When looking for the ideal home, many homebuyers’ dream-come-true would be a generous yet affordable home in one of the priciest, most desirable areas. After all, the saying “location, location, location” is so ubiquitous because it is so very true.
But bargain-hunting in the nation’s priciest zip codes is very different from simply looking for real estate deals, and is still not within reach for most homebuyers. The price tag on these “cheaper” properties from America’s most exorbitant locales are nothing to sneeze at.
For example, of the 25 least expensive properties currently on the market in the country’s most expensive zip codes, 14 are still over $1,000,000. Moreover, moving to Boston‘s 02199 most affordable place would still cost almost $4,000,000. This is not what most home seekers would call a bargain. However, there’s a hefty difference between the median sale price and the lowest-priced property in these luxurious areas, which draws in some buyers.
To discover the best bargains from nation’s most desirable communities, we worked with data from sister division PropertyShark, looking at the priciest zip codes in the U.S. and identifying the hottest deals in these oases of luxury. With two ties, California simply steals the limelight with no fewer than 19 appearances among the 25 most expensive zip codes, followed by New York, with six zip codes, while Massachusetts and Washington each have one zip code in this ranking.
Two New York Zip Codes Boast the Best Bargains
The biggest surprise comes from the New York real estate market. Two of the 25 most expensive zip codes in the nation boast homes for sale under $500,000. What’s the catch? Space is scarce.
So the question now is, would homebuyers compromise on space for a taste of life in some of the most exclusive and posh areas in the country? Given how lavishly decorated and sumptuously furnished these two luxury abodes are, the answer might be a resounding yes! Located in the Hudson Yards Area and in Hudson Square, these places offer stunning views, both from the comfort of the home and from lovely terraces overlooking Manhattan.
Thirteen other homes for sale in America’s poshest locations come with price tags under $1,000,000. But, homebuyers will have to dig a little deeper in their wallets for the other properties. They might be considered a great deal compared to other listings or to the median sale price in the area, but dishing several million dollars for a property is not for everyone.
Median sale prices in the 25 most expensive zip codes in the U.S. were sourced from sister division PropertyShark which took into consideration all residential transactions closed between January 1, 2019, and November 05, 2019, for condo, co-ops, and single- and two-family homes. All package deals were excluded. Point2 analysts then looked at MLSs, local brokerages and listings websites that displayed property prices, to identify the lowest priced listing from each zip code.
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