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The Most Expensive Zip Codes in Massachusetts in 2016

Quick facts:

  • Boston’s 02199 is the #1 most expensive in Massachusetts and #11 nationwide;
  • The second most expensive zip code, 02108, is a U.S. National Historic Landmark District;
  • Boston’s 02116 dominated the state’s residential market by sheer volume – 430 sales;
  • 2016’s top three deals came from Nantucket’s 02554 at a combined value of $46.6 million;

Massachusetts’ residential market had a banner year in 2016, with Boston and Nantucket leading the state’s most expensive home sales, totaling $80.9 million for the top six most expensive assets to trade. According to the Greater Boston Association of Realtors, inventory in the GBA has decreased by 35% over the course of 2016, as did the number of days spent on the market. At the same time, the median sale price grew 9.4 percent for single family properties and 4.8 percent for condominiums. This is despite the fact that Boston home sizes tend to be more modest at an average of 909 square feet.

Job growth in the state is fueling demand in the residential sector. According to the Executive Office of Labor and Workforce Development, Massachusetts added 75,000 jobs in 2016, bringing unemployment down to 2.8 percent, its lowest level in 16 years. Comparatively, the national rate stood at 4.7 percent in December 2016 per the Bureau of Labor Statistics.

Taking Massachusetts’ economic growth into account, we weren’t surprised that the Commonwealth nabbed two spots in our 100 most expensive zip codes in the US for 2016 list. At a median sale price of $2,800,000, Boston’s 02199 was just $15,000 short of breaking into the top 10, having landed on the 11th position. Massachusetts’ most expensive zip code managed this impressive feat with only five transactions concluded last year. All five properties are condo units within two of the most exclusive addresses in Boston’s historic Back Bay neighborhood: The Residences at Mandarin Oriental and The Belvedere.  Back Bay is a celebrity hotspot in Boston having been home to such stars as power couple supermodel Giselle Bündchen and five-times Super Bowl champion Tom Brady.

Unsurprisingly, Boston’s prestigious Beacon Hill neighborhood is one of the priciest areas in Massachusetts for homeownership. With a median home price of $1,430,000, the state’s second most expensive zip code, 02108, is also the nation’s 83rd most pricey one. A U.S National Historic Landmark District and home of the Massachusetts State House, Beacon Hill is a neighborhood of rich history and lavish homes.

With the median home price at $1,331,000, Newton’s 02468 is Massachusetts’ third priciest zip code. Covering the village of Waban, one of 13 that make up the town of Newton, 02468 is among the nation’s most affluent zip codes, known as ‘Super Zips’. 83 percent of Waban residents possess college degrees and the median household income surpasses the $200,000 threshold.

Although only the 12th priciest Massachusetts zip code overall, 02116 is not to be glossed over – this Boston zip code had the highest residential sales activity in the entire state. 430 transactions completed here in 2016 with a median home sale price of $980,000.

But a picture of Massachusetts’ residential real estate market wouldn’t be complete without taking a closer look at the largest residential transactions of 2016. The state’s three most expensive home sales originated in one zip code: Nantucket’s 02554. The state’s 4th most expensive zip code, with a median home price of $1,200,000, Nantucket’s 02554 also saw 317 properties change hands. The sale of the year, 28 Easton St., traded hands for a whopping $19,000,000 in early September. It was followed by the $15,000,000 sale of 141 Cliff Road, a 7,626-square-foot single family home sitting on 2.7 acres of land. Massachusetts’ third most expensive home to trade in 2016 was the 5-bedroom, 4-bathroom 11 Sherburne Turnpike. Built in 1940, the 2,645-square-foot waterfront property sold for $12,600,000

Check out the 50 most expensive zip codes in Massachusetts below:

#Zip codeAreaMedian
102199Boston$2,800,000
202108Boston$1,430,000
302468Newton$1,331,000
402493Weston$1,327,500
502481Wellesley$1,265,000
602554Nantucket$1,175,000
702459Newton$1,050,000
802535Chilmark$1,050,000
902482Wellesley$1,027,500
1002210Boston$1,000,000
1102116Boston$980,000
1202420Lexington$937,500
1302030Dover$935,000
1402421Lexington$925,000
1502467Brookline$924,500
1602142Cambridge$905,000
1702111Boston$871,875
1802462Newton$865,000
1901773Lincoln$860,000
2001890Winchester$853,000
2102478Belmont$850,000
2202492Needham$829,500
2302460Newton$828,000
2402650Chatham$826,250
2502461Newton$822,500
2602539Edgartown$810,000
2702465Newton$805,000
2802110Boston$799,500
2902109Boston$799,000
3002466Newton$795,000
3101742Concord$794,000
3202118Boston$780,000
3301741Carlisle$760,000
3402445Brookline$754,000
3502446Brookline$750,000
3601944Manchester-by-the-Sea$747,500
3701770Sherborn$735,500
3802025Cohasset$725,000
3902138Cambridge$725,000
4002494Needham$723,938
4102043Hingham$715,000
4202458Newton$710,000
4302115Boston$683,500
4401776Sudbury$680,000
4502139Cambridge$673,750
4601730Bedford$662,500
4701778Wayland$656,500
4802144Somerville$652,500
4902090Westwood$650,500 
5002141Cambridge$635,000

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Methodology:  In order to determine which were the most expensive ZIP codes in Massachusetts, we looked at all residential transactions closed in 2016, taking into account condo, co-op, single- and the two-family homes. All package deals were excluded.

Correction: The list of most expensive zip codes in Massachusetts was updated on March 9, 2017 to account for Middlesex zip codes that were not included initially due to a technical glitch when compiling the stats. 

 

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza also writes for CommercialEdge. Reach her at [email protected]

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