When the US housing market collapsed sometime ago, it marked the beginning of the recession that afflicted the world. That was about seven years ago. Today, the prices of real estate (along with basically everything else), are somewhat recovering and going back to what can be considered normal. The first quarter of 2015 saw nearly 70 of the US’s (nearly) 360 metro area markets either return to or exceed their housing and economic levels prior to the recession. These areas have also shown constant improvement on a yearly basis. As the economy grows and the interest rates also remain low, the demand for housing will grow. This demand has also facilitated the prices of real estate to go up in many states. Some of these housing prices have risen past expected levels. For example, the price of real estate near the headquarters of some of the world’s biggest corporations (for example, Google, Facebook, Apple, et al) is insanely high.
The most expensive real estate market in the United States right now is Los Altos, California. A somewhat average home here in the very heart of Silicon Valley (four bedrooms, two baths) is close to $2 million. The most affordable market in the country is Cleveland, Ohio. The prices of real estate in Los Altos are almost 30 times those of Cleveland. This is because many of these large successful tech companies are based in Silicon Valley. Los Altos’ economy, for example, has benefited unbelievably. A vast majority (between 80 and 90 percent) of the most expensive real estate markets in the United States are based in California. Below is a list of ten of the most expensive markets in the US.
- Los Altos, California – has an average price of $1.96 million
- Newport Beach, California – has an average price of $1.9 million
- Saratoga, California – has an average price of $1.86 million
- Redwood City/Woodside, California – has an average price of $1.4 million
- Los Gatos, California – has an average price of $1.3 million
- San Francisco, California – has an average price of $1.29 million
- Sunnyvale, California – has an average price of $1.26 million
- Moraga, California – has an average price of $1.1 million
- San Mateo, California – has an average price of a little more than $1 million
- Wellesley, Massachusetts – has an average price of a little more than $1 million
Most of these markets are in California. However, there are other expensive real estate markets like New York City. The above list only includes the average prices for homes that have four bedrooms and two baths.