The 20 Most Expensive U.S. Housing Markets in 2025

The 20 Most Expensive U.S. Housing Markets in 2025

Housing prices in many parts of the U.S. continue to climb, but nowhere is the cost more daunting than in California. According to a new report by SmartAsset, five of the top ten most expensive housing markets this year are located in the Golden State. The report analyzed Zillow data on single-family homes, condos, and co-ops across 100 major metro areas in 2020, 2024, and 2025. As prices rise faster than wages, homeownership in these metros is increasingly out of reach for many.

Let’s take a look at the 20 most expensive housing markets in the country right now. Tierra Mallorca / Unsplash

1. San Jose, California

Median home price: $1,626,041

San Jose tops the list for the second year in a row. The tech capital of Silicon Valley saw a 1.63% increase in home prices since 2024 and a staggering 38.09% jump since 2020. High-paying tech jobs and a desirable climate continue to drive demand. As a result, prices have remained sky-high despite broader market fluctuations. Mo / Unsplash

2. San Francisco, California

Median home price: $1,181,211

San Francisco remains near the top, even though prices dipped 2.38% since last year. The city has still seen a 32.72% increase since 2020, reflecting long-term growth. Although some residents have left due to cost-of-living pressures, housing demand remains strong. Limited inventory keeps prices high. Leo_Visions / Unsplash

3. Los Angeles, California

Median home price: $975,475

In Los Angeles, median home prices have climbed modestly, rising 0.56% since 2024 and 51.24% since 2020. The city’s appeal lies in its diverse economy, entertainment industry, and coastal access. Still, affordability remains a major challenge. Even modest homes are out of reach for many first-time buyers. Cedric Letsch / Unsplash

4. San Diego, California

Median home price: $894,777

San Diego experienced a slight 0.58% dip in prices over the last year but still posted a 54.67% increase over five years. The region’s scenic coastline and mild weather remain big draws. Demand continues to outpace supply. Limited buildable land has helped keep prices elevated. Daniel Guerra / Unsplash

5. Oxnard, California

Median home price: $880,544

This coastal metro in Ventura County saw a 4.83% increase over the past year and a 44.95% rise since 2020. Often seen as a more affordable alternative to Los Angeles, Oxnard is now facing steep prices of its own. Beach proximity and suburban growth contribute to rising demand. The area has become a hotspot for priced-out LA buyers. Zach Theo / Unsplash

6. Seattle, Washington

Median home price: $727,919

Seattle's home prices declined by 2.29% year-over-year but are still up 47.65% since 2020. The tech boom continues to bolster the market, but rising interest rates have tempered growth. Supply remains limited in high-demand neighborhoods. Affordability is a growing concern in this Pacific Northwest hub. Toan Chu / Unsplash

7. Honolulu, Hawaii

Median home price: $724,470

Prices in Honolulu jumped 18.68% in just the past year, despite only a 21.27% increase since 2020. The island's limited land and geographic isolation make building new homes difficult. Still, its natural beauty and climate keep it in high demand. Buyers pay a premium for the lifestyle. Christian Joudrey / Unsplash

8. Boston, Massachusetts

Median home price: $723,079

Boston’s housing market grew 5.56% in the past year and 52.15% over the last five. The city’s strong job market and prestigious universities attract well-paid professionals and international buyers. Inventory remains tight. Historic neighborhoods and limited expansion options fuel high prices. Brett Wharton / Unsplash

9. Bridgeport, Connecticut

Median home price: $662,866

Bridgeport may be lesser-known, but it saw a 12.35% increase since last year and a 54.15% surge since 2020. Proximity to New York City makes it attractive to commuters. Homebuyers are increasingly looking to the outer metro areas for better value. Prices are catching up accordingly. Michael Moloney / Unsplash

10. New York, New York

Median home price: $651,474

New York’s housing market grew 5.08% year-over-year and 53.29% since 2020. Despite the city’s vast size, competition remains fierce in desirable boroughs. Rising mortgage rates haven’t significantly cooled demand. Limited space and enduring prestige keep prices high. Todd Quackenbush / Unsplash

11. Denver, Colorado

Median home price: $597,548

Denver continues to be a popular destination for those seeking outdoor access and a growing job market. Home prices rose by 1.28% since last year, showing moderate growth. The market remains competitive, particularly among remote workers and young professionals. Supply has struggled to match demand, keeping prices elevated. Acton Crawford / Unsplash

12. Washington, D.C.

Median home price: $582,523

The nation’s capital saw a slight 0.68% increase in home prices over the past year. Despite political turnover and economic uncertainty, D.C.'s market remains resilient. Proximity to government jobs and stable institutions provides consistent buyer interest. Limited housing availability in central areas continues to drive prices up. Andy He / Unsplash

13. Sacramento, California

Median home price: $578,697

Sacramento, long viewed as a more affordable alternative to the Bay Area, saw a modest 0.56% increase since 2024. The city has absorbed many remote workers priced out of San Francisco. Its growing tech presence and access to nature have boosted long-term appeal. However, price growth has started to stabilize. Josh Hild / Unsplash

14. Riverside, California

Median home price: $573,522

Located east of Los Angeles, Riverside has emerged as a key destination for buyers priced out of coastal metros. The median home price increased by 1.51% over the past year. Its suburban sprawl offers relative affordability by California standards. However, infrastructure and commuting times remain challenges. Moaaz Baig / Unsplash

15. Portland, Oregon

Median home price: $561,853

Portland home prices rose 2.16% year-over-year, reflecting continued interest despite political and economic headwinds. The city appeals to buyers looking for walkability, greenery, and culture. Supply constraints and strong in-migration from California have helped buoy the market. Affordability remains a concern for locals. Cedric Letsch / Unsplash

16. Salt Lake City, Utah

Median home price: $550,864

Salt Lake City saw a 3.07% jump in home prices over the last year. The metro’s booming job market, particularly in tech and finance, continues to attract new residents. With a mix of urban living and outdoor recreation, demand is high. Construction is ramping up, but still lags behind demand. Invictus323, CC BY 4.0 https://creativecommons.org/licenses/by/4.0, via Wikimedia Commons

17. Provo, Utah

Median home price: $522,121

Provo was one of the few metros on the list to see a slight decrease, with prices falling 0.55% since 2024. Despite the dip, the city remains a regional hub for education and innovation. Brigham Young University and several startups keep the economy strong. The minor price drop may reflect a correction after years of rapid growth. Creator: Javin Weaver, CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0, via Wikimedia Commons

18. Stockton, California

Median home price: $520,106

Stockton saw a 1.21% decline in home prices, bucking the broader trend in California. The city has served as a lower-cost alternative to the Bay Area, but demand appears to be cooling slightly. Its inland location and long commutes are potential drawbacks. Still, it remains significantly more affordable than neighboring metros. Levi Meir Clancy / Unsplash

19. Boise City, Idaho

Median home price: $504,358

Boise experienced a 3.56% rise in prices over the past year, continuing its pandemic-era momentum. The city remains a magnet for remote workers and Californians seeking lower living costs. Its strong outdoor lifestyle and small-city charm contribute to enduring demand. Inventory remains tight, keeping upward pressure on prices. Brett Wharton / Unsplash

20. Miami, Florida

Median home price: $497,640

Miami saw a 3.68% increase in median home prices since 2024. The city's appeal spans climate, culture, and global business. International buyers and remote workers have driven recent demand. While still relatively affordable compared to other top-20 metros, prices are steadily rising. Delfina Lacub / Unsplash

Why Prices Remain So High

According to SmartAsset’s Jaclyn DeJohn, most of these expensive markets share two key traits: limited housing inventory and strong economic opportunity. In cities like San Jose and Boston, job markets remain robust, attracting buyers even as prices climb. At the same time, geographic barriers, zoning laws, and construction delays make it difficult to build enough new homes. The result is intense competition for limited properties, especially in scenic or coastal areas.

Even in scenic cities like Honolulu, limited land availability poses a major challenge to homebuilding. As housing demand continues to outpace wage growth, many residents are left with no choice but to rent. Rising prices in these tight markets are consuming a larger share of household income, making it increasingly difficult for individuals to build savings or enter the housing market. AS Photography / Pexels