Most expensive U.S. neighborhoods based on cost per square foot

South of Market is a historic San Francisco downtown district with museums, a vibrant nightlife and a desirable mix of loft buildings and high-rise luxury condominiums.

It also happens to be the most expensive neighborhood in the U.S., as measured by price per square foot, according to a new analysis of December 2023 home listings by online real estate portal Homes.com.

The cost per square foot in South of Market — also known as SoMa — is $5,415. That’s around 2,000% higher than the overall U.S. average of $244.

Here are the 15 most expensive U.S. neighborhoods, ranked by price per square foot:

1. South of Market, San Francisco: $5,415
2. Northwest Auburn, Auburn, California: $4,416
3. Old Town Carpinteria, Carpinteria, California: $4,129
4. Downtown Bellevue, Bellevue, Washington: $3,619
5. Port Royal, Naples, Florida: $3,375
6. Aqualane Shores, Naples, Florida: $3,132
7. Stinson Beach, California: $2,988
8. Star, Palm & Hibiscus Islands, Miami Beach, Florida: $2,861
9. Crystal Cove, Newport Beach, California: $2,771
10. Casa del Lago, Palm Beach, Florida: $2,754
11. West Village, New York City: $2,680
12. Metropolitan Hill, New York City: $2,537
13. Fisher Island, Miami: $2,511
14. Hudson Square, New York City: $2,401
15. Jupiter Island, Florida: $2,394

A downtown San Francisco neighborhood ranking first probably isn’t surprising, as the city has some of the highest home prices in the country. This is largely due to a scarcity of land and a large number of highly paid professionals who live in the city, which has driven up home prices. The median home price 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 in the Sierra Nevada foothills, Auburn is a historic Gold Rush-era town within a reasonable commuting distance to Sacramento, making it a desirable place to live, especially for those who enjoy outdoor activities like hiking or kayaking.

The Old Town neighborhood of the beachside…