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In a year of explosive home prices soaring, three San Diego County’s zip codes made it onto a list of the most expensive in the country.
Real estate tracker PropertyShark released its annual list of the 100 Most Expensive Areas in the Country and Rancho Santa Fe (92067) ranks 18th with an average sales price of $ 3.4 million. It’s the first time a San Diego County zip code has hit the top 20.
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The country’s most expensive zip code for fifth year was Atherton, San Mateo County, with an average retail price of $ 7.47 million. The Bay Area community is a center of Silicon Valley wealth. California made up 70 percent of the most expensive zip codes on the list.
The other San Diego County zip codes that made the list were Coronado (92118) at number 63 with an average retail price of $ 1.94 million and Del Mar (92014) at number 74 with a median of 1 $ 85 million.
PropertyShark has topped the list for several years, and 2021 will see Rancho Santa Fe and Coronado climb the rankings. The exception is La Jolla, which has been on the list for several years but was phased out in 2021. Del Mar lost a few places.
Rancho Santa Fe was ranked 23rd with a median of $ 2.7 million in 2020, Coronado ranked 64th with a median of $ 1.72 million, and Del Mar ranked 69th with a median of 1.69 Million US dollars and La Jolla in 94th place with a median of 1.5 million dollars.
San Diego appeared to be riding a wave of rapid price hikes in California that caused it to outperform many established markets on the east coast. This year, for the first time, no New York City zip code was in the top 20.
During the pandemic, wealthy real estate buyers have sought California as a place with more space and a location with lower COVID-19 numbers (per capita) than much of the country.
“I really believe COVID changed everything,” said Linda Sansone, a luxury real estate agent in Rancho Santa Fe. “Everyone stopped and thought: I need more space.”
She said the land is very limited in the high-end markets and Rancho Santa Fe is great for wealthy buyers. While nearly half of all buyers in Rancho Santa Fe are from San Diego County, she said she had many buyers from various locations on the East Coast, Northern California, Los Angeles, and Chicago.
“You can go out here for dinner most of the year,” Sansone said. “You can’t go east.”
One exception to the density factor is Boston ZIP Code 02199, which was number two on the list with a median of $ 5.5 million. The Back Bay area of Boston, which includes the area around the huge Prudential Center mall, has a small connection to San Diego: It is home to many biotech companies competing for workers in San Diego’s growing life science industry.
Outside of California, New York, Massachusetts, Connecticut, and New Jersey contributed the most zip codes to the list. Several states had only one or two zip codes on the list: Washington, Nevada, Arizona, Maryland, and Florida.
The biggest year-over-year increase was Gibson Island, Maryland, which rose 97 percent to a median of $ 3.19 million. The zip code is a private island and a residential complex. New York City’s Upper West Side had the biggest drop on the list, with an average selling price of $ 1 million, or 39 percent.
San Diego County’s ranking is remarkable, but the expanded wealth in other parts of the state is evident in the sales data. The San Francisco Bay Area contributed 47 postcodes to the list. Just looking at the county-level data, Los Angeles County had the most postcodes on the list at 21. Beverly Hills (90210) ranked highest at # 6 with a retail price of $ 4.12 million.
PropertyShark’s 2021 Rancho Santa Fe ranking – at number 18 – marks the highest point for a San Diego County zip code in the history of the list. It was 26th in 2016, 32nd in 2017, 29th in 2018, 29th in 2019 and 23rd in 2020.
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