11 Most Expensive Cities to Buy a Home in the US

Whether a young couple, lone wanderer, or family finally able to afford their dream house, all must wonder which are the 11 most expensive cities to buy a home in the US. If nothing else, then at least for curiosity’s sake. If you yet don’t know the answer, our list should be able to finally clarify that question – at least for the time being. Things do tend to change year in, year out and our main source Altos Research do their job every single year in their quest to bring us the most expensive US housing markets.

Altos’ research is based on US zip codes and asking prices for single-family homes and condominiums that are currently listed for sale. By the time you’re reading this, some of these homes have probably already found their new owner, but that won’t affect the list since asking prices and closing prices are rarely the same thing. With this in mind, it’s easily noticeable that the research could have gone the other way. Closing prices are a better indicator, like the estimated outcome for an auction versus the real outcome. However, because most properties linger on the market for considerable time, this means that there’s a sample of much smaller scale for the closing prices – especially in smaller communities. Furthermore, all prices are showcased in median value and include all properties for sale. Naturally, larger towns and especially large cities have a number of zip codes that represent their respective districts. We, however, will only list the most expensive zip codes in such instances so that one city doesn’t take half of our list of 11 most expensive cities to buy a home in the US (looking at you, New York). As mentioned above, things do tend to change on a daily basis, not just yearly. That’s why we’ve used the asking prices of available properties for 2014 and for 2015 through the end of September (last available data).

If we had chosen to go with the closing prices, averages would have been lower in most instances. Property Shark compiles such a list which would rate the zip codes differently – no doubt about it. We won’t fail to mention which spot each city would have taken on Property Shark’s list, however. Finally, if the U.S. isn’t the only market that interests you, feel free to take a look at our list of 10 most expensive cities in the world to buy real estate as well.

11. Santa Barbara, CA, 93108

Median asking price: $4,164,021

It’s not only the TV show that has had success during the late eighties and early nineties – Santa Barbara alone is one of California’s most prominent locations and, as you can see, one of the country’s most expensive zip codes in terms of the property price. Nested between the Pacific and Los Padres National Forest, the city of Santa Barbara offers a truly luxurious location to its citizens. Not all of them are as wealthy as the TV show’s protagonists the Capwell family, but a large number of them are. After all, this is evident from median home and condo asking prices that don’t fall below the $4 million mark.

10. Miami Beach, FL, 33109

Median asking price: $4,316,789

Another one of the most reputable US locations, Miami Beach sits upon a number of both natural and man-made islands between Biscayne Bay and the Atlantic Ocean. It actually serves as a barrier between the Atlantic and downtown Miami. Our source states that asking prices for homes in Miami Beach have risen by a staggering overall value of around $2.5 millions from $3 million in 2014 to around $5.5 million in first three quarters of 2015. It comes as no surprise since this location offers everything a wealthy home owner might imagine; from a tropical climate and sandy beaches, over designer shops to rich night life.

9. Hillsborough, CA, 94010

Median asking price: $4,369,278

While reading the rest of the list, you’ll come to know that the Bay Area features more than a few expensive zip codes. Hillsborough is actually one of America’s wealthiest communities and median home prices of around $3.8 millions from 2014 speak in favor of that assessment. Furthermore, property prices in entire Bay Area, including Hillsborough, have been on the rise and current properties demand almost $5 million on average. There’s a trend which implies that property prices in these neat and quiet small towns will continue to rise, and who are we to believe otherwise?

8. Aspen, CO, 81611

Median asking price: $4,509,508 
Out of two zip codes in the Rocky Mountains’ most famous resort town, 81611 takes the biscuit as most expensive. Today, Aspen is not only a tourist destination, but a mountain town of considerable reputation with properties belonging to well-known billionaire entrepreneurs like John Doerr, Sid Bass and Daniel Och. In contrast with Manhattan, Aspen’s property prices have grown by around $1 million in 2015. Given the history and classy nature of the place, we’re certain that Aspen will remain one of America’s top destinations for the rich for the foreseeable future.

7. Beverly Hills, CA, 90210

Median asking price: $4,516,756

Known for Rodeo Drive, its plethora of celebrity citizens, and, of course, the TV shows of the same name, Beverly Hills hits number 3 on our list of most expensive US zip codes by closing prices. By asking prices, however, Beverly Hills remains somewhat further behind. Compared to 2014, prices in 2015 almost haven’t changed at all and have remained at the steady level of the average price listed above.

6. Woodside, CA, 94062

Median asking price: $4,712,017

Woodside is neatly placed in a part of the Bay Area which showcases exorbitant property prices all over — apart from already listed Hillsborough, four additional nearby communities occupy #20, 29, 31 and 38 by our calculations. Furthermore, Woodside won’t be the only Bay Area town on the list. While 2015 property asking prices are lower by some $800,000 compared to the same period in 2014, this doesn’t necessarily mean that the prices per square foot are dropping. Maybe the latest listed properties only aren’t of sufficient luxury at the time being.

5. Alpine, NJ, 07620

Median asking price: $4,946,577

The most expensive town in New Jersey and one of the most expensive east coast zip codes warrants a median asking prices of slightly below $5 million. As if it weren’t enough to be located just 15 miles north of Manhattan, across the Hudson – Alpine offers model east coast scenery, calm, and quiet surroundings to its wealthy inhabitants. It’s a perfect commuting town in proximity to New York’s most important corporate headquarters, but still far enough from noise, crowds, and the hurried way of life which the Big Apple brings.

4. Woody Creek, CO, 81565

Median asking price: $5,987,081

The second Pitkin County and the Rocky Mountains town on our list of 11 most expensive cities to buy a home in the U.S., Woody Creek is just a few miles from Aspen. There’s nothing much worthy of note in this small mountain community apart from beautiful landscapes, clean air, and staggeringly expensive properties which mostly serve as winter homes for U.S. celebrities.

3. New York, NY, 10013

Median property asking price: $6,065,314

Where has New York been hiding for so long – most of you are probably asking themselves? There are a few New York zip codes that could have made the list, but we have decided only to include the most expensive one as the Big Apple would have simply dominated this list otherwise. That’s why you won’t find Chelsea and Upper East Side here, for instance. New York’s own 10013 zip code exhibits cast iron architecture and steadily high prices. Welcome to SoHo. Being Manhattan’s artistic center, SoHo represents one of city’s most sought after neighborhoods, but Greenwich Village is rapidly becoming similarly desirable as well. In fact, 10012, 10013, and 10014 together warrant a median asking price of $5.5 million. This makes Greenwich Village and SoHo the most expensive Manhattan and New York neighborhood overall. Moreover, 10013 is the most expensive New York City zip code by closing prices.

2. Sagaponack, NY, 11962

Median property asking price: $6,924,808

With Jimmy Fallon, Truman Capote, Billy Joel, and Bill and Hillary Clinton as neighbors, one would surely have to splash the cash in order to move into idyllic Sagaponack, located at the far tip of the Hamptons between Bridgehampton and Water Mill (16th and 17th by our calculations) and East Hampton (home to Jerry Seinfeld and Ron Perlman). It’s no wonder then, that property in Sagaponack asks just shy of $7 million on average. What’s more, property prices have been rising recently and Sagaponack rates number one by average closing price. With this in mind, it comes as no surprise that Long Island’s idyllic Hamptons village can be so expensive to move to. After all, a village with a population under 400 will soon run out of available lots.

1. Atherton, CA, 94027

Median property asking price: $9,795,462

I have already mentioned that the Bay Area is clogged with expensive luxury homes and residences, and here’s the most expensive of them all. What’s more, Atherton is the most expensive neighborhood in the entire country, with average property prices close to $10 million. The town’s position between San Francisco and San Jose makes it a perfect choice for Silicon Valley dependents, computer experts and CEOs. Atherton’s current notable residents include MLB Hall Of Famer Willie Mays, former Yahoo CTO Farzad Nazem, and others. It’s impossible to predict how long Atherton will remain at the top of the 11 most expensive cities to buy a home in the US, but judging by the recent rise in property prices (from $9 million in 2014 to $10 million in 2015), it could remain there for some time.