Buying a home in America has never been more expensive. In May 2022, the median home listing price hit a record high of $447,000, according to Realtor.com. This is an increase of 17.6% from one year earlier.
While buying a new house can be expensive everywhere, home values tend to be higher in major metro areas. Some of the most populous places in the country have much higher median list prices – including some in which most homes are listed for over $1,000,000.
To determine the 25 cities with the most expensive homes, 24/7 Wall St. reviewed data from Realtor.com’s Monthly Housing Trends Report. In the report, Realtor.com ranked the 50 largest metropolitan areas in the U.S. based on the median home listing price in May 2022.
Home prices have continued to increase nationwide, even as demand has cooled down slightly in the wake of higher prices and mortgage rates. Demand for homes is still high coming off the heels of the COVID-19 pandemic, but such high list prices may be dissuading some potential buyers from entering the market, while higher interest rates are pushing some buyers out of the market.
Many of the places with the most expensive homes are also among the largest metro areas in the country. These population centers offer access to high-paying jobs, good schools, and entertainment and dining options, making them attractive places to live and driving up home costs. These are America’s best cities to live.
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