Santa Monica Among Most Expensive ZIP Codes During Pandemic
SANTA MONICA, CA — The most expensive American ZIP codes during the coronavirus pandemic include Santa Monica's 90401, 90402 and 90405.
Property Club, a New York City-based real estate company, looked at all residential sales nationwide between March 13 and Sept. 7 to determine the 125 priciest ZIP codes of the pandemic thus far.
The top two in the nation are both in California, with Atherton (94027) coming in at No. 1 with a median home sale price of nearly $6.7 million, and Beverly Hills (90210) at No. 2 with a $4.08 million median home sale price.
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“The biggest surprise was that no urban city ZIP codes were in the top 10,” Andrew Weinberger, CEO of Property Club, told Patch. “It’s particularly astounding because when looking at historical numbers, you’ll see multiple New York City ZIP codes near the top.”
The 90402 ZIP code, which covers Santa Monica, was No. 5 on the list with a median home sale price of $3,625,000.
The 90405 ZIP code, which also covers Santa Monica, was No. 97 on the list with a median home sale price of $1,689,500. Santa Monica's 90401 ZIP code was No. 117 and the median home sale price is $1,550,000.
Atherton has been the highest-priced ZIP code “consistently” when looking at previous similar ZIP codes, Weinberger said. But he says the pandemic has had a noticeable impact on others that made the list.
“For example, here we see more Long Island ZIP codes on the list than New York City,” he said. “Normally, you’d expect places like Manhattan and San Francisco to have more.”
“We’re also seeing more ZIP codes near the sea and the mountains. It’s the first time we’ve seen a Lake Tahoe ZIP code in any top 10.”
More than two-thirds of the priciest ZIP codes identified are in California; all on the list are spread across only 15 states; and 18 continue to hold a median sale price of over $3 million, according to other “key findings” identified by the researchers.
ZIP codes with fewer than five closed sales between the study time frame were not considered, the methodology states.
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This article originally appeared on the Santa Monica Patch
