South of Market is a historic San Francisco downtown district with museums, a vibrant nightlife and a fascinating mixture of loft buildings and high-rise luxurious condominiums.
It additionally occurs to be the most expensive neighborhood within the U.S., as measured by worth per square foot, in response to a new analysis of December 2023 home listings by on-line actual property portal Homes.com.
The value per square foot in South of Market — often known as SoMa — is $5,415. That’s round 2,000% higher than the total U.S. average of $244.
Here are the 15 most expensive U.S. neighborhoods, ranked by worth 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 rating first most likely is not stunning, as town has a number of the highest dwelling costs within the nation. This is largely because of a shortage of land and numerous extremely paid professionals who reside within the metropolis, which has pushed up dwelling costs. The median dwelling worth in San Francisco is $1,180,000, per Homes.com data.
Just over 120 miles away is Northwest Auburn, California, the second-highest priced U.S. neighborhood at $4,416 per square foot.
Nestled within the Sierra Nevada foothills, Auburn is a historic Gold Rush-era city inside an affordable commuting distance to Sacramento, making it a fascinating place to reside, particularly for individuals who get pleasure from out of doors actions like climbing or kayaking.
The Old Town neighborhood of the beachside California city of Carpinteria is available in third within the rankings, with a price per square foot of $4,129. Surrounded by mountains, house is restricted in Carpinteria, which has helped to maintain dwelling costs excessive. Homes within the historic Old Town district have a median value of $905,500, per Homes.com.
In distinction, the Homewood North neighborhood in Pittsburgh ranks final amongst the 20,000 neighborhoods examined for the examine, with houses costing $29 per square foot. An economically depressed space of town, Homewood North has a declining inhabitants.
The rankings are primarily based on average worth per square foot information for U.S. houses utilizing Homes.com itemizing information. Neighborhoods with out not less than 10 gross sales within the earlier 12 months weren’t included. Five states have been excluded because of lack of information as effectively: Montana, South Dakota, Wyoming, North Dakota and Virginia.
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