Real estate and housing: Home sellers outnumber buyers, Redfin says

LOS ANGELES – After an eight-year reign as America’s most expensive ZIP code, Atherton, California has been dethroned by an exclusive private island off the coast of Miami.

Fisher Island, Florida took the top spot in 2025 with a median sale price of $9.5 million, a 65% jump from last year, according to a new report from real estate data firm PropertyShark.

Local perspective:

Atherton in San Mateo County fell to the second spot nationwide after the Miami Beach enclave claimed number one. But the small, largely residential town in the Bay Area still recorded a median sale price of $8.33 million — a record for the community.

Situated between Menlo Park and Redwood City, its high prices are sustained by unique zoning laws, which mandate acre-plus lots and generally limit parcels to a single home, keeping the supply of housing tight.

The area is known for attracting high-profile buyers—such as Golden State Warriors star Stephen Curry, Netscape co-founder Marc Andreessen, and other silicon valley executives—who value the privacy, scale, and proximity to Stanford and Sand Hill Road. According to the report, the cheapest home sale was $3.2 million this year, while its upper limit was set by a $51.5 million, 10,000-square foot home purchased by tech CEO Stephen Luczo.

Big picture view:

The Golden State remains the undisputed capital of U.S. luxury housing. 

The state accounted for 61% of the country’s 100 priciest ZIP codes and eight of the top 10 in the latest rankings, with Newport Beach being named the most expensive city overall. All six of its ZIP codes made the nation’s top 100 list. In fact, Newport Beach is the only city in the country with three ZIPs among the top 10. Newport Beach contributed half of the 12 ZIP codes that rank Orange County as the third-most expensive country in the U.S. 

Here are the California cities that made the top 10 list, along with each’s 2025 median sale price: 

Atherton, 94027 (#2): $8.33 millionNewport Beach, 92661 (#4): $5.72 millionSanta Barbara, 93108 (#6): $5.24 millionStinson Beach, 94970 (#7): $5.23 millionNewport Beach, 92657 (#8): $5.19 millionLos Altos, 94022 (#9): $5.1 millionNewport Beach, 92662 (#9): $5.1 millionRancho Santa Fe, 92067 (#10): $4.99 million

You can see the full list below:

The Source: The data used for PropertyShark’s analysis was based on closed residential sales during the first nine months of the year, from January 1 to September 30, 2025, and only includes states where sale prices are publicly disclosed. The year-over-year comparison used 2024 data covering the same nine-month period.

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