It’s hard to remember a time when suburban living wasn’t more alluring. More and more Americans are relocating from major cities to smaller towns due to the COVID-19 pandemic and the rise of remote employment.
These towns typically have bigger homes, good education, and a more relaxed pace of life. This, combined with historically low mortgage rates, has stoked an unprecedented need for single-family houses in some regions across the country, sending prices soaring.
According to Zillow economist: “Coupland and Bear Creek, Texas, two small communities in the Austin metro region, have seen property values climb the quickest over the past year,” with Hungry Horse and Whitefish, Montana, both in the Kalispell area, coming in a close second.
However, the beachside community of Montecito, California, takes the cake as the most expensive suburb, with a typical transaction price of almost $5 million in March of this year. Zillow reports that California has the second-highest median house value in the country at $758,360. The median house value in Hawaii was $842,487, making it the most expensive state, followed by the District of Columbia ($703,116).
However, economists are beginning to notice a slowdown. Redfin reports a decrease in interest in homes for sale online as mortgage rates rise above 5% from the same period last year. According to Redfin’s senior economist, “we are also witnessing a fast-growing number of sellers reducing their prices,” indicating a slowing market.
These preliminary slowdown indicators imply that sellers can no longer overcharge their homes, even though “there is still considerably more demand for housing than supply.”
Read on to find the most expensive suburbs in each of the 50 states in the United States (sorted from most expensive to least expensive), as determined by the median sale price value as reported by Redfin and Zillow.
This affluent California suburb’s median home sale price is $5,600,000, up 0.2% from March 2021. This makes it the most expensive in the country.
Paradise Valley, Arizona
The staggering median transaction price of $3,487,500 places Paradise Valley as the most expensive suburb in all of Arizona.
Wesley Heights, District of Columbia
In the first three months of 2022, the little community of Wesley Heights had only five house sales, yet the median transaction price of those residences was an outstanding $2,452,000.
The median home price in this community on Connecticut’s Gold Coast is $2,410,000.
Palm Beach, Florida
It should come as no surprise that Palm Beach is the most pricey area in Florida, with a median transaction price that reached $2,207,600 in the month of March.
Mercer Island, Washington
Real estate on Mercer Island, which is located just off the coast of Seattle, has a median value of $2,150,000, making it the most expensive in the entire state.
Big Sky, Montana
According to Zillow’s data, the median price of a home in Big Sky hit $1,999,482 in the month of March 2022.
Park City, Utah
The most pricey suburb in Utah is Park City, which has a median house value that is now sitting at $1,980,000.
Rye, New York
The median home price in this seaside community in Westchester County is $1,775,000, making it the state’s most costly real estate market.
Moose Wilson Road, Wyoming
The median home valuation in this Jackson suburb is $1,754,637, making it the most expensive real estate market in the state of Wyoming.
With a typical home price of $1,710,438 on the island of Maui, Kaanapali is the most expensive housing market in all of Hawaii.
Talaya Hill, New Mexico
This area in Santa Fe had a median sale price of $1,701,678 for its residential properties.
Greenwood Village, Colorado
The median price of the 24 homes that sold in this Denver area in March was $1,698,000.
Great Falls, Virginia
With a typical transaction price of $1,650,000, the real estate in this northern Virginia and Washington, District of Columbia suburb is the most expensive in all of Virginia.
With a median home price of $1,478,000, the suburb of Brookline, which is located outside of Boston, comes in first place in the state of Massachusetts.
West University Place, Texas
When it comes to Texas neighborhoods, this one tops the list. The median asking price for a home in this market is $1,396,000.
Sea Isle City, New Jersey
The median price of a property in Sea Isle City was $1,375,000 in the month of March.
Isle of Palms, South Carolina
Because of its location on a barrier island, this community in South Carolina has the highest average home price in the entire state, which comes in at $1,325,000.
With a typical property value of $1,280,500, Brentwood is undoubtedly the most prosperous suburb in all of Nashville.
Chevy Chase, Maryland
This suburb of Washington, DC had a median property value of $1,250,000 during the time of research.
In March of 2022, the median price at which residences were sold in Hinsdale was $1,130,000.
Lake Oswego, Oregon
With a typical sale value of $930,000, the residential property market in Lake Oswego is the most expensive in the state of Oregon.
With a median sale price of $850,000 in March, this charming Boise suburb easily ranks as the state’s priciest.
Skidaway Island, Georgia
The median home price on this upscale island in Georgia is $849,000.
Newport, Rhode Island
In March, the median value of a home in Newport was $848,000, which is an increase of half of one percentage point over the same time period the previous year.
Portsmouth, New Hampshire
The average price paid for a home in Portsmouth was $842,000 in March of this year.
Lake Norman of Catawba, North Carolina
This picturesque neighborhood in North Carolina saw the sale of twenty-four homes, with the median price of those sales coming in at $790,500.
Mountain Brook, Alabama
There were 36 sales in this Birmingham suburb in March 2022, with a median sales price of $720,500.
The median asking price for residential real estate in this tiny town in Nevada is $700,000.
This suburb of Milwaukee boasts the most expensive real estate in Wisconsin, with a median value of $689,900, thanks to its location on the western side of Lake Michigan.
In Birmingham, a property may be purchased for a median price of $680,000.
The median asking price of a home in the residential real estate market of Leawood, Kansas is $640,000.
This community in Chester County had a median home value of $634,264 when we checked.
Edina is the most costly suburb in Minnesota, with a median transaction price of $625,000 for the 66 properties sold during March 2022.
In this location, 47 properties were sold to new owners in the month of March, and the median price at which they were sold was $599,570.
As of March 2022, the median price of a property in Hockessin was $563,500.
Upper Arlington, Ohio
The average home in Upper Arlington is worth $543,950, making it a desirable place to invest.
Rose Creek, North Dakota
In March, the average price of a home in this Fargo community was $525,581.
The median sale price for the 55 properties that were sold in Chesterfield during the month of March was $503,400.
Downtown Sioux Falls, South Dakota
Downtown Sioux Falls is where you will locate the most costly real estate in the entire state of South Dakota. In February 2022, the median sale price for these parts was $497,551.
South Burlington, Vermont
The value of a home in this area, on average, is $493,147.
In Wyndham, a home could be purchased for a median price of $473,500.
This thriving Ozarks city has a median home value of $412,325.
The median price of a home in this suburb of Tulsa, which is located in the state of Oklahoma, is $411,455.
In Papillion, Nebraska, the median listing price was $402,000.
Oak Hills Place, Louisiana
This suburb of Baton Rouge saw the sale of twenty-one properties during the month of March, with the median transaction price coming in at $390,811.
This city in Polk County, Iowa, boasts the most expensive homes in the state, with a typical listing price of $387,000.
The median price at which homes were sold in the city of Hernando was $359,950.
The median home price in Palmer is $349,450, making it the most expensive market in all of Alaska.
St. Matthews, Kentucky
When we checked, this upscale suburb of Louisville had a median sales price of $338,000.
Hedgesville, West Virginia
The average price paid for a home in Hedgesville was $315,000 this March.
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