Coldwell Banker Real Estate Releases Most Extensive Home Listing Report In U.S., Ranking Average Home Price In 2,700 Markets

Newport Beach, California named most expensive U.S. market, Cleveland most affordable

Nov 10, 2015, 06:00 ET from Coldwell Banker Real Estate LLC

MADISON, N.J., Nov. 10, 2015 /PRNewswire/ -- West Coast may think it's the #BestCoast, but according to the Coldwell Banker® Home Listing Report (HLR), it's also the most expensive.  Today, Coldwell Banker Real Estate LLC, the original Silicon Valley real estate startup founded in 1906, released its annual HLR, revealing 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."

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.

"We're thrilled to see Newport Beach back on top of this year's most expensive market ranking," said Jamie Duran, president of Coldwell Banker Residential Brokerage for Orange County and San Diego companies. "Known for its picturesque beaches and exclusive dining, shopping and culture, Newport Beach has all the amenities and vibrant economy to make it home to the world's luxury lifestyle connoisseurs."

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.

"Cleveland's community, revitalized downtown and renewed sense of pride have contributed to the rapid growth in this market," said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland. "Many first-time home buyers and young professionals are looking at Cleveland as an affordable place to settle down and enjoy all of the great things the city has to offer." 

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.

Top 100 Most Affordable and Expensive Markets
The top 100 most expensive and most affordable real estate housing markets in the 2015 Coldwell Banker® Home Listing Report are:

 

Rank

Most Expensive

Avg. Listing Price

Most Affordable

Avg. Listing Price

1

*Newport Beach, Calif.

$2,291,764

*Cleveland, Ohio

$74,502

2

Palo Alto, Calif.

$2,066,600

*Riverdale, Ga.

$79,223

3

Saratoga, Calif.

$1,979,218

*Wilkes-Barre, Pa.

$79,480

4

Cupertino, Calif.

$1,659,297

*Detroit, Mich.

$81,616

5

Los Gatos, Calif.

$1,569,615

Alma, Mich.

$90,523

6

Arcadia, Calif.

$1,541,406

*Gloversville, N.Y.

$91,406

7

San Mateo, Calif.

$1,463,455

Euclid, Ohio

$92,550

8

Sunnyvale, Calif.

$1,447,411

*Hastings, Fla.

$95,267

9

*Orono, Minn.

$1,384,270

Flint, Mich.

$95,482

10

Redwood City, Calif.

$1,367,350

Lithonia, Ga.

$95,750

11

San Francisco, Calif.

$1,360,189

Geneva, N.Y.

$97,769

12

Santa Barbara, Calif.

$1,328,700

South Euclid, Ohio

$98,640

13

Pasadena/S. Pasadena, Calif.

$1,317,808

Jamestown, N.Y.

$100,817

14

*Greenwich, Conn.

$1,290,921

*Humboldt/Trenton, Tenn.

$101,908

15

Danville, Calif.

$1,152,600

Fitzgerald, Ga.

$101,932

16

Campbell, Calif.

$1,140,905

Augusta, Ga.

$102,266

17

*Honolulu, Hawaii

$1,133,400

Escanaba, Mich.

$102,992

18

*Cambridge, Mass.

$1,106,991

Griffin, Ga.

$103,827

19

Moraga, Calif.

$1,094,500

Kalamazoo, Mich.

$105,470

20

Wellesley, Mass.

$1,091,278

*North Vernon, Ind.

$106,095

21

Sherman Oaks, Calif.

$1,087,600

Cheektowaga, N.Y.

$106,584

22

Medina, Minn.

$1,067,479

Schenectady, N.Y.

$107,515

23

*Mercer Island, Wash.

$1,063,029

*Calumet City, Ill.

$108,133

24

Westport, Conn.

$1,056,316

Buffalo, N.Y.

$110,429

25

Winchester, Mass.

$1,049,739

Hephzibah, Ga.

$111,494

26

Westlake Village, Calif.

$1,045,808

Utica, N.Y.

$111,592

27

*Boulder, Colo.

$1,044,656

Cicero, Ill.

$112,655

28

San Rafael, Calif.

$1,042,405

Niagara Falls, N.Y.

$112,834

29

Irvine, Calif.

$989,860

Hammond, Ind.

$113,812

30

Lexington, Mass.

$983,388

*Moss Point, Miss.

$114,011

31

Pleasanton, Calif.

$978,586

Fulton, N.Y.

$114,162

32

Cohasset, Mass.

$967,290

Hart, Mich.

$114,283

33

Calabasas/Agoura Hills, Calif.

$953,722

*Camden, Ark.

$114,325

34

San Ramon, Calif.

$937,869

Cleveland Hts/University Hts, Ohio

$115,097

35

Concord, Mass.

$929,193

Union City, Tenn.

$115,490

36

Newton, Mass.

$916,652

Penn Hills, Pa.

$115,731

37

*Winnetka, Ill.

$901,844

*Calif. City, Calif.

$115,836

38

Laguna Niguel, Calif.

$896,402

Huber Heights, Ohio

$116,131

39

Morgan Hill, Calif.

$892,396

Hazleton, Pa.

$117,421

40

Tustin/N. Tustin, Calif.

$891,151

*Bluefield, W. Va.

$117,804

41

Walnut Creek, Calif.

$890,165

Waukegan, Ill.

$117,868

42

Fremont, Calif.

$884,316

Jackson, Miss.

$118,406

43

*Chatham Twp, N.J.

$882,260

Johnstown, Pa.

$118,823

44

Encinitas, Calif.

$874,667

*Kansas City, Kan.

$118,904

45

Sonoma, Calif.

$874,555

Jonesboro, Ga.

$119,852

46

San Jose, Calif.

$871,158

Rochester, N.Y.

$120,018

47

Edina, Minn.

$870,041

Parma/Parma Hts, Ohio

$120,343

48

Santa Clara, Calif.

$869,647

*Payette, Idaho

$121,480

49

Huntington Beach, Calif.

$863,400

*Kirksville, Mo.

$121,509

50

Hingham, Mass.

$859,600

Barstow, Calif.

$121,547

51

*Rye/Rye Brk/Pt Chester, N.Y.

$859,003

Zion, Ill.

$121,729

52

San Clemente, Calif.

$858,275

Moberly, Mo.

$121,738

53

Laguna Hills, Calif.

$855,340

American Falls, Idaho

$122,410

54

Carlisle, Mass.

$852,126

Ellenwood, Ga.

$122,526

55

Madison Boro, N.J.

$847,494

Ionia, Mich.

$122,647

56

Wayland, Mass.

$837,993

Athens, Tenn.

$123,187

57

Dobbs Ferry, N.Y.

$836,182

Douglas, Ga.

$123,232

58

Sherborn, Mass.

$835,091

Bad Axe, Mich.

$123,275

59

Monrovia, Calif.

$828,359

Stone Mountain, Ga.

$123,286

60

Pleasantville, N.Y.

$822,999

Palatka, Fla.

$123,295

61

Oak Brook, Ill.

$820,474

Albertville, Ala.

$123,359

62

Dublin, Calif.

$817,616

Danville, Ill.

$124,025

63

Bernards Twp, N.J.

$816,920

Altoona, Pa.

$124,805

64

Los Angeles, Calif.

$816,354

*Norfolk, Neb.

$125,064

65

Costa Mesa, Calif.

$814,907

Tonawanda, N.Y.

$125,633

66

Bellevue, Wash.

$813,484

North Platte, Neb.

$125,826

67

Needham, Mass.

$812,408

*Merrill, Wis.

$125,830

68

Marblehead, Mass.

$804,509

Manitowoc, Wis.

$126,850

69

Scarsdale, N.Y.

$795,564

Bushkill, Pa.

$127,084

70

Novato, Calif.

$790,000

Richland Center, Wis.

$127,200

71

Wilton, Conn.

$789,112

New Haven, Ind.

$127,213

72

Westfield Town/Westfield, N.J.

$788,976

Binghamton, N.Y.

$127,744

73

Yorba Linda, Calif.

$786,163

Aurora, Mo.

$128,175

74

Washington, D.C.

$784,038

*Muskogee, Okla.

$128,195

75

*Bethesda, Md.

$782,300

Muskegon, Mich.

$128,324

76

Napa, Calif.

$777,569

Huntington, Ind.

$128,484

77

Medfield, Mass.

$777,019

Americus, Ga.

$128,759

78

Lake Forest, Ill.

$774,649

Beloit, Wis.

$129,183

79

Weston, Conn.

$770,917

Picayune, Miss.

$129,520

80

Rowland Heights, Calif.

$768,634

Dixon, Mo.

$129,670

81

Redmond, Wash.

$767,603

Dunmore, Pa.

$129,693

82

Sammamish, Wash.

$762,989

*Hartford, Conn.

$129,736

83

Glendora, Calif.

$760,406

Rockford, Ill.

$130,119

84

Hinsdale, Ill.

$754,743

Ashland, Ohio

$130,142

85

Westwood, Mass.

$750,778

*Sioux City, Iowa

$130,798

86

*New Hope, Pa.

$745,518

Blakeslee, Pa.

$131,082

87

Long Beach, Calif.

$739,455

*Elizabeth City, N.C.

$131,200

88

Norwell, Mass.

$739,248

Kenton, Ohio

$131,423

89

Walnut, Calif.

$738,521

Ashland, Wis.

$131,438

90

Sudbury, Mass.

$730,911

Syracuse, N.Y.

$131,746

91

New Providence Boro, N.J.

$727,242

Ozark, Ala.

$131,785

92

Mission Viejo, Calif.

$725,737

West Plains, Mo.

$131,801

93

Glen Rock, N.J.

$725,162

Independence, Mo.

$132,010

94

Gilroy, Calif.

$724,385

Waterbury, Conn.

$132,233

95

Pleasant Hill, Calif.

$723,490

Parsons, Kan.

$132,300

96

Lake Forest, Calif.

$723,350

Scranton, Pa.

$132,600

97

Thousand Oaks, Calif.

$723,076

Fulton, Mo.

$133,054

98

Shorewood, Minn.

$722,461

Newaygo, Mich.

$133,250

99

Rockville Centre, N.Y.

$720,717

*Waterville, Maine

$133,481

100

Kirkland, Wash.

$719,517

Tobyhanna, Pa.

$133,653

*Indicates the most expensive or affordable market in the state

 

A list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker HLR website.

About the 2015 U.S. Home Listing Report (Methodology):
The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between December 2014 and June 2015 for 81,417 listings in 2,722 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between December 2014 and June 2015 were excluded from the ranking.

About Coldwell Banker Real Estate LLC
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services.   Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of approximately 3,100 independently owned and operated franchised broker offices in 49 countries and territories with more than 88,000 affiliated sales professionals.  The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create a iPhone application with international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel.  The Coldwell Banker System is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program delivering exceptional experiences for all consumers served.

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