These days it seems like a warming real estate market is all the talk, with appreciation driving prices higher with all of the vigor we saw a decade ago, before the real estate bubble let us all down. However, appreciation comes and goes, but some markets hold their value no matter what the economy looks like. So we looked at a recent article in Bloomberg BusinessWeek that ranked the top 20 most expensive real estate markets in the country. Even though this data is a few years old, it should be an accurate representation of real estate values.
Some of these were quite surprising! Predictably, 8 of the top 10 were in California, but who would have thought Boston was ahead of other cities on the East Coast, and Chicago, traditionally known as a mildly-priced mid-western city, cracked the top 20. I do know that Manhattan and Washington, D.C. have risen into the top 20 since this article came out. 13 of the top 20 markets had median home sale prices higher than $1 million.
Here are the top 20 real estate markets by median home price:
1. La Jolla, California.
Avg. Price: $1.842 million
2. Greenwich, Connecticut.
Avg. Price: $1.787 million
3. Beverly Hills, California.
Avg. Price: $1.777 million
4. Palo Alto, California.
Avg. Price: $1.741 million
5. Santa Monica, California.
Avg. Price: $1.653 million
6. Santa Barbara, California.
Avg. Price: $1.6 million
7. Newport Beach, California.
Avg. Price: $1.546 million
8. San Francisco, California.
Avg. Price: $1,513 million
9. Boston, Massachusetts.
Avg. Price: $1.494 million
10. San Mateo, California.
Avg. Price: $1.366 million
11. Palos Verdes, California.
Avg. Price: $1.294 million
12. Wellesley, Massachusetts.
Avg. Price: $1.223 million
13. San Jose, California.
Avg. Price: $1.013 million
14. Fremont, California.
Avg. Price: $957,000
15. Ridgewood, New Jersey.
Avg. Price: $955,938
16. Kihei Maui, Hawaii.
Avg. Price: $934,950
17. Oakland, California.
Avg. Price: $916,667
18. Long Beach, California.
Avg. Price: $912,308
19. Katonah, New York.
Avg. Price: $888,750
20. Chicago
Avg. Price: $863,300
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