From coast to coast, the housing market has been on a record run. Home values keep setting new records nationally, and the median home price nationwide remained above $400,000 as of March 2025, according to the National Association of Realtors.
In some of the nation’s most exclusive housing markets, though, $400,000 would barely qualify as a down payment. Bankrate looked at city-by-city sales data compiled by ATTOM Data Solutions to identify the nation’s priciest municipalities, as of the first quarter of 2025. Not surprisingly, California markets dominate the rankings.
Top 10 most expensive cities for homebuyers
The list of priciest places is dominated by small cities in California, with waterfront enclaves on the East Coast also making their mark. Here are the top 10 cities overall, with the Q1 2025 median price for each:
- Atherton, California: $10.95 million. This Silicon Valley city is the most expensive place in the U.S. to buy a home, by a wide margin.
- Newport Coast, California: $5.81 million. This tony spot in Orange County has long been a high-priced enclave.
- Teton Village, Wyoming: $5 million. Ski-in, ski-out, anyone?
- Boca Grande, Florida: $4.9 million. The housing market in this little village on the Gulf Coast is dominated by waterfront homes.
- Los Altos, California: $4.8 million. This is another Silicon Valley spot where high prices are holding.
- Sea Island, Georgia: $4.53 million. This little resort town in coastal Georgia is attracting well-heeled buyers.
- Portola Valley, California: $4.13 million. In this Silicon Valley municipality, prices have actually come down in recent years. The median price stood at $5 million in the first quarter of 2022, according to ATTOM Data.
- Old Westbury, New York: $4.05 million. This small city in the Hamptons saw the median sale price soar from $2 million compared to a year earlier, ATTOM Data reports.
- Burlingame, California: $3.98 million. Under $4 million looks affordable compared to the other Silicon Valley entrants on the list.
- Rancho Santa Fe, California: $3.93 million. This pricey San Diego suburb experienced sharp appreciation during the pandemic.
Most expensive midsize markets
The five priciest places with populations of 50,000 to 500,000, with Q1 median prices:
- Newport Beach, California: $3.3 million. Prices in this Southern California community rose 18 percent from a year ago.
- Palo Alto, California: $2.89 million. Prices rose just 5 percent in a year.
- Cupertino, California: $2.6 million. The median sale price in this tech hub, famed as the location of Apple’s corporate headquarters, fell slightly in the past year.
- Santa Barbara, California: $2.5 million. This city on the central California coast experienced a 37 percent increase in prices in the past year.
- Los Gatos, California: $2.4 million. Yet another Silicon Valley entrant, this city experienced 18 percent appreciation.
Most expensive large markets
The five priciest places with populations of 500,000 or more, with Q1 median prices:
- Manhattan: $1.55 million. No surprise here: New York City, and Manhattan in particular, has always been one of the nation’s priciest housing markets. So much for theories that the pandemic would kill demand for homes.
- San Jose: $1.38 million. The capital of Silicon Valley has weathered the remote-work trend and the affordability migration.
- San Francisco: $1.33 million. Prices haven’t moved much in recent years, but the supply-and-demand equation continues to favor high values.
- Los Angeles: $1.19 million. LA remains expensive — prohibitively so for Angelenos earning local wages. In fact, it’s one of the largest markets in the country where renting is much more affordable than buying, with the typical mortgage payment being 88.5 percent higher than the typical rent payment, according to Bankrate’s Rent vs. Buy Study.
- Brooklyn: $995,000. Still cheaper than Manhattan, but this New York City borough’s reputation for affordable housing is fading fast.
Here’s the full set of America’s top 25 most expensive housing markets from ATTOM:
| Rank | City | State | Population | Median price Q1 2025 | One-year change |
|---|---|---|---|---|---|
| 1 | Atherton | California | 7,030 | $10,950,000 | 42.92% |
| 2 | Newport Coast | California | 10,224 | $5,807,500 | 5.38% |
| 3 | Teton Village | Wyoming | 999 | $4,995,000 | 80.15% |
| 4 | Boca Grande | Florida | 633 | $4,900,000 | -1.53% |
| 5 | Los Altos | California | 43,666 | $4,769,625 | 9.85% |
| 6 | Sea Island | Georgia | 94 | $4,530,300 | 10.30% |
| 7 | Portola Valley | California | 6,645 | $4,125,000 | 4.85% |
| 8 | Old Westbury | New York | 4,198 | $4,050,000 | 50.62% |
| 9 | Burlingame | California | 42,794 | $3,981,000 | 6.87% |
| 10 | Rancho Santa Fe | California | 9,460 | $3,925,250 | -1.90% |
| 11 | Corona Del Mar | California | 12,328 | $3,845,750 | 1.84% |
| 12 | Beverly Hills | California | 39,357 | $3,696,192 | 10.79% |
| 13 | Saratoga | California | 31,383 | $3,650,000 | -8.00% |
| 14 | Amagansett | New York | 689 | $3,581,446 | 20.98% |
| 15 | Bridgehampton | New York | 696 | $3,550,000 | -5.92% |
| 16 | Belvedere Tiburon | California | 12,682 | $3,481,000 | -15.01% |
| 17 | Paradise Valley | Arizona | 17,202 | $3,420,000 | 26.90% |
| 18 | Wilson | Wyoming | 2,807 | $3,318,617 | 16.18% |
| 19 | Manhattan Beach | California | 34,584 | $3,312,500 | 19.70% |
| 20 | Medina | Washington | 2,889 | $3,300,000 | -21.11% |
| 21 | Newport Beach | California | 61,752 | $3,300,000 | 15.11% |
| 22 | Aspen | Colorado | 9,282 | $3,200,000 | 82.28% |
| 23 | Silverado | California | 1,967 | $3,124,500 | 51.83% |
| 24 | Pacific Palisades | California | 21,438 | $3,100,000 | -4.84% |
| 25 | Water Mill | New York | 2,447 | $3,073,274 | -87.19% |
Affordability tips for homebuyers
If you fear you’ll never be able to afford a home, don’t despair. There are strategies that can help homebuyers cope with this record-breaking market:
Shop around for a mortgage
Rates are volatile right now, and fees vary significantly from one lender to the next. Comparing at least three offers from competing lenders can save you thousands of dollars over the life of the mortgage.
Look for a low-down-payment loan
For borrowers struggling to afford a home, the monthly payment is just one hurdle. Another is coming up with a down payment. With the typical U.S. home selling for about $400,000, coming up with a standard 20 percent down payment means writing a check for $80,000. There is a potential workaround, though, in the form of mortgages backed by the Federal Housing Administration and the U.S. Department of Veterans Affairs. Both FHA loans and VA loans impose less onerous restrictions than conventional loans, if you qualify. FHA loans have a minimum of 3.5 percent down, and VA loans require nothing down.
Consider a fixer-upper
Older homes can be a good compromise for buyers frustrated by the lack of inventory and rocketing prices. According to Bankrate’s latest Home Affordability Survey, 18 percent of Americans would buy a fixer-upper to afford a home. Of course, buying a fixer-upper means you’re taking on a project, and that brings uncertainty. No matter how careful you are about estimating your renovation budget, you can count on surprises — especially in a time when materials costs are through the roof and construction labor is in short supply. Renovation experts say you should anticipate cost overruns in the range of 15 percent to 20 percent of your construction budget.
Think about a more affordable area
Many buyers are facing the harsh reality that they can’t afford the area they really want. Some buyers are deciding to move away from the most challenging markets — like the ones listed above. However, a number of large cities boast home prices that are still affordable. They include Buffalo (with a median sale price of $213,000 in the first quarter), Philadelphia ($225,000), Louisville ($235,500), St. Louis ($179,919), Kansas City ($235,000) and Milwaukee ($230,000).
Learn more: 10 key questions to ask when buying a house
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