhile, the nation’s top zip code is the storied 90210—Beverly Hills, California—where the median house price comes in at a cool $6,062,925. And remember, that’s the median price. Even empty plots of land in this extravagant enclave can go for as much as $1 billion.
If you’re looking to buy a home—whether in the most expensive zip code in one of our service states or in the least expensive—the title insurance policies we connect you with here at Topouzis & Associates, P.C., provide peace of mind that your new property purchase will not bring along any nasty surprises. Whether you intend to buy in Cambridge, Massachusetts; Providence, Rhode Island; or Boca Raton, Florida, feel free to contact us for more information.
