Looking for a “bargain” in Atherton, which is now the zip code with the priciest real estate in the U.S., you might want to snap up the home on Atherton Avenue pictured above, listed for a mere $5,650,000. That’s chump change compared to another property located just blocks away at 1 Faxon Road on the market for $21,988,000.
There are currently 10 homes listed for more than $10.5 million and another 18 between $5 and $10 million. According to local real estate experts, prices have risen 40% in the past year.
“We have a market here with high demand, low supply,” Tom LeMieux of Pacific Union told CNBC. “And of course we are the center of technology. The tech sector is doing well. Everything that drives the tech sector, the local economy, venture capital, private equity. We’re just the center of innovation here. So that, more than anything, drives our housing market.”