15 Cities With the Most Expensive Homes per Square Foot

by akoloy


expensive housing
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This story initially appeared on Inspection Support Network.

One of the COVID-19 pandemic’s most noteworthy financial results is the bizarre set of circumstances at present dealing with the true property market.

After a full yr of working and education from dwelling—and with many employers contemplating whether or not to proceed distant work preparations even after the pandemic is below management—residing house is at a premium. Simultaneously, authorities stabilization and stimulus measures in the course of the pandemic, together with sustained low rates of interest and a number of rounds of money funds to particular person households, have pumped cash into the financial system. For center and upper-income earners whose jobs simply transitioned to distant work—and by no means skilled the financial shock of dropping a job—these measures have helped increase financial savings charges to document ranges. A rising variety of would-be homebuyers now have each motivation and means to purchase.

But consumers’ curiosity has not been met with a surge of provide, and inventories are at document low ranges. Potential sellers can acknowledge how aggressive the market is for consumers and could also be hesitant to maneuver on from their present houses given how troublesome it may very well be to discover a new one. And the legal guidelines of economics maintain true: When demand is excessive and provide is low, the end result is rising costs.

Over the final yr, the common value of U.S. residential actual property is up $27 per sq. foot from February 2020 to February 2021, a rise of practically 20%. Despite the huge shock to the financial system throughout final spring’s stay-at-home orders and the uneven restoration since states started to reopen, the pattern of rising dwelling costs has continued unabated all through 2020 and 2021.

Large Metros With the Most Expensive Homes per Square Foot

home for sale
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With costs rising, one pattern to look at might be whether or not consumers abandon costly, high-demand markets in favor of extra reasonably priced places. The pandemic has made digital work extra widespread than ever, and staff’ bodily presence on the workplace is just not the requirement it as soon as was. Moving ahead, staff might resolve that they might moderately have more room at a decrease value, even when it means residing additional away from work or placing down roots in a much less glamorous locale.

At the state stage, this might result in migration away from sure Western states like Hawaii, California, and Washington which might be at present among the many costliest per sq. foot. In distinction, many places within the South and Midwest may very well be the beneficiaries of staff in search of extra reasonably priced options. States like Kansas, Mississippi, Arkansas, and Indiana have median costs per sq. foot of round $100—lower than one-fifth of the median in Hawaii and fewer than one-third of the median in California.

The impact will seemingly be much more pronounced on the native stage. Some of the nation’s costliest metro markets, like California’s Bay Area metros of San Jose and San Francisco, have already seen more residents leave the city core for suburbs and exurbs additional out—or transfer away from the state altogether. Not coincidentally, these metros haven’t skilled fairly the identical explosive will increase in dwelling costs seen in different markets this yr.

To discover the residential actual property markets with the very best value per sq. foot, researchers at Inspection Support Network used information from Realtor.com and the U.S. Census Bureau. The analysis workforce calculated the median value per sq. foot for 2020, in addition to the change in median value per sq. foot from 2019 to 2020. They additionally included information about median listing value and median dwelling dimension for comparability.

Here are the big U.S. metropolitan areas with the costliest houses per sq. foot.

15. Salt Lake City, UT

Salt Lake City, Utah
Rigucci / Shutterstock.com
  • Median value per sq. foot: $191.74
  • Change in median value per sq. foot (YoY): +18.63%
  • Median listing value: $491,641
  • Median dwelling dimension: 2,664 sq. ft

14. Phoenix-Mesa-Chandler, AZ

You Touch Pix of EuToch / Shutterstock.com
  • Median value per sq. foot: $201.20
  • Change in median value per sq. foot (YoY): +12.70%
  • Median listing value: $403,842
  • Median dwelling dimension: 2,121 sq. ft

13. Riverside-San Bernardino-Ontario, CA

Riverside California neighborhood
Matt Gush / Shutterstock.com
  • Median value per sq. foot: $232.65
  • Change in median value per sq. foot (YoY): +8.86%
  • Median listing value: $444,945
  • Median dwelling dimension: 1,972 sq. ft

12. Denver-Aurora-Lakewood, CO

welcomia / Shutterstock.com
  • Median value per sq. foot: $234.29
  • Change in median value per sq. foot (YoY): +12.85%
  • Median listing value: $539,343
  • Median dwelling dimension: 2,415 sq. ft

11. Providence-Warwick, RI-MA

Providence, Rhode Island houses homes
Joy Brown / Shutterstock.com
  • Median value per sq. foot: $235.01
  • Change in median value per sq. foot (YoY): +8.57%
  • Median listing value: $405,592
  • Median dwelling dimension: 1,728 sq. ft

10. Washington-Arlington-Alexandria, DC-VA-MD-WV

Homes in Washington, D.C.
Richard Cavalleri / Shutterstock.com
  • Median value per sq. foot: $241.10
  • Change in median value per sq. foot (YoY): +18.19%
  • Median listing value: $507,790
  • Median dwelling dimension: 2,030 sq. ft

9. Portland-Vancouver-Hillsboro, OR-WA

pikappa51 / Shutterstock.com
  • Median value per sq. foot: $244.40
  • Change in median value per sq. foot (YoY): +7.05%
  • Median listing value: $496,440
  • Median dwelling dimension: 2,094 sq. ft

8. Miami-Fort Lauderdale-Pompano Beach, FL

Alan L Meakin / Shutterstock.com
  • Median value per sq. foot: $265.04
  • Change in median value per sq. foot (YoY): +6.19%
  • Median listing value: $406,290
  • Median dwelling dimension: 1,386 sq. ft

7. Sacramento-Roseville-Folsom, CA

Home in Sacramento, California
Victoria Ditkovsky / Shutterstock.com
  • Median value per sq. foot: $268.82
  • Change in median value per sq. foot (YoY): +7.65%
  • Median listing value: $523,192
  • Median dwelling dimension: 1,929 sq. ft

6. Seattle-Tacoma-Bellevue, WA

Seattle house neighborhood
Frank Fell Media / Shutterstock.com
  • Median value per sq. foot: $333.29
  • Change in median value per sq. foot (YoY): +12.25%
  • Median listing value: $617,868
  • Median dwelling dimension: 1,941 sq. ft

5. Boston-Cambridge-Newton, MA-NH

Boston, Massachusetts
Sunny Chanruangvanich / Shutterstock.com
  • Median value per sq. foot: $338.71
  • Change in median value per sq. foot (YoY): +17.34%
  • Median listing value: $644,062
  • Median dwelling dimension: 1,884 sq. ft

4. San Diego-Chula Vista-Carlsbad, CA

Rigucci / Shutterstock.com
  • Median value per sq. foot: $445.72
  • Change in median value per sq. foot (YoY): +13.92%
  • Median listing value: $767,596
  • Median dwelling dimension: 1,773 sq. ft

3. Los Angeles-Long Beach-Anaheim, CA

Songquan Deng / Shutterstock.com
  • Median value per sq. foot: $526.15
  • Change in median value per sq. foot (YoY): +16.82%
  • Median listing value: $968,873
  • Median dwelling dimension: 1,878 sq. ft

2. San Francisco-Oakland-Berkeley, CA

Homes in San Francisco, California
Sergey Novikov / Shutterstock.com
  • Median value per sq. foot: $614.49
  • Change in median value per sq. foot (YoY): +12.84%
  • Median listing value: $999,365
  • Median dwelling dimension: 1,611 sq. ft

1. San Jose-Sunnyvale-Santa Clara, CA

Homes in San Jose, California
pbk-pg / Shutterstock.com
  • Median value per sq. foot: $724.63
  • Change in median value per sq. foot (YoY): +5.94%
  • Median listing value: $1,196,303
  • Median dwelling dimension: 1,697 sq. ft

Methodology & Detailed Findings

wavebreakmedia / Shutterstock.com

To discover the places with the costliest houses per sq. foot, researchers used information from Realtor.com’s Real Estate Data Library. The year-over-year change within the median value per sq. foot was calculated utilizing 2019 and 2020 dwelling value information. Population information got here from the U.S. Census Bureau’s 2019 American Community Survey. To enhance relevance, solely metros with at the least 100,000 residents have been included within the evaluation. Metros have been additional grouped into dimension cohorts primarily based on inhabitants: small (100,000–349,999), midsize (350,000–999,999), and huge (1,000,000 or extra). Certain geographies have been faraway from the evaluation resulting from inadequate sq. footage information.

Disclosure: The info you learn right here is all the time goal. However, we generally obtain compensation while you click on hyperlinks inside our tales.



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