This is the most expensive ZIP code in Nevada

Nevada has one of the most expensive ZIP codes in the country, according to a new study.

The area of Glenbrook (89413) in Douglas County, which is near Lake Tahoe, is the 26th most expensive ZIP code in the country, according to a study from Property Shark. The median sale price this year so far is approximately $3.4 million. The area of Crystal Ball in Washoe County (89402) came in at 48th on the list with a median sale price of $2.7 million.

This was the highest price point ever for Glenbrook, said Alexandra Popa, a communications specialist with Property Shark, noting that Crystal Bay has now made its fifth appearance in a decade on the list with its highest price point as well.

“Glenbrook remains Nevada’s price leader due to its locations, size, limited supply and high-net-worth client base willing to pay top dollar for what Glenbrook can offer, water sports, skiing, hiking, golf, plus, of course, exclusive lakeside access,” she said. “Potential homeowners eyeing Glenbrook are far more likely to be high-income buyers shopping for second homes, luxury residences or lakefront retreats rather than typical local buyers or even the typical buyer of other, more urban luxury markets like Manhattan’s exclusive buyers.”

Glenbrook is located on the east shore of Lake Tahoe within Nevada, with half of the affluent lakeside in California. The area is known for its exclusive communities featuring millionaires and billionaires. Popa said it’s best not to think of Glenbrook like a normal part of Nevada.

“(Glenbrook) behaves less like a typical Nevada market and more like an exclusive resort community shaped by wealth migration, second-home ownership and sustained appetite for high-end waterfront real estate, usually in limited-inventory conditions,” she said. “Plus, since prime lakeside parcels are rare, listings are few and competition among buyers can push sale prices far above listing prices. “

This has consistently driven up the price in Glenbrook over the past decade, according to the study, from $1.57 million for the median home price in 2016 to $2.74 million in 2023.

There was a small dip in home prices in Glenbrook during the tail end of the pandemic, the report found, however Popa said it’s overall price is still incredibly high and now rising exponentially again.

“Even as the community’s median dipped slightly from its 2022 peak of just over $3 million, pricing has remained far above pre-pandemic levels, underscoring the pricey enclave’s strength in shifting market conditions impacting Nevada at large. And it seems that underscore that since the pandemic, Glenbrook’s appeal has only increased, as shown by its skyrocketing prices.”

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.