This Florida neighborhood has passed Beverly Hills as the nation’s most expensive

A Florida neighborhood known as a haven for the rich and famous is now the most expensive in the U.S., surpassing Beverly Hills — and it isn’t alone, with Florida now boasting of seven of the 10 most expensive neighborhoods in America, according to Zillow.

Gables Estates, located in Coral Gables, Fla., has an average home price of 19.4 million — nearly double that of Beverly Hills Gateway at $10.79. Beverly Hills Gateway, in fact, has fallen to third place, behind Port Royale near Naples, Fla., which has an average home price of $16.9 million.

It should be noted, however, that neighborhoods in Beverly Hills take up the three spots in the top 10 not occupied by Florida locations.

In February 2020, prior to the pandemic shutdown, California and New York City had six of the 10 most expensive neighborhoods.

But the rise in housing prices, coupled with a continuing influx of people into the Sunshine State, has flipped the script.

“COVID brought this whole new group of buyers that realized they could live wherever they wanted to live,” said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, according to MSN.com.

Although Zillow found the overall average home price in Gables Estates to be $19.4 million, the four homes currently on the market have an average asking price of $40.2 million.

Here’s the top 10 most expensive neighborhoods in the U.S., with their average home price:

  1. Gables Estates, Coral Gables, Fla.: $19.4 million
  2. Port Royale, Naples, Fla.: $16.49 million
  3. Beverly Hills Gateway, Calif.: $10.79 million
  4. Old Cutler Bay, Coral Gables, Fla.: $10.22 million
  5. Beverly Hills The Flats, Calif.: $9.28 million
  6. Rivo Alto Island, Miami Beach, Fla.: $9.1 million
  7. Bear’s Club, Jupiter, Fla.: $8.99 million
  8. Aqualane Shore, Naples, Fla.: $8.88 million
  9. San Marino Island, Miami Beach, Fla.: $8.84 million
  10. Trousdale Estates, Beverly Hills, Calif.: $8.5 million

Currently, there are only four homes in the entirety of Alabama selling for $8 million or more.