Wealthy ZIP Codes Starved for Mansions
June 19, 2013
Housing inventory in wealthy ZIP codes is falling slightly faster than in the broader market, but it is declining especially fast in some of the richest ZIP codes.
According to a report from Altos Research, housing supply in the nation's 90 wealthiest ZIP codes has fallen 15 percent over the past year and is down more than 50 percent in the richest ZIP codes.
In a ZIP code in Carmel, Calif., inventory has fallen 76 percent over the past year, leaving only four homes on the market priced at $1 million or more as of the end of May. The number of $1 million-plus homes in Palm Beach, Fla., meanwhile, has declined 70 percent, falling from 89 to 26.
"I don't recall seeing the market like this, and it's come so quickly," said Cristina Condon of Sotheby's International Real Estate in Palm Beach.
Source: "Horrors, Darling! A Mansion Shortage," Christian Science Monitor (06/14/13)
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Updated: June 20, 2018