- Gibson Island’s 21056 is Maryland’s #1 most expensive zip code
- Montgomery County is the #1 county for expensive zips – 22 out of the top 50
- Silver Spring and Bethesda tied for city with highest number of pricy zips – 3 each
- Maryland’s largest residential sale was registered in Bethesda’s 20814
Boasting the 3rd highest median household income in the nation, and lower than the national average unemployment rates, Maryland’s residential real estate market experienced healthy buyer interest in 2016. However, the national trend of tight inventories is affecting local buyers at a growing rate.
Anne Arundel County, home to 7 of the state’s 50 most expensive zip codes, has hit its lowest inventory levels in 5 years. The Baltimore Metropolitan Area saw its inventory drop by 22% since March 2016. Montgomery County, home to almost half of Maryland’s top 50 most expensive zip codes, saw its inventory levels drop by 21.5% over the same period. And with the newly arrived administration, the luxury market in the Washington, DC, area has heated up significantly.
When it comes to pricey real estate in Maryland, Gibson Island’s 21056 tops the charts as the #1 most expensive zip code in the state. Homes here sell for a median $1.65 million – pricey enough for Gibson Island to be one of the most expensive zip codes in the country. Nationally, this affluent community ranks as the 52nd most expensive, beating iconic California real estate hotspots such as Cupertino, Carmel by the Sea and Venice.
Located just off the western shore of Chesapeake Bay, Gibson Island is one of the most affluent communities nationwide – and has been for quite a while. While a $1.65 million median home price is out of range for most homebuyers, Gibson Island’s extreme privacy makes it an attractive destination for well-to-do Baltimoreans and District residents looking for a second/summer home. A gated community, connected to the mainland by a guarded causeway, it permits entry only to residents and those with valid, formal reasons for visiting.
With a median sale price of $903,000, Bethesda’s 20816 is Maryland’s 2nd priciest zip code. Named the #1 top earning town in the U.S. by Time, it’s no surprise that Bethesda grabbed 3 spots among Maryland’s top 50 most expensive zip codes. Located just outside of Washington, DC, this town packs a lot of power thanks to its proximity to the capital. Home to a multitude of medical, military and federal institutions such as Walter Reed National Military Medical Center and the Consumer Product Safety Commission, Bethesda enjoys a robust and steady economy. The city’s private sector is also impressive, with Marriott International, Host Hotels & Resorts and defense giant Lockheed Martin headquartered here.
Unsurprisingly, Maryland’s 3rd most expensive zip code, 20815, also enjoys close proximity to The District, with just 9 miles to downtown DC. In Chevy Chase’s 20815, homes sell for a median $900,000. Although mainly a residential suburb, shopping and entertainment are easily accessed by Chevy Chase residents in the neighboring Friendship Heights shopping district. Chevy Chase is also known for hosting the annual National Science Bowl and for being the hometown of media personality Gayle King.
A picture of Maryland’s most expensive zip codes wouldn’t be complete without taking a look at the largest residential transaction in 2016. The priciest home to trade in Maryland last year was 7118 Glenbrook Road in Bethesda, which fetched $6.5 million back in mid-September. The 7,888-square-foot home is located in 20814, Maryland’s 9th priciest zip code, where homes sell for a median $750,000. The 8-bed contemporary home was built in 2009 by famed architect David Jameson and features a central glass pavilion with custom-milled mahogany ceilings.
Check out the most expensive zip codes in Maryland below:
|#||Zip code||Location||Median sale price 2016||County|
|1||21056||Gibson Island||$1,650,000||Anne Arundel County|
|3||20815||Chevy Chase||$900,000||Montgomery County|
|7||20818||Cabin John||$775,500||Montgomery County|
|8||20896||Garrett Park||$755,000||Montgomery County|
|11||21405||Annapolis||$660,000||Anne Arundel County|
|13||21794||West Friendship||$655,000||Howard County|
|17||20860||Sandy Spring||$594,500||Montgomery County|
|21||21042||Ellicott City||$550,000||Howard County|
|22||20778||West River||$540,000||Anne Arundel County|
|24||21035||Davidsonville||$525,000||Anne Arundel County|
|32||21146||Severna Park||$479,900||Anne Arundel County|
|35||20905||Silver Spring||$452,000||Montgomery County|
|36||20912||Takoma Park||$445,000||Montgomery County|
|38||21054||Gambrills||$443,335||Anne Arundel County|
|41||20910||Silver Spring||$425,000||Montgomery County|
|47||20901||Silver Spring||$419,000||Montgomery County|
|49||21043||Ellicott City||$415,799||Howard County|
|50||21140||Riva||$415,500||Anne Arundel County|
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Methodology: In order to determine which were the most expensive ZIP codes in the Maryland, 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.