- On a national level, the housing market is beginning to recover from shutdown back in March and April, but a bright spot is clear.
- A recent report by PropertyClub found the 125 most expensive zip codes in the country by looking at residential sales between March 13, 2020 and September 7, 2020.
- Of those zip codes, 80% are located in suburban markets, a sector that has been on the rise since the onset of the pandemic.
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In a COVID-19 world, home prices are rising in suburban markets while city markets struggle to keep up.
With social distancing and working from home the new norm for many, the desire for larger homes in less densely populated areas is heightening competition around the country.
A recent report by PropertyClub found the 125 most expensive zip codes in the country by looking at residential sales between March 13 and September 7, 2020, 80% of which are in suburban markets.
The boom in suburban markets was one of five major changes that UBS saw coming to real estate as a result of the pandemic in a late August report. "The single-family housing market has been a clear, if somewhat unexpected, beneficiary of COVID-19," the report states.
Working from home has meant it's now possible for many to move to a bigger space in a less densely populated area for a more affordable price. Additionally, a single-family home is inherently safer for social distancing purposes as it cuts down on your contact with others.
UBS noted the trend of moving away from urban areas already existed, but has been accelerated by the pandemic.
"Given the shelter-in-place restrictions, the shuttering of many of the key draws in a number of cities (restaurants, museums, sporting events, concerts, nightclubs, etc.) has, for the current period, made dense city living less appealing for a number of people," the report reads.
Keep reading for the five most expensive zip codes in America, all of which are located in the suburbs.
5. 90402: Santa Monica, California
Median sale price: $3,625,000
4. 98039: Medina, Washington
Median sale price: $3,700,000
3. 11962: Sagaponack, New York
Median sale price: $3,795,000
2. 90210: Beverly Hills, California
Median sale price: $4,084,000
1. 94027: Atherton, California
Median sale price: $6,690,000
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