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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 costly neighborhood within the U.S., as measured by worth per sq. foot, in keeping with a new evaluation of December 2023 residence listings by on-line actual property portal Properties.com.
The fee per sq. foot in South of Market — often known as SoMa — is $5,415. That is round 2,000% larger than the total U.S. common of $244.
Listed below are the 15 most costly U.S. neighborhoods, ranked by worth per sq. foot:
- South of Market, San Francisco: $5,415
- Northwest Auburn, Auburn, California: $4,416
- Outdated City Carpinteria, Carpinteria, California: $4,129
- Downtown Bellevue, Bellevue, Washington: $3,619
- Port Royal, Naples, Florida: $3,375
- Aqualane Shores, Naples, Florida: $3,132
- Stinson Seashore, California: $2,988
- Star, Palm & Hibiscus Islands, Miami Seashore, Florida: $2,861
- Crystal Cove, Newport Seashore, California: $2,771
- Casa del Lago, Palm Seashore, Florida: $2,754
- West Village, New York Metropolis: $2,680
- Metropolitan Hill, New York Metropolis: $2,537
- Fisher Island, Miami: $2,511
- Hudson Sq., New York Metropolis: $2,401
- Jupiter Island, Florida: $2,394
A downtown San Francisco neighborhood rating first most likely is not stunning, as the town has among the highest residence costs within the nation. That is largely attributable to a shortage of land and a lot of extremely paid professionals who dwell within the metropolis, which has pushed up residence costs. The median residence worth in San Francisco is $1,180,000, per Properties.com information.
Simply over 120 miles away is Northwest Auburn, California, the second-highest priced U.S. neighborhood at $4,416 per sq. foot.
Nestled within the Sierra Nevada foothills, Auburn is a historic Gold Rush-era city inside an inexpensive commuting distance to Sacramento, making it a fascinating place to dwell, particularly for many who get pleasure from out of doors actions like climbing or kayaking.
The Outdated City neighborhood of the beachside California city of Carpinteria is available in third within the rankings, with a price per sq. foot of $4,129. Surrounded by mountains, area is restricted in Carpinteria, which has helped to maintain residence costs excessive. Properties within the historic Outdated City district have a median value of $905,500, per Properties.com.
In distinction, the Homewood North neighborhood in Pittsburgh ranks final amongst the 20,000 neighborhoods examined for the examine, with properties costing $29 per sq. foot. An economically depressed space of the town, Homewood North has a declining inhabitants.
The rankings are based mostly on common worth per sq. foot information for U.S. properties utilizing Properties.com itemizing information. Neighborhoods with out at the least 10 gross sales within the earlier 12 months weren’t included. 5 states had been excluded attributable to lack of information as properly: Montana, South Dakota, Wyoming, North Dakota and Virginia.
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