No. 5 Most Expensive Small Town: Belvedere, Calif.
2,079Median home value:
-4.7%Five-year Annualized Change:
This hilly city, surrounded on three sides by the waters of San Francisco Bay, offers views of San Francisco, Angel Island, the Golden Gate Bridge, Sausalito, and Mt. Tamalpais, according to the city
. Nearly 80 percent of homes in Belvedere
were built before 1970, including one-fourth built in 1939 or earlier, according to Census Bureau data.Photograph by: Justin Sullivan/Getty Images