California is a fantastic place to live, without a doubt. From the incredible climate, sandy beaches, laid-back lifestyle and plethora of employment opportunities, what’s not to love?
Those who call California home certainly pay a premium to afford such luxuries. The median price for the average home in the Golden State currently sits at $509,830. That’s nearly double the national median price of $287,100. Certain areas in California, in particular, soar well beyond these numbers. In fact, 10 of the country’s most expensive markets are located right here in the Golden State.
More specifically, six areas in the top 10 most expensive markets are located in Silicon Valley. With huge tech players like Apple, Google, and Facebook headquartered in Silicon Valley, the healthy tech industry in this area is spending the big bucks to draw in employees to this area. Such deep pockets are playing a key role in driving these markets, at least into the near future.
California is and always has been a highly attractive place to live. And as demand continues to remain strong amidst a housing shortage, the price of homes in the state are not likely to come down any time soon.
Here are the 10 most expensive areas in California, from least to most expensive.
Median home price: $1,264,700
The 91007 zip code makes the top 10 list, with a median home price just under the $1.3 million mark.
Median home price: $1,566,616
Sunnyvale has experienced a 4% year-over-year increase in median sales price.
- La Cañada Flintridge
Median home price: $1,571,846
It’s still a hot seller’s market in La Cañada Flintridge, with housing demand in and around the area continuing to overshadow supply.
- San Francisco
Median home price: $1,672,100
San Francisco’s housing market may be showing signs of very gradual cooling, but prices are still out of control. Potential homebuyers are plentiful in the city, but inventory is lacking, causing prices to remain very high.
Median home price: $1,722,500
Carmel has experienced an extremely rapid increase in median home prices, with a 30% year-over-year rise.
- Redwood City
Median home price: $1,807,068
Redwood City, located in San Mateo County, has realized a median home price increase of 4.2% year-over-year.
- Los Gatos
Median home price: $1,830,000
Los Gatos has been in a seller’s market for a while, and continues to be. Demand for housing continues to be steady with solid movement in the higher market sectors. Median home prices increased by 8.6% since the same time last year, going from $1,685,000 to $1,830,000.
Median home price: $1,812,833
With only one month of inventory left in Cupertino, this area is still experiencing a hot seller’s market.
- Newport Beach
Median home price: $2,130,338
Newport Beach has long been a chart topper when it comes to housing prices in California, and remains #2 on this list with a median home price of $2,130,338.
Median home price: $2,453,718
The most expensive place to buy a home in California – and the entire country – is Saratoga, which tops this list at a whopping median home price of over $2.4 million.
Looking for more information about the luxury housing market in Los Angeles? If so, don’t hesitate to get in touch with our real estate professionals today. We specialize in the luxury real estate market in L.A. and surrounding areas, and have had a hand in helping buyers and sellers achieve their real estate goals.
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(all data current as of 7/23/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.