The Most Expensive Suburb in Every U.S. State, According to Data From Zillow and Redfin
Life in the suburbs has never seemed more appealing. Because of the COVID-19 pandemic and the popularity of remote work, more and more Americans are choosing to leave the big city and move to smaller communities with larger homes, better schools, and a laid-back lifestyle. This, coupled with lower mortgage rates, has led to unprecedented demand for single-family homes in specific neighborhoods across the country, which, in turn, has driven home values to record highs.
"Coupland and Bear Creek, Texas, two small communities in the Austin metro area, have seen home values grow the fastest over the past year. Following closely behind are Hungry Horse and Whitefish, Montana, both of which are in the Kalispell area," said Nicole Bachaud, an economist with Zillow.
But when it comes to the priciest suburb, the undisputed winner is the beachfront enclave of Montecito, California, where the median sale price this March was more than $5 million. For comparison, the median home value in California was $758,360, which was also the country's second-highest, according to data from Zillow. The state with the highest median home value was Hawaii, with $842,487, while the District of Columbia ranked third, with $703,116.
But economists are finally starting to see signs of slowing down. As mortgage rates surpass 5%, online searches for homes on sale are down compared to this time last year, according to Redfin.
"In addition, we are seeing a fast-growing amount of sellers dropping their prices. These are all things that show a cooldown in the market after more than 18 months of a housing frenzy," said Daryl Fairweather, Redfin's chief economist. "There's still way more demand for housing than supply, but these early signs of a slowdown indicate that sellers can no longer overprice their home."
So, without further ado, read on for the most expensive suburbs in every U.S. state, broken down by median sale price value, according to data from Redfin and Zillow.
Mountain Brook, Alabama
The median sale price of this Birmingham suburb was $720,500, with 36 homes sold in March 2022.
Palmer has the priciest real estate in Alaska, with a median sale price of $349,450.
Paradise Valley, Arizona
Paradise Valley is Arizona's priciest suburb, with a whopping $3,487,500 median sale price.
The median home value of residential real estate in this vibrant city in the Ozarks is $412,325.
This swanky suburb is the priciest in California — and the country — with a median sale price of $5,600,000, which is an increase of 0.2% since March 2021.
Greenwood Village, Colorado
In March, 24 homes sold in this Denver suburb for a median sale price of $1,698,000.
This town, located along Connecticut's Gold Coast, is the most expensive in the state, with a median sale price of $2,410,000.
The median sale price of homes in Hockessin in March 2022 was $563,500.
Palm Beach, Florida
Skidaway Island, Georgia
This affluent island is the priciest in Georgia, with a median sale price of $849,000.
When it comes to priciest real estate in Hawaii, Maui's Kaanapali ranks first, with a median sale price of $1,710,438.
This quaint Boise suburb is the most expensive in Idaho, with 39 properties selling in March with a median value of $850,000.
The median sale price of homes in Hinsdale was $1,130,000 in March 2022.
Here, 47 homes found new owners in March, and their median sale price was $599,570.
With a median price of $387,000, this city in Polk County, Iowa, has the most expensive real estate in the state.
In Leawood, Kansas, residential real estate has a median sale price of $640,000.
St. Matthews, Kentucky
The median sale price in this affluent Louisville suburb was $338,000.
Oak Hills Place, Louisiana
Twenty-one homes sold in March in this Baton Rouge suburb, and their median sale price was $390,811.
The median sale price in Wyndham was $473,500.
Chevy Chase, Maryland
The median home value in this Washington, D.C. suburb was $1,250,000.
Boston's Brookline suburb ranks first in Massachusetts, with a median sale price of $1,478,000.
The median home sale price in Birmingham was $680,000.
With 66 homes sold in March 2022 for a median sale price of $625,000, Edina is the most expensive suburb in Minnesota.
Homes sold in Hernando had a median sale value of $359,950.
In March, the 55 homes sold in Chesterfield had a median sale price of $503,400.
Big Sky, Montana
Big Sky's median real estate value in March 2022 reached $1,999,482, according to Zillow.
The median sale price in Papillion was $402,000.
Real estate in this small Nevada town has a median sale price of $700,000.
Portsmouth, New Hampshire
The median sale price of homes in Portsmouth was $842,000.
Sea Isle City, New Jersey
In Sea Isle City, the median home price in March was $1,375,000.
Talaya Hill, New Mexico
The median sale price of homes in this Santa Fe neighborhood was $1,701,678.
Rye, New York
This coastal city in Westchester County has the state's most expensive real estate, with a median sale price of $1,775,000.
Lake Norman of Catawba, North Carolina
Twenty-four homes sold in this scenic North Carolina community, with a median sale price of $790,500.
Rose Creek, North Dakota
Home values in this Fargo neighborhood reached $525,581 in March.
Upper Arlington, Ohio
Upper Arlington's real estate has a median value of $543,950.
Homes in this Tulsa, Oklahoma, suburb have a median value of $411,455.
Lake Oswego, Oregon
Residential real estate in Lake Oswego is the priciest in Oregon, with a median sale value of $930,000.
The median home value in this Chester County town was $634,264.
Newport, Rhode Island
Newport's median home value was $848,000 in March, half a percentage point more than the same period last year.
Isle of Palms, South Carolina
This South Carolina city, located on a barrier island, has the most expensive real estate value in the state — $1,325,000.
Downtown Sioux Falls, South Dakota
In South Dakota, you'll find the most expensive real estate in downtown Sioux Falls. The median sale price here in February 2022 was $497,551.
Nashville's most affluent suburb is Brentwood, with a median home value of $1,280,500.
West University Place, Texas
This Texas neighborhood ranks first in the state. Homes here have a median sale price of $1,396,000.
Park City, Utah
With a median home value of $1,980,000, Park City is the most expensive suburb of Utah.
South Burlington, Vermont
Here, the median home value is $493,147.
Great Falls, Virginia
This northern Virginia and Washington, D.C. suburb has the priciest real estate in the Commonwealth, with a median sale price of $1,650,000.
Mercer Island, Washington
Mercer Island, off of the Seattle coast, is home to the priciest real estate in the state, with a median value of $2,150,000.
Hedgesville, West Virginia
The median sale price of homes in Hedgesville was $315,000.
Located on Lake Michigan's western shore, this Milwaukee suburb has Wisconsin's priciest real estate, with a median value of $689,900.
Moose Wilson Road, Wyoming
This Jackson suburb is home to the priciest real estate in Wyoming, with a median home value of $1,754,637.
Wesley Heights, District of Columbia
Only five homes sold in the small neighborhood of Wesley Heights during the first three months of 2022, and their median sale price was an impressive $2,452,000.