Most Expensive Housing Markets in the Nation
Of the five most expensive housing markets in the country, four them are here in California. Yes, San Jose, California, where Silicon Valley is located, has the distinction of having the nation’s highest median home price of $980,000!
In second place, is San Francisco with the median home price of $841,600. The Anaheim Santa Ana area of California comes in third with the median home price of $685,700. The fourth highest median home price in the country is not in California, but in Honolulu, Hawaii. The median home price in Honolulu is $698,600. Rounding up our top five most expensive median home prices in the country, we go back to California and our hometown of San Diego comes in with a median home price of $547,800.
Our high California home prices are creating an affordability gap, especially for first-time buyers. The National Association of Realtors recently put out a report showing that to buy a $229,400 property with a 20% down payment, would still require the buyer to have an income of approximately $41,427!
Across the country home prices increased in 93% of the markets, with 19% of those markets experiencing double-digit appreciation. On a nationwide basis, the median existing home price was up 8.2% from last year.
