Most Expensive Housing Market: Honolulu
With a median home price of $602,300 Honolulu tops the list of metro markets in the U.S. After all, who wouldn’t want to live in Hawaii – and how can you not have a location that’s reasonably near the ocean?
And as noted in a previous report about the hottest and coldest markets in the U.S., Honolulu has one of the lowest REO saturations in America. “Real estate owned” properties are, of course, homes that have been foreclosed on but not auctioned off successfully – so they are the property of an unfortunate lender or government agency.
The market shows little risk of cooling off, either. According to the NAR, Honolulu prices were up 6.5% compared with the same time in 2011.
Here are the rest of the pricey housing markets in the U.S., concentrated unsurprisingly in California. But it’s worth noting some of these regions are declining in value despite being near the top of the heap.
2. San Jose-Sunnyvale-Santa Clara, Calif. Median price $552,800 (up 0.1% since 2011)
3. Anaheim-Santa Ana-Irvine, Calif. Media price $498,700 (down 5.3% since 2011)
4. San Francisco-Oakland-Fremont, Calif. Median price $488,400 (down 3.7% since 2011)
5. New York-Wayne-White Plains, N.Y.-N.J. Media price $439,900 (down 6.3% since 2011)