California Home to Half of the 100 Most Expensive Real Estate Markets in the Country

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

MADISON, N.J. (Nov. 10, 2015) – 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 annualHLR, 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.combetween 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 3,000 independently owned and operated franchised broker offices in 44 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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