#1: Manhattan, New York
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No surprise here: Manhattan is the most expensive urban area in the United States. It's also the most densely populated and considered a financial hub, both factors which contribute to its high home values.
The average home in Manhattan sold for more than $1 million, relatively unchanged from one year ago. That's a lot of money, but when you consider the median asking price for a home is nearly $2 million it is actually quite a discount. (CBS News)