10 Most expensive ZIP codes of 2023

Slideshow July 20, 2024 at 07:00 AM

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California continues to be among the most iconic destinations in the U.S. to live out the American Dream, despite the state's high cost of living, frequent natural catastrophes, contentious politics and nightmarish urban traffic. Once again, PropertyShark has ranked the most expensive ZIP codes in the country based on median home-sale prices. The results indicate that when money is no object, buyers continue to seek out coastal properties and communities rife with natural beauty and outdoor recreation, among other amenities. The slideshow above illustrates the 10 most expensive places to buy a house in 2023, according to PropertyShark. What's changed from last year's rankings? Two West Coast cities fell out of the Top 10: Newport Beach and Rancho Santa Fe. They were replaced by Los Altos, Calif., and Boston, Mass. PropertyShark researchers also point out that home prices nationwide have begun to erode due to the Federal Reserve's aggressive interest rate actions over the last two years. "Despite the general decline in median sale prices, some of the nation's most exclusive zip codes reached new heights," PropertyShark reports. "Overall, the four priciest zips in the country posted medians of $5 million or more." Why should insurance agents, brokers and executives take note of the financials related to the ZIP codes where policyholders and prospects reside? Because insured-property ZIP codes are one of the factors underwriters consider when quoting the premium for a given policy. ZIP codes also can inform historic risk monitoring as well as provide insight into property history, crime rates and road conditions.