The most expensive neighborhood in every state

This statistic includes all homes in a given neighborhood, including single-family, condominium and co-operative homes with a county record.

JJFarq / Shutterstock

Choosing the right neighborhood can make all the difference when it comes to quality of life. It’s also one of the most important factors that dictate price.

According to the Zillow Home Price Index, the median home price in the U.S. is $226,700. However, real estate prices vary widely depending on location. At a macro level, home values in the U.S. tend to be highest in the Northeast and on the West Coast. The South and the Midwest generally have the lowest median home values.


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At a micro level, however, homes located just a short drive (or walk) apart can also have extremely different price tags. Within many cities and their surrounding suburbs, the gap in home values between the most expensive and least expensive neighborhood is striking. For example, in the Port Royal neighborhood in Naples, Florida, the median home value is $8,041,800, making it the most expensive neighborhood in the U.S. to buy a home. By contrast, the median home value in Naples Park, a neighborhood about half an hour north of Port Royal, is $393,600, roughly 20 times less.

“Prior to the 21st century, the most desirable areas were located in the suburbs while the inner city was often the least desirable. With the inner city revitalization projects completed or underway all over the country, urban areas are now in hot demand with suburbs being more affordable than ever before,” explained Dave Mele, President of Homes.com. At the same time, according to Mele, “The distinction between suburb and city is getting less clear as smaller areas of both high- and low-income properties dot these areas interchangeably.”

Disparities in home prices and how prices have changed over time vary widely by city and neighborhood. While gentrification in certain cities and neighborhoods has increased home prices, it hasn’t necessarily closed the home price gap between the wealthiest and poorest neighborhoods.

Chief Economist at Realtor.com, Danielle Hale, explained, “A 10 percent increase in price on a $200,000 house is the same dollar amount as a 2 percent increase on a million-dollar home. Thus, gaps in the value of homes can persist even if the rates of increase are higher among less expensive homes.”

This concept was reiterated by Compass real estate broker Grigor Licul: “Emerging neighborhoods have a lower value baseline, and they may have a higher percentage return on the dollar. But the most expensive neighborhoods are top performers in absolute dollar amounts and are far more resilient to downturns.”

According to Licul, the most desirable neighborhoods offer more than just housing. They offer good infrastructure, school districts, and transportation, among other desirable characteristics. The result, he explained, is that: “Developers follow the demand and develop a higher end product within these neighborhoods, further stratifying the market. It is a reinforcing loop which causes the neighborhoods with a higher price baseline to maintain their pricing advantage [and] remain more resilient to potential downturns.”

While Port Royal earns the title of “Most Expensive Neighborhood in America,” an overwhelming majority (roughly 85 percent) of America’s 100 most expensive neighborhoods are located in California, especially concentrated near Silicon Valley.

“California has been an attractive place to live for decades because of its moderate climate and strong economy,” explained Hale. Even in the wake of rising prices and extreme weather events, she suspects, “The strong California economy powered by creativity is likely to continue to attract residents and home buyers. While secondary tech hubs are developing in cities like Seattle, Portland, Austin, and Denver, the Bay Area remains central to the tech industry, which will keep the state top of mind for entrepreneurs and innovators.”

Mele is less certain. “There are no easy solutions when it comes to the future real estate market for California, where home prices are more than double what they are elsewhere. What we do know is that California is deeply impacted by environmental issues. Ranked second by FEMA for states that have suffered the most natural disasters, California is definitely an area that should closely monitor how climate change (and the state’s position on it) affects the real estate industry,” he said.

Outside of California, the most expensive neighborhoods tend to be located on the East Coast, particularly in Florida and New York.

To find the most expensive neighborhoods in every state, Construction Coverage analyzed median home values from the most recent Zillow Home Value Index for the 7,439 most popular neighborhoods for which Zillow collects data. Construction Coverage also looked at how home values in these neighborhoods have changed over time. Here’s what they found:

Takeaways

With just a few exceptions, the most expensive neighborhood in every state is typically found within or in close proximity to one of the largest cities in that state.

While some of the most expensive neighborhoods in every state are located in the heart of their respective cities—for example, SoHo in New York or Filter Square in Philadelphia—the majority are residential communities outside of their urban city centers.

Stark differences in price exist among nearby neighborhoods as a result of schools, views, proximity to commercial/recreational interests, taxes, safety, and a host of other factors. In San Francisco, there is more than a 6x difference in price between the most expensive and least expensive neighborhood. In Seattle, that number is 4x and in Los Angeles, it’s almost 9x.

Price differences among the states is striking. There are more than 1,000 neighborhoods in California that are more expensive than the most expensive neighborhoods in the bottom 20 percent of states.

Price differences among adjacent neighborhoods

The most expensive neighborhood in each state ranges from a high of $8,041,800 to a low of $169,000. Here are the most expensive neighborhoods in every state.

America’s Most Expensive Neighborhoods

 

Alabama

Most expensive neighborhood: Country Club
City: Mobile
Metro: Mobile
Median home value: $454,400
Peak home value: $454,400 (2019-Q1)
1-year change in value: 2.0%
5-year change in value: 4.0%
10-year change in value: 0.8%

Alaska

Most expensive neighborhood: Rabbit Creek
City: Anchorage
Metro: Anchorage
Median home value: $576,100
Peak home value: $590,500 (2017-Q1)
1-year change in value: 0.6%
5-year change in value: 0.9%
10-year change in value: 0.3%

Arizona

Most expensive neighborhood: Pinnacle Peak
City: Scottsdale
Metro: Phoenix-Mesa-Scottsdale
Median home value: $823,400
Peak home value: $1,011,900 (2006-Q1)
1-year change in value: -0.8%
5-year change in value: 2.3%
10-year change in value: 1.8%

Arkansas

Most expensive neighborhood: Heights
City: Little Rock
Metro: Little Rock-North Little Rock-Conway
Median home value: $539,800
Peak home value: $539,800 (2019-Q1)
1-year change in value: 12.7%
5-year change in value: 7.0%
10-year change in value: 2.8%

California

Most expensive neighborhood: Old Palo Alto
City: Palo Alto
Metro: San Jose-Sunnyvale-Santa Clara
Median home value: $5,153,300
Peak home value: $5,402,100 (2018-Q2)
1-year change in value: -2.5%
5-year change in value: 9.7%
10-year change in value: 10.7%

Colorado

Most expensive neighborhood: Grant
City: Boulder
Metro: Boulder
Median home value: $1,669,900
Peak home value: $1,694,500 (2018-Q4)
1-year change in value: 2.1%
5-year change in value: 9.2%
10-year change in value: 5.5%

Connecticut

Most expensive neighborhood: Silvermine
City: Wilton
Metro: Bridgeport-Stamford-Norwalk
Median home value: $744,400
Peak home value: $1,011,900 (2005-Q3)
1-year change in value: -2.9%
5-year change in value: -1.5%
10-year change in value: -1.0%

Delaware

Most expensive neighborhood: Forty Acres
City: Wilmington
Metro: Philadelphia-Camden-Wilmington
Median home value: $272,600
Peak home value: $314,000 (2006-Q4)
1-year change in value: -3.3%
5-year change in value: 0.2%
10-year change in value: -0.3%

District of Columbia

Most expensive neighborhood: Berkley
City: Washington
Metro: Washington-Arlington-Alexandria
Median home value: $1,712,000
Peak home value: $1,807,800 (2018-Q1)
1-year change in value: -4.9%
5-year change in value: 2.0%
10-year change in value: 1.1%

Florida

Most expensive neighborhood: Port Royal
City: Naples
Metro: Naples-Immokalee-Marco Island
Median home value: $8,041,800
Peak home value: $8,043,400 (2019-Q1)
1-year change in value: 12.6%
5-year change in value: 9.1%
10-year change in value: 6.3%

Georgia

Most expensive neighborhood: Tuxedo Park
City: Atlanta
Metro: Atlanta-Sandy Springs-Roswell
Median home value: $2,127,400
Peak home value: $2,127,400 (2019-Q1)
1-year change in value: 5.6%
5-year change in value: 6.9%
10-year change in value: 3.6%

Hawaii

Most expensive neighborhood: Kuliouou-Kalani Iki
City: Honolulu
Metro: Urban Honolulu
Median home value: $1,439,200
Peak home value: $1,443,200 (2019-Q1)
1-year change in value: 6.8%
5-year change in value: 5.6%
10-year change in value: 5.1%

Idaho

Most expensive neighborhood: Highlands
City: Boise
Metro: Boise City
Median home value: $544,900
Peak home value: $544,900 (2019-Q1)
1-year change in value: 12.4%
5-year change in value: 5.8%
10-year change in value: 2.6%

Illinois

Most expensive neighborhood: West De Paul
City: Chicago
Metro: Chicago-Naperville-Elgin
Median home value: $671,600
Peak home value: $677,100 (2018-Q4)
1-year change in value: 1.1%
5-year change in value: 2.9%
10-year change in value: 2.3%

Indiana

Most expensive neighborhood: Geist
City: Indianapolis
Metro: Indianapolis-Carmel-Anderson
Median home value: $359,700
Peak home value: $359,700 (2019-Q1)
1-year change in value: 9.7%
5-year change in value: 4.7%
10-year change in value: 1.8%

Iowa

Most expensive neighborhood: Salisbury Oaks
City: Des Moines
Metro: Des Moines-West Des Moines
Median home value: $342,000
Peak home value: $342,000 (2019-Q1)
1-year change in value: 6.7%
5-year change in value: 7.0%
10-year change in value: 3.6%

Kansas

Most expensive neighborhood: Corinth Hills
City: Prairie Village
Metro: Kansas City
Median home value: $448,700
Peak home value: $451,500 (2018-Q4)
1-year change in value: 5.1%
5-year change in value: 10.1%
10-year change in value: 5.4%

Kentucky

Most expensive neighborhood: Chevy Chase-Ashland Park
City: Lexington
Metro: Lexington-Fayette
Median home value: $509,100
Peak home value: $509,100 (2019-Q1)
1-year change in value: 7.8%
5-year change in value: 8.0%
10-year change in value: 3.8%

Louisiana

Most expensive neighborhood: Audubon
City: New Orleans
Metro: New Orleans-Metairie
Median home value: $830,000
Peak home value: $928,600 (2018-Q2)
1-year change in value: -8.8%
5-year change in value: 7.1%
10-year change in value: 3.5%

Maine

Most expensive neighborhood: Peaks Island
City: Portland
Metro: Portland-South Portland
Median home value: $459,500
Peak home value: $461,000 (2019-Q1)
1-year change in value: 14.7%
5-year change in value: 8.5%
10-year change in value: 4.4%

Maryland

Most expensive neighborhood: Westgate
City: Bethesda
Metro: Washington-Arlington-Alexandria
Median home value: $1,078,100
Peak home value: $1,078,100 (2019-Q1)
1-year change in value: 2.4%
5-year change in value: 3.4%
10-year change in value: 2.9%

Massachusetts

Most expensive neighborhood: Fisher Hill
City: Brookline
Metro: Boston-Cambridge-Newton
Median home value: $2,296,600
Peak home value: $2,296,600 (2019-Q1)
1-year change in value: 2.6%
5-year change in value: 5.4%
10-year change in value: 5.4%

Michigan

Most expensive neighborhood: Grand Beach
City: New Buffalo
Metro: Niles-Benton Harbor
Median home value: $533,400
Peak home value: $659,200 (2007-Q4)
1-year change in value: 10.0%
5-year change in value: 5.8%
10-year change in value: -0.4%

Minnesota

Most expensive neighborhood: Country Club
City: Edina
Metro: Minneapolis-St. Paul-Bloomington
Median home value: $1,084,100
Peak home value: $1,084,100 (2019-Q1)
1-year change in value: 3.8%
5-year change in value: 1.7%
10-year change in value: 1.9%

Mississippi

Most expensive neighborhood: Sherwood-Audubon Area
City: Jackson
Metro: Jackson
Median home value: $288,200
Peak home value: $288,200 (2019-Q1)
1-year change in value: 18.9%
5-year change in value: 8.0%
10-year change in value: 5.6%

Missouri

Most expensive neighborhood: Armour Fields
City: Kansas City
Metro: Kansas City
Median home value: $544,900
Peak home value: $544,900 (2019-Q1)
1-year change in value: 5.1%
5-year change in value: 3.3%
10-year change in value: 2.5%

Montana

Most expensive neighborhood: Cooper Park
City: Bozeman
Metro: Bozeman
Median home value: $529,400
Peak home value: $529,400 (2019-Q1)
1-year change in value: 17.0%
5-year change in value: 11.5%
10-year change in value: 4.4%

Nebraska

Most expensive neighborhood: Family Acres
City: Lincoln
Metro: Lincoln
Median home value: $294,200
Peak home value: $294,200 (2019-Q1)
1-year change in value: 5.7%
5-year change in value: 5.0%
10-year change in value: 3.5%

Nevada

Most expensive neighborhood: Southwest
City: Reno
Metro: Reno
Median home value: $476,000
Peak home value: $476,000 (2019-Q1)
1-year change in value: 7.0%
5-year change in value: 10.1%
10-year change in value: 4.8%

New Hampshire

Most expensive neighborhood: North End
City: Manchester
Metro: Manchester-Nashua
Median home value: $313,700
Peak home value: $313,700 (2019-Q1)
1-year change in value: 9.2%
5-year change in value: 5.1%
10-year change in value: 2.2%

New Jersey

Most expensive neighborhood: North Beach
City: Long Beach
Metro: New York-Newark-Jersey City
Median home value: $1,159,800
Peak home value: $1,267,600 (2006-Q4)
1-year change in value: 0.6%
5-year change in value: 2.5%
10-year change in value: 0.4%

New Mexico

Most expensive neighborhood: San Acacio
City: Santa Fe
Metro: Santa Fe
Median home value: $778,000
Peak home value: $801,300 (2006-Q4)
1-year change in value: 22.6%
5-year change in value: 6.8%
10-year change in value: 1.2%

New York

Most expensive neighborhood: SoHo
City: New York
Metro: New York-Newark-Jersey City
Median home value: $2,870,700
Peak home value: $3,356,200 (2017-Q4)
1-year change in value: -11.3%
5-year change in value: 1.0%
10-year change in value: 3.1%

North Carolina

Most expensive neighborhood: Eastover
City: Charlotte
Metro: Charlotte-Concord-Gastonia
Median home value: $1,149,600
Peak home value: $1,149,600 (2019-Q1)
1-year change in value: 2.9%
5-year change in value: 5.6%
10-year change in value: 2.6%

North Dakota

Most expensive neighborhood: Madison-Unicorn Park
City: Fargo
Metro: Fargo
Median home value: $954,100
Peak home value: $960,000 (2018-Q4)
1-year change in value: 5.8%
5-year change in value: 5.0%
10-year change in value: 3.9%

Ohio

Most expensive neighborhood: Malvern
City: Shaker Heights
Metro: Cleveland-Elyria
Median home value: $468,300
Peak home value: $538,900 (2007-Q1)
1-year change in value: -3.6%
5-year change in value: 1.7%
10-year change in value: 0.4%

Oklahoma

Most expensive neighborhood: Heritage Hills
City: Oklahoma City
Metro: Oklahoma City
Median home value: $574,600
Peak home value: $574,600 (2019-Q1)
1-year change in value: 7.3%
5-year change in value: 9.7%
10-year change in value: 6.2%

Oregon

Most expensive neighborhood: Blue Heron
City: Lake Oswego
Metro: Portland-Vancouver-Hillsboro
Median home value: $1,007,900
Peak home value: $1,013,100 (2018-Q3)
1-year change in value: 1.7%
5-year change in value: 8.2%
10-year change in value: 2.6%

Pennsylvania

Most expensive neighborhood: Fitler Square
City: Philadelphia
Metro: Philadelphia-Camden-Wilmington
Median home value: $771,700
Peak home value: $771,700 (2019-Q1)
1-year change in value: 9.7%
5-year change in value: 10.7%
10-year change in value: 4.4%

Rhode Island

Most expensive neighborhood: Bellevue Avenue and Estates
City: Newport
Metro: Providence-Warwick
Median home value: $667,900
Peak home value: $668,300 (2019-Q1)
1-year change in value: 16.3%
5-year change in value: 6.8%
10-year change in value: 3.8%

South Carolina

Most expensive neighborhood: Charlestowne
City: Charleston
Metro: Charleston-North Charleston
Median home value: $1,725,000
Peak home value: $1,728,300 (2019-Q1)
1-year change in value: 1.6%
5-year change in value: 7.3%
10-year change in value: 2.9%

South Dakota

Most expensive neighborhood: All Saints
City: Sioux Falls
Metro: Sioux Falls
Median home value: $169,000
Peak home value: $169,000 (2019-Q1)
1-year change in value: 5.2%
5-year change in value: 6.3%
10-year change in value: 3.8%

Tennessee

Most expensive neighborhood: Green Hills
City: Nashville
Metro: Nashville-Davidson–Murfreesboro–Franklin
Median home value: $841,800
Peak home value: $841,800 (2019-Q1)
1-year change in value: 4.4%
5-year change in value: 5.9%
10-year change in value: 3.3%

Texas

Most expensive neighborhood: Barton Creek
City: Austin
Metro: Austin-Round Rock
Median home value: $1,046,600
Peak home value: $1,046,600 (2019-Q1)
1-year change in value: 5.1%
5-year change in value: 6.3%
10-year change in value: 3.1%

Utah

Most expensive neighborhood: Upper Deer Valley
City: Park City
Metro: Summit Park
Median home value: $1,961,200
Peak home value: $2,091,300 (2018-Q1)
1-year change in value: -5.9%
5-year change in value: 5.8%
10-year change in value: 3.4%

Vermont

Most expensive neighborhood: Swanton
City: Swanton
Metro: Burlington-South Burlington
Median home value: $173,100
Peak home value: $174,200 (2018-Q4)
1-year change in value: 1.6%
5-year change in value: 2.1%
10-year change in value: 1.2%

Virginia

Most expensive neighborhood: Lyon Village
City: Arlington
Metro: Washington-Arlington-Alexandria
Median home value: $1,354,300
Peak home value: $1,357,400 (2019-Q1)
1-year change in value: 12.5%
5-year change in value: 5.6%
10-year change in value: 2.9%

Washington

Most expensive neighborhood: Market-Downtown
City: Kirkland
Metro: Seattle-Tacoma-Bellevue
Median home value: $2,082,100
Peak home value: $2,108,000 (2018-Q3)
1-year change in value: 4.0%
5-year change in value: 11.2%
10-year change in value: 6.0%

West Virginia

Most expensive neighborhood: South Hills
City: Charleston
Metro: Charleston
Median home value: $165,800
Peak home value: $171,900 (2017-Q4)
1-year change in value: -0.8%
5-year change in value: 0.0%
10-year change in value: 0.5%

Wisconsin

Most expensive neighborhood: Blackhawk
City: Madison
Metro: Madison
Median home value: $629,000
Peak home value: $629,000 (2019-Q1)
1-year change in value: 0.8%
5-year change in value: 2.4%
10-year change in value: 0.9%

Methodology

The home price data used in this analysis is from Zillow. The median home value is the most recent Zillow Home Value Index, accessed on April 17, 2019. This statistic includes all homes in a given neighborhood, including single-family, condominium and co-operative homes with a county record.

For each state, the neighborhood with the highest median home value was identified and used as the basis for this list. This analysis is limited to the homes and the 7,439 most popular neighborhoods for which Zillow collects data on. As a result, it’s possible that certain more expensive neighborhoods exist, but are not represented on this list. Notably, data for Wyoming is not available.

This article first appeared in Construction Coverage

 


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