Money

The 15 most expensive places to buy a home in the US

As one of the oldest adages in real estate goes, home value is all about location, location, location — especially when it comes to price.

Home prices are on the rise across the U.S., especially in cities with a shortage of new developments and entry-level properties. Some places are so short on properties that bidding wars break out, driving home prices up even further.

The National Association of Realtors tracks the median sale prices of homes across every metro area in the U.S., revealing where you'll have to shell out the most to become a homeowner.

As of the first quarter of 2017, here are the most expensive places to buy a home.

15. White Plains, NY

Metro area: New York-Jersey City-White Plains, NY-NJ
Median price of a single-family home: $376,800

White Plains, New York
DenisTangneyJr | Getty Images
White Plains, New York

14. Washington, D.C.

Metro area: Washington-Arlington-Alexandria, DC-VA-MD-WV
Median price of a single-family home: $383,500

US Capitol building at the end of Pennsylvania Avenue.
Allan Baxter | Getty Images
US Capitol building at the end of Pennsylvania Avenue.

13. New York, NY

Metro area: New York-Newark-Jersey City, NY-NJ-PA
Median price of a single-family home: $386,000

Drew Angerer | Getty Images

12. Denver, Colo.

Metro area: Denver-Aurora-Lakewood, CO
Median price of a single-family home: $396,100

Denver
Swapan Jha | Moment Open | Getty Images
Denver

11. Boston, Mass.

Metro area: Boston-Cambridge-Newton, MA-NH
Median price of a single-family home: $414,200

Boston waterfront
Education Images | UIG | Getty Images
Boston waterfront

10. Seattle, Wash.

Metro area: Seattle-Tacoma-Bellevue, WA
Median price of a single-family home: $422,100

The Seattle skyline with the space needle.
Westend61 | Getty Images
The Seattle skyline with the space needle.

9. Naples, Fla.

Metro area: Naples-Immokalee-Marco Island, FL
Median price of a single-family home: $435,000

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Danita Delimont | Getty Images

8. Long Island, NY

Metro area: Nassau County-Suffolk County, NY
Median price of a single-family home: $443,200

MikeRega | iStock / 360 | Getty Images

7. Los Angeles, Calif.

Metro area: Los Angeles-Long Beach-Glendale, CA
Median price of a single-family home: $485,800

Downtown Los Angeles at sunset.
Jean-Pierre Lescourret | Getty Images
Downtown Los Angeles at sunset.

6. Boulder, Colo.

Metro area: Boulder, CO
Median price of a single-family home: $548,400

Elevated city view from Flagstaff Mountain of Boulder, Colorado.
Walter Bibikow | Getty Images
Elevated city view from Flagstaff Mountain of Boulder, Colorado.

5. San Diego, Calif.

Metro area: San Diego-Carlsbad, CA
Median price of a single-family home: $564,000

San Diego, California
Education Images | Getty Images
San Diego, California

4. Honolulu, HI

Metro area: Urban Honolulu, HI
Median price of a single-family home: $746,000

Honolulu, Oahu, Hawaii
M Swiet Productions | Getty Images
Honolulu, Oahu, Hawaii

3. Anaheim, Calif.

Metro area: Anaheim-Santa Ana-Irvine, CA
Median price of a single-family home: $750,000

Disneyland castle in Anaheim, California
Getty Images
Disneyland castle in Anaheim, California

2. San Francisco, Calif.

Metro area: San Francisco-Oakland-Hayward, CA
Median price of a single-family home: $815,000

Young people in San Francisco bring home an average of $3,540 a month
Katherine Papera / EyeEm | Getty Images
Young people in San Francisco bring home an average of $3,540 a month

1. San Jose, Calif.

Metro area: San Jose-Sunnyvale-Santa Clara, CA
Median price of a single-family home: $1,070,000