Published by CNBC | January 29, 2023
No. 1 is 2,000% higher than average
South of Market is a historic San Francisco downtown district with museums, a vibrant nightlife and a desirable mix of loft buildings and high-rise luxury condominiums.
It also happens to be the most expensive neighborhood in the U.S., as measured by price per square foot, according to a new analysis of December 2023 home listings by online real estate portal Homes.com.
The cost per square foot in South of Market — also known as SoMa — is $5,415. That’s around 2,000% higher than the overall U.S. average of $244.
Here are the 15 most expensive U.S. neighborhoods, ranked by price per square foot:
- South of Market, San Francisco: $5,415
- Northwest Auburn, Auburn, California: $4,416
- Old Town Carpinteria, Carpinteria, California: $4,129
- Downtown Bellevue, Bellevue, Washington: $3,619
- Port Royal, Naples, Florida: $3,375
- Aqualane Shores, Naples, Florida: $3,132
- Stinson Beach, California: $2,988
- Star, Palm & Hibiscus Islands, Miami Beach, Florida: $2,861
- Crystal Cove, Newport Beach, California: $2,771
- Casa del Lago, Palm Beach, Florida: $2,754
- West Village, New York City: $2,680
- Metropolitan Hill, New York City: $2,537
- Fisher Island, Miami: $2,511
- Hudson Square, New York City: $2,401
- Jupiter Island, Florida: $2,394
A downtown San Francisco neighborhood ranking first probably isn’t surprising, as the city has some of the highest home prices in the country. This is largely due to a scarcity of land and a large number of highly paid professionals who live in the city, which has driven up home prices. The median home price in San Francisco is $1,180,000, per Homes.com data.
