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The 10 Most Expensive Housing Markets in America—and 1 State Dominates the List

By Snejana Farberov

May 12, 2025

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Home prices climbed in nearly every one of America’s top-dollar housing markets—but 10 cities stood out for having the nation’s highest median sales prices.

And 8 of these 10 metros were clustered in California, confirming the Golden State’s reign as a desirable housing hot spot, according to the latest quarterly report from the National Association of Realtors®.

What’s more, many of these markets saw home price gains.

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San Jose, CA, registered the highest median sales price for a single-family home in the U.S. from January to March, reaching a staggering $2.02 million, up 9.8% compared with a year ago.

Notably, San Jose made history last summer when it became the first U.S. city to cross the $2 million median price threshold since NAR began tracking data in 1979.

Anaheim, CA, had the second-highest price for a typical home, at $1.45 million, up 6.2% year over year, followed by San Francisco, at $1.32 million, which saw an annual uptick of 1.5%.

Honolulu was the only non-California housing market that made it into the top five, with the median sales price there surging 7.3% from the previous year, to $1.16 million, during the first quarter of 2025.

San Diego snagged the No. 5 spot, with its median home price climbing to $1.04, up 5.7% from a year ago.

The California cities of Salinas, San Luis Obispo, and Oxnard emerged as the sixth, seventh, and eighth most expensive housing markets, with prices just below $1 million across the board, representing annual increases ranging from 2.5% to 6.2%.

The sole East Coast entry on the list, Naples, FL, came in ninth, with its median home sales price rising 1.8% from a year ago, to $865,000.

Despite being devastated by deadly wildfires during the first weeks of the new year, Los Angeles saw the price of the typical home rise 4.8% year over year in the first quarter, reaching $862,000, and landing Tinseltown in the 10th spot on the list.

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Lack of supply boosts home prices

So why are the home prices in these 10 markets so high? The short answer is that not enough new properties were being built to boost the local inventory, resulting in an upward pressure on the existing-home stock.

“Very expensive home prices partly reflect multiple years of home underproduction in those metro markets,” says NAR Chief Economist Lawrence Yun. “Another factor is the low homeownership rates in these areas, implying more unequal wealth distribution.”

In other words, homeownership in cities like San Jose and San Francisco is out of reach for the majority of inhabitants, and homebuyers tend to belong to the affluent set.

Affordable markets, like the ones found in the Midwest, are known to have better supply and higher homeownership rates, according to Yun.

1. 1. What type of loan are you looking for?
      1. Home Purchase
      2. Refinance
      3. Home Equity
   2. Get pre-approvedConnect with a lender who can help you with pre-approval.
   3. What type of home are you looking for?
      1. Single Family
      2. Town Home
      3. Condominium
      4. Multi-Family
      5. Mobile / Manufactured
      6. New Construction

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Mortgage Research Center, LLC. A mortgage licensee. NMLS ID 1907. Equal Housing Opportunity. Lender advertisers are not recommended or endorsed by realtor.com® or Mortgage Research Center, LLC, and are not the only providers of mortgage loan services of the kinds they offer.Advertising disclosure

The top 10 most expensive housing markets

1. San Jose, CA

Median home sales price: $2.02 million
Annual increase: 9.8%

2. Anaheim, CA

Median home sales price: $1.45 million
Annual increase: 6.2%

3. San Francisco, CA

Median home sales price: $1.32 million
Annual increase: 1.5%

4. Honolulu, HI

Median home sales price: $1.16 million
Annual increase: 7.3%

5. San Diego, CA

Median home sales price: $1.04 million
Annual increase: 5.7%

6. Salinas, CA

Median home sales price: $954,700
Annual increase: 6.2%

7. San Luis Obispo, CA

Median home sales price: $953,400
Annual increase: 4.8%

8. Oxnard, CA

Median home sales price: $931,500
Annual increase: 2.5%

9. Naples, FL

Median home sales price: $865,000
Annual increase: 1.8%

10. Los Angeles, CA

Median home sales price: $862,600
Annual increase: 4.8%

1. 1. What type of loan are you looking for?
      1. Home Purchase
      2. Refinance
      3. Home Equity
   2. Get pre-approvedConnect with a lender who can help you with pre-approval.
   3. What type of home are you looking for?
      1. Single Family
      2. Town Home
      3. Condominium
      4. Multi-Family
      5. Mobile / Manufactured
      6. New Construction

Provided by

Mortgage Research Center, LLC. A mortgage licensee. NMLS ID 1907. Equal Housing Opportunity. Lender advertisers are not recommended or endorsed by realtor.com® or Mortgage Research Center, LLC, and are not the only providers of mortgage loan services of the kinds they offer.Advertising disclosure

Snejana Farberov is a reporter at Realtor.com covering the U.S. housing market and the latest domestic real estate trends. She has worked as a general assignment journalist in New York City and Long Island for 16 years, writing for New York Post, Daily Mail, and News 12. Snejana earned bachelor’s degrees in journalism and Italian from St. John’s University, followed by a master’s degree from Columbia University School of Journalism.