In real estate, there’s nothing more important than location, location, location and the recent findings of Coldwell Banker’s 2015 Home Listing Report prove just that. Released today, the HLR revealed that half (50) of the top 100 most expensive markets in the United States are in California. Right in our own backyard, Newport Beach topped the list where the average listing price of a four-bedroom, two-bathroom home is $2,291,764— seven and a half times the national average and 30 times the cost of a similar home in the country’s most affordable market!
The annual report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two bathroom homes in more than 2,700 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker HLR analyzes more than 81,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
Key Highlights from the 2015 Coldwell Banker® Home Listing Report:
- All of the top 100 affordable markets in the country have an average listing price under $135,000.
- Meanwhile, all of the top 25 most expensive markets have an average listing price of $1 million or more.
- The national average listing price of a four-bedroom, two-bathroom home is $302,632, which on average can buy a four-bedroom, two-bathroom home in more than 1,600 markets across 34 states.
- California accounts for nine of 10 of the most expensive markets in the U.S.
- Forty-five (45) of the 100 most affordable markets are found in Midwest states.
- Even though California accounts for half of the top 100 most expensive markets, it is only ranked the third most expensive state in the country.
Here are the top five most expensive and most affordable markets in the Home Listing Report this year:
Most Expensive Markets
- Newport Beach, CA – $2,291,764
- Palo Alto, CA – $2,066,600
- Saratoga, CA – $1,979,218
- Cupertino, CA – $1,659,297
- Los Gatos, CA – $1,569,615
Most Affordable Markets
- Cleveland, OH – $74,502
- Riverdale, GA – $79,223
- Wilkes-Barre, PA – $79,480
- Detroit, MI $81,616
- Alma, MI $90,523
Whether you’re selling your home or searching for your next, take full advantage of California’s thriving market by enlisting the number one residential real estate brokerage throughout the nation and here in Southern California.
Check out the full Home Listing Report to see how your town ranks compared to the most expensive and affordable markets in the country.