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A new analysis of the 10 most expensive ZIP codes in the U.S. finds that California continues to be home to a significant portion of the nation’s most luxurious properties.
Economists at Realtor.com sought to find the 10 most expensive communities in the U.S. by focusing on areas with at least 30 active listings in January to identify qualified ZIP codes. From there, they ranked markets by median listing price. And, in cases when that was tied in two markets, the median square footage of the listed properties was used as a tiebreaker.
“The latest data analysis shows that entry into this exclusive top 10 now starts at $5.5 million, placing these communities in a category entirely distinct from even the broader luxury market,” said Realtor.com senior economist Anthony Smith.
That $5.5 million figure is roughly five times the current luxury threshold of $1.2 million, though that entry point to ultra-luxury properties has declined from a peak of $5.9 million in July 2025. Just 12% of listings nationwide are priced above $1 million, but Smith noted that share is nearly 100% within the country’s most expensive ZIP codes.
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California claimed six of the top 10 spots in the Realtor.com analysis despite Malibu slipping out of the rankings into 11th place.
Smith noted that the 2025 wildfires affected demand for housing in that area, saying the area’s decline “reflects wildfire-driven shifts in inventory, with more listings representing land value or rebuild opportunities rather than turnkey luxury estates.”
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Here’s a look at the 10 ZIP codes with the most expensive real estate based on Realtor.com’s analysis:
1. — Newport Coast, California (92657 ZIP code)
- $12.5 million median list price
- 5,552 median square feet
2. — Fisher Island, Florida (33109 ZIP code)
- $11.98 million median list price
- 3,790 median square feet
3. — Beverly Hills, California (90210 ZIP code)
- $10.495 million median list price
- 5,500 median square feet
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4. — Bridgehampton, New York (11932 ZIP code)
- $8.8 million median list price
- 4,874 median square feet
5. — Bel Air, California (90077 ZIP code)
- $7.947 million median list price
- 5,094 median square feet
6. — Water Mill, New York (11976 ZIP code)
- $6.995 million median list price
- 5,821 median square feet
7. — Montecito-Santa Barbara, California (93108 ZIP code)
- $6.495 million median list price
- 3,611 median square feet
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8. — Rancho Santa Fe, California (92067 zip code)
- $5.995 million median list price
- 6,000 median square feet
9. — Newport Beach, California (92663 ZIP code)
- $4.995 million median list price
- 3,058 median square feet
10. — Paradise Valley, Arizona (85253 ZIP code)
- $5.5 million median list price
- 5,784 median square feet
