Newport Beach now sits among the four most expensive ZIP codes in the United States, with a median home sale price of $6.2 million, according to a Bloomberg analysis published July 30 using PropertyShark data.
The city trails only Atherton, California ($9.93 million); Fisher Island, Florida ($8.30 million); and Bridgehampton, New York ($7.20 million). Sagaponack, New York, rounds out the top five at $6.05 million.
Bloomberg credits Newport Coast and Corona del Mar as the anchors of the city's ranking, noting that developers, financiers and Southern California's sports and entertainment elite have long gravitated to those enclaves.
The national ranking lands amid a streak of record-breaking local sales. A newly built mansion at 3512 Ocean Blvd. in Corona del Mar closed for $48.5 million in early July, shattering the neighborhood's previous record of $35 million set in 2017. The 11,600-square-foot home, built by Nicholson Companies, includes an underground car gallery, wine cellar and pool.
In Newport Coast, a 12,350-square-foot Crystal Cove mansion sold for $38.9 million, as we reported Aug. 6. A Pelican Crest estate with a speakeasy-style underwater bar traded for $30 million in March, according to the Orange County Register.
Meanwhile, a waterfront home at 87 Linda Isle hit the market in July for just under $70 million, briefly becoming the nation's most expensive active listing, The Real Deal reported. The 9,179-square-foot property has a private dock that can accommodate a 130-foot superyacht.
Supply is thin.
"The demand is among the strongest I have seen in my career," luxury real estate agent Ken DeLeon told Bloomberg in the July 30 report.
Paul Daftarian of the Daftarian Group, who represented the seller in a record $13.5 million Spyglass Hill sale in Corona del Mar, told the Orange County Business Journal in July that coastal Orange County faces "record low inventory" across every price tier.
Zillow's Home Values Index pegged Newport Beach's typical home value at $3.73 million as of June, up 10.5% year-over-year and nearly 62% over five years. A Los Angeles Times analysis published July 16 found the city holds three of California's top 10 ZIP codes for highest home values.
The next test of the market: whether the Linda Isle listing finds a buyer near its $70 million ask.
