In real estate, there’s nothing more important than location, location, location and the recent findings of Coldwell Banker’s 2015 Home Listing Report (HLR) prove just that.
The annual HLR analyzes the cost of four-bedroom, two-bathroom homes in more than 2,700 real estate markets across the United States, providing an apples-to-apples comparison of prices across the country.
This year’s report found that half (50) of the top 100 most expensive markets in the United States are in California, with Newport Beach topping the list where the average listing price of a four-bedroom, two-bathroom home is $2,291,764. In contrast, Cleveland ranked as the most affordable market for the third consecutive year, with an average four-bedroom, two-bathroom home listed at $74,502 – a listing price difference of $2.2 million when compared to country’s most expensive market.
“The beauty of Newport Beach combined with the continued tech sector growth in Silicon Valley is powering California’s dominance of the most expensive communities in our report,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “On the opposite side, home affordability coupled with the economic and cultural renaissance makes Cleveland very attractive. We see that 45 percent of the most affordable markets are in the Midwestern states.”
Closer to home, according to the HLR, the average listing price of a four-bedroom, two-bathroom home in Utah is $257,461. To see the full state ranking for 2015, visit the Utah section of the HLR.
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.
For example, the average listing price for a home in Newport Beach is seven and a half times the national average and 30 times the cost of a similar home in the country’s most affordable market, Cleveland.
Check out the five most expensive and affordable markets in the U.S. below, and visit the full Home Listing Report page to see how your town ranks compared to the most expensive and affordable markets in the country.
Five Most Expensive Markets to Buy a Home
- Newport Beach, CA – average listing price: $2,291,764
- Palo Alto, CA – average listing price: $2,066,600
- Saratoga, CA – average listing price: $1,979,218
- Cupertino, CA – average listing price: $1,659,297
- Los Gatos, CA – average listing price: $1,569,615
Five Most Affordable Markets to Buy a Home
- Cleveland, OH – average listing price: $74,502
- Riverdale, GA – average listing price: $79,223
- Wilkes-Barre, PA – average listing price: $79,480
- Detroit, MI – average listing price: $81,616
- Alma, MI – average listing price: $90,523