Housing Market 2023: 10 Cities With the Most Expensive Homes Per Square Foot

The price of homes per square foot has soared over the past few decades.

The median sale price per square foot for new single-family homes was $41 in 1980, and it’s now $192 — a 368% increase, according to a recent study conducted by Home Bay. Even adjusted for inflation, the median sale price per square foot for new single-family homes in the U.S. has increased 32% since 1980 — from $146 to $192.

In some cities, the price per square foot is significantly more, meaning you get less home for your buck. Here’s a look at the 10 cities with the highest median sale price per square foot for new single-family homes.

• Median price per square foot: $845
• Median square footage: 1,772
• Median home sale price: $1,498,000

• Median price per square foot: $705
• Median square footage: 1,632
• Median home sale price: $1,150,000

• Median price per square foot: $641
• Median square footage: 1,830
• Median home sale price: $1,172,450

• Median price per square foot: $587
• Median square footage: 1,867
• Median home sale price: $1,095,000

• Median price per square foot: $490
• Median square footage: 1,530
• Median home sale price: $749,000

• Median price per square foot: $453
• Median square footage: 1,911
• Median home sale price: $866,470

• Median price per square foot: $420
• Median square footage: 1,441
• Median home sale price: $604,924

• Median price per square foot: $403
• Median square footage: 2,044
• Median home sale price: $824,720

• Median price per square foot: $338
• Median square footage: 2,012
• Median home sale price: $679,450

• Median price per square foot: $316
• Median square footage: 1,834
• Median home sale price: $580,000

Data is sourced from Home Bay and is accurate as of Sept. 12, 2023.