Photo: Ken Lund/Flickr
It’s no secret that California is home to some of the hottest housing markets in the US. It’s been making headlines for some time on BuzzBuzzHome and elsewhere for just that.
However, the results from Coldwell Banker’s 2015 Home Listing Report released earlier this week may surprise even those who follow American real estate.
According to the report, which includes a rundown of both the most expensive and affordable US markets, 50 of the 100 priciest local markets are in the Golden State.
Topping the list was the coastal city of Newport Beach, California, where the average list price of a four-bedroom, two-bathroom home — the type of property that forms the basis of the report — is $2,291,764.
“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, Coldwell Banker’s CEO, in a statement.
At number nine, Orono, Minnesota, interrupted what would have otherwise been a top 10 solely comprised of Californian markets. In Orono, the average list price was $1,384,270, well above the national average of $302,632 for four-bedroom, two bathroom properties.
Granted, the report’s findings are only based on homes listed on coldwellbanker.com between December 2014 and June 2015. That means the brokerage’s presence in various markets unavoidably has an impact on the list. Note: there isn’t a single market from New York state in the top 50.
In an email to BuzzBuzzHome News, Coldwell said Manhattan was not on the most expensive homes list because of “a lack of single family homes.”
On the affordability side, the report cited Cleveland, Ohio, which has an average list price of $74,502, as the most affordable of the more than 2,700 markets covered.
“Home affordability coupled with the economic and cultural renaissance makes Cleveland very attractive,” said Huskey. “We see that 45 percent of the most affordable markets are in the Midwestern states.”
The 10 most expensive US real estate markets, according to Coldwell Banker:
1. Newport Beach, Calif., $2,291,764
2. Palo Alto, Calif., $2,066,600
3. Saratoga, Calif., $1,979,218
4. Cupertino, Calif., $1,659,297
5. Los Gatos, Calif., $1,569,615
6. Arcadia, Calif., $1,541,406
7. San Mateo, Calif., $1,463,455
8. Sunnyvale, Calif., $1,447,411
9. Orono, Minn., $1,384,270
10. Redwood City, Calif., $1,367,350
The 10 most affordable US real estate markets, according to Coldwell Banker
1. Cleveland, Ohio, $74,502
2. Riverdale, Ga., $79,223
3. Wilkes-Barre, Pa., $79,480
4. Detroit, Mich., $81,616
5. Alma, Mich., $90,523
6. Gloversville, N.Y., $91,406
7. Euclid, Ohio, $92,550
8. Hastings, Fla., $95,267
9. Flint, Mich., $95,482
10. Lithonia, Ga., $95,750