The Real Deal Los Angeles

90401 is No. 1: Santa Monica had the nation’s highest home price increase

A report from Realtor.com showed the city’s median home listing was more than $3M
By Natalie Hoberman | April 10, 2018 04:00PM

A postcard circa 1930 and circa 1945 of beach homes along the Roosevelt Highway in Santa Monica, California

Santa Monica may be famous for its tourist throng and historic pier, but there’s another facet to this beachside city: its real estate.

The 90401 ZIP code in Santa Monica posted the greatest gains in median home listing price last year, according to a ranking by Realtor.com. The city posted a 60.7 percent year-over-year increase in median home price, raising the price for a home to a little over $3 million. That increase surpassed other neighborhoods in the state and in New York City.

The West Newton, Mass., 02465 ZIP code was second with a 60.4 percent increase, to a median home listing of $2.22 million. Up the California coast, Palo Alto’s 02465 had the most expensive listing price at nearly $5.6 million. That amounted to a 59.1 percent jump, good for the third spot.

Rounding out the top five were Kattskill Bay, in Upstate New York; and Seattle.

The rankings were calculated based on a comparison of median prices from April 2016 to March 2017, and April 2017 to March 2018.

With its proximity to the Pacific Ocean, Santa Monica has had no trouble attracting some of Tinseltown’s elite. Acting through an entity, “Modern Family” creator Steven Levitan sold his mansion on Woodacres Road for a record-breaking $41 million in September. Just a few months ago, Colony NorthStar chief executive Thomas Barrack sold his home of three years for $34 million.

The neighborhood also has a Marmol Radziner-designed home on the market. With nearly 9,500 square feet, that residence is asking just under $17 million.