Home prices skyrocketed following the initial months of the pandemic, especially those in the city of Boston. In fact, the PropertyShark real estate blog has ranked Boston’s 02199 ZIP code, encompassing the Prudential Center area of Back Bay, as the second most expensive ZIP code in the United States.
The median home sale price in that area was $5,500,000 after the ZIP code did not appear in the 2020 rankings due to depressed sales activity. In 2019, the area had a median home sale price of $3,669,000. Coming in at No. 1 was 94027 in San Mateo County, Calif, with a median home sale price of $7,475,000.
To determine its findings, PropertyShark looked at residential transactions that closed between Jan. 1 and Oct. 22, taking into account condos, co-ops, and single- and two-family homes. All package deals were excluded. Only 10 states contributed ZIP codes to the top 100.
Six other Massachusetts ZIP codes also made the top 10; last year there were only four. The other Commonwealth ZIP codes that made the list, and their median sale price, were:
Four other New England ZIP codes also made the list — all of them in Connecticut:
Home sale prices in Massachusetts have rapidly increased since the initial drop in prices due to the pandemic in 2020, peaking in the summer months of July and August this year as home buyers continued to bid for houses, leading to inventory shortages. Now prices are starting to plateau, and the bidding has become less chaotic.
Across the country, sale prices are also rising. The top 10 most expensive ZIP codes all surpassed $4,000,000, a first, according to PropertyShark. More than 30 ZIP codes also sold for more than $3,000,000, doubling the number in 2020.
Many of the ZIP codes ranked in the top 100 are in urban areas. California, however, accounted for approximately 70 percent of the priciest housing markets, while the Bay Area made up 37 percent of those ZIP codes.