Most Expensive Housing in California as of 2024 – Norada Real Estate Investments
California, known for its golden beaches, vibrant cities, and lush vineyards, is also home to some of the most expensive housing markets in the United States. As of 2024, the real estate landscape in this sunny state continues to be a testament to luxury and exclusivity. Here, we delve into the most expensive housing markets in California, offering a glimpse into the opulent lifestyles and the factors driving the premium prices in these areas.
These markets are characterized by their luxurious amenities, prime locations, and often, their historical and cultural significance. But, did you know that Beverly Hills is not the most expensive housing market in California? The title for most expensive housing goes to Atherton in the Bay Area, with a median listing price hovering around $10.8 million as of last month.
While Beverly Hills certainly boasts some eye-watering luxury properties, Atherton seems to hold the edge in terms of sheer median listing price. This could be due to several factors, such as the presence of tech industry wealth concentrated in the Bay Area.
Here are some of the most expensive housing markets (in no particular order) that are defining the luxury housing landscape in California. The median home prices in these housing markets are sourced from Realtor.com as of February 2024.
California’s Most Expensive Housing Markets
1. Beverly Hills
Synonymous with wealth and fame, Beverly Hills remains at the apex of luxury living. With grand estates that are as much a status symbol as they are homes, this area is a real estate jewel.
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$6.3M Median listing home price
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$1.4K Median listing home price/Sq ft
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$2.8M Median sold home price
2. Malibu
Malibu’s oceanfront properties offer breathtaking views and seclusion, making it a sought-after location for those who value privacy alongside natural beauty.
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$5.6M Median listing home price
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$1.8K Median listing home price/Sq ft
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$4.3M Median sold home price
3. Palo Alto
In the heart of Silicon Valley, Palo Alto is not just a tech hub but also a residential haven with prices reflecting the high-income demographic.
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$3.5M Median listing home price
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$1.6K Median listing home price/Sq ft
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$2.8M Median sold home price
4. San Francisco
Despite its compact size, San Francisco’s real estate market is expansive, with historic homes and modern apartments fetching top dollar.
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$1.2M Median listing home price
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$978 Median listing home price/Sq ft
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$1.4M Median sold home price
5. Santa Monica
Santa Monica’s beachfront properties and upscale urban living options cater to a diverse range of affluent buyers.
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$2.2M Median listing home price
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$1.3K Median listing home price/Sq ft
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$1.8M Median sold home price
6. Newport Beach
With its yacht-lined harbor and luxurious amenities, Newport Beach is a coastal paradise for the wealthy.
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$5M Median listing home price
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$1.7K Median listing home price/Sq ft
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$2.9M Median sold home price
7. Los Gatos
Nestled in the foothills of the Santa Cruz Mountains, Los Gatos offers a blend of small-town charm and upscale living.
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$2.7M Median listing home price
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$1.1K Median listing home price/Sq ft
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$2M Median sold home price
8. San Jose
As a central location in Silicon Valley, San Jose’s real estate market benefits from the tech industry’s prosperity.
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$1.2M Median listing home price
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$820 Median listing home price/Sq ft
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$1.3M Median sold home price
9. Santa Barbara
Santa Barbara’s Mediterranean climate and architecture draw in those looking for a blend of culture and luxury.
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$2.3M Median listing home price
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$1.2K Median listing home price/Sq ft
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$1.7M Median sold home price
10. La Jolla
La Jolla’s stunning cliffs and world-class amenities make it a top choice for luxury real estate.
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$3M Median listing home price
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$1.2K Median listing home price/Sq ft
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$2.7M Median sold home price
11. Atherton
Nestled in the heart of Silicon Valley, Atherton is known for its privacy, grand estates, and affluent residents, making it one of the most prestigious zip codes in the U.S.
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$10.8M Median listing home price
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$2.3K Median listing home price/Sq ft
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$7.5M Median sold home price
12. Woodside
Adjacent to Atherton, Woodside maintains a rustic charm with its expansive properties, offering a serene retreat for the Silicon Valley elite.
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$6M Median listing home price
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$1.5K Median listing home price/Sq ft
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$2.8M Median sold home price
13. Hillsborough
With its large lots and stately homes, Hillsborough offers an exclusive residential experience, boasting some of the most magnificent properties in the San Francisco Bay Area.
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$7.9M Median listing home price
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$1.4K Median listing home price/Sq ft
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$4.2M Median sold home price
14. Belvedere
Located in Marin County, Belvedere is a small island city with stunning views of the San Francisco Bay, known for its luxury waterfront properties.
15. Sausalito
Just north of San Francisco, Sausalito is famous for its picturesque setting and artistic community, attracting a mix of affluent locals and international buyers.
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$1.3M Median listing home price
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$878 Median listing home price/Sq ft
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$980K Median sold home price
16. Los Altos Hills
Offering a suburban feel with large estates and private vineyards, Los Altos Hills is a quiet yet opulent area favored by tech executives.
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$7.5M Median listing home price
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$1.7K Median listing home price/Sq ft
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$4.9M Median sold home price
17. Portola Valley
Surrounded by nature preserves, Portola Valley blends natural beauty with luxury living, providing a tranquil environment for its wealthy residents.
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$4M Median listing home price
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$1.3K Median listing home price/Sq ft
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$3.9M Median sold home price
18. Tiburon
Tiburon’s hillside homes and waterfront properties command some of the highest prices in the Bay Area, thanks to their spectacular views and upscale lifestyle.
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$4.2M Median listing home price
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$1.2K Median listing home price/Sq ft
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$2.1M Median sold home price
19. Montecito
Located near Santa Barbara, Montecito is a celebrity haven with secluded estates and an air of exclusivity, contributing to its high property values.
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$7.2M Median listing home price
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$2.1K Median listing home price/Sq ft
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$6.4M Median sold home price
20. Danville
Combining a suburban atmosphere with a country lifestyle, Danville’s high-end homes and excellent schools make it a desirable location for affluent families.
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$2M Median listing home price
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$775 Median listing home price/Sq ft
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$2M Median sold home price
The allure of these markets lies not only in the prestige of their addresses but also in the quality of life they offer. From the tech-driven affluence of Silicon Valley to the relaxed elegance of coastal towns, each market has its unique charm and appeal. The consistent factor across all these locations is the premium placed on privacy, luxury, and exclusivity.
A combination of desirable locations, limited availability, and high demand from high-net-worth individuals and foreign investors drive prices upward. Moreover, the architectural uniqueness and historical significance of properties in these areas add to their allure and value.
As we witness the evolution of California’s housing market, it’s clear that the demand for high-end properties continues to grow, driven by a combination of domestic wealth and international interest. This trend is a reflection of California’s enduring status as a premier destination for luxury living and investment.
As we look to the future, the question remains: will these markets continue to climb, or will we see a plateau as buyers reach their limits? Only time will tell, but for now, these markets represent the pinnacle of California’s luxury real estate.
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