Real estate has always been about location, but it can be hard to put a price tag on what that really means. Now, a new report analyzes what similar homes cost in nearly 2,000 real estate markets across the United States, providing a more apples-to-apples comparison of prices across the country.
For more than 30 years, Coldwell Banker has delivered an annual report that helps show just how important location really is. By studying nearly 2,000 towns and cities across the United States, the 2014 Coldwell Banker Real Estate Home Listing Reportshows that location can be worth as much as $1.9 million. That’s the difference between the most expensive and affordable markets. The report analyzes the average listing price of 51,000 four-bedroom, two-bathroom homes in all 50 states.
For the second time in three years, Los Altos, Calif. ranks as the most expensive real estate market in the country, where that size home averages $1,963,100. That’s six times the national average! With the tech boom getting hotter each year, it’s no surprise that Los Altos continues to be one of the most coveted places to live. In fact, California’s Silicon Valley is home to seven of the 10 most expensive cities in this year’s report.
“Los Altos is such a special place because you get a small town feeling while being right next door to some of the most successful technology companies in the world,” said Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos, Calif. “Plus, the weather can’t be beat. People who live here can’t imagining living anywhere else.”
On the other end of the spectrum, Cleveland, Ohio ranks as the most affordable city in the country at $64,993. The Midwestern town, which is home to the Rock and Roll Hall of Fame, is experiencing its own resurgence of growth.
“I’ve always known that Cleveland is great, but now other people are starting to realize it as well,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland. “There is clearly a positive vibe in the city and its suburbs. So much is happening here, the downtown resurgence and of course the buzz of Johnny Manziel and LeBron. Being affordable is fantastic, and when you add in our Midwestern charm, we have a special, special place to call home.”
Here are the top five most expensive and most affordable markets in the Home Listing Report this year:
Most Expensive Markets to Buy a Home
1) Los Altos, Calif. – average listing price: $1,963,100
2) Newport Beach, Calif. – average listing price: $1,904,083
3) Saratoga, Calif. – average listing price: $1,867,980
4) Redwood City / Woodside, Calif. – average listing price: $1,430,329
5) Los Gatos, Calif. – average listing price: $1,307,408
Most Affordable Markets to Buy a Home
1) Cleveland, Ohio – average listing price: $64,993
2) Riverdale, Ga. – average listing price: $68,207
3) Park Forest, Ill. – average listing price: $75,647
4) Lake Wales, Fla. – average listing price: $82,330
5) Lithonia, Ga. – average listing price: $94,076
Check out the full Home Listing Report to see how your town ranks compared to the most expensive and affordable markets in the country.
“It’s amazing to see how much location can make a difference in the price of a home,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “But no matter where your hometown ranks, we all have that same sense of pride.”