Six of the 10 Most Expensive Markets in the Country Reside in the Bay Area as Home Listing Prices Reflect the Success of the Technology Industry
Survey of four-bedroom, two-bathroom homes covers 72,000 properties in 2,500 U.S. Markets
PARSIPPANY, N.J. (Nov. 28, 2012) – The success of the technology industry and desirable location are continuing to influence home listing prices in the San Francisco Bay Area, elevating it to one of the priciest real estate markets in the country. Today, Coldwell Banker Real Estate LLC released its annual Home Listing Report (HLR) revealing several of the country’s most expensive real estate markets are in Northern California. Google, Apple, Facebook and Stanford University are all located within 15 minutes of this year’s most expensive market, Los Altos, Calif., where the average listing price of a four-bedroom, two-bathroom home is $1,706,688.
“The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area. “Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live.”
In contrast, the most affordable market this year is Redford, Mich., where a similar home, four-bedrooms, two-bathrooms, is listed at $60,490 – a listing price difference of more than $1.6 million. In fact, 28 homes can be purchased in Redford for the price of a similar home in Los Altos.
Overall, the report found the average listing price of a four-bedroom, two-bathroom home in the U.S. to be $292,152. Affordability remains strong in many markets across the country as 36 percent of the markets analyzed by the report had an average home listing price of less than $200,000 for four-bedroom, two-bathroom homes.
About the Coldwell Banker Real Estate Home Listing Report
Serving as an analysis of the most expensive and affordable markets across the country, the Coldwell Banker HLR provides a snapshot of the average listing price of four-bedroom, two-bathroom homes across the country. This year’s report analyzes more than 72,000 home listings in more than 2,500 U.S. markets, comparing the listing prices of similar homes in markets across the country from January 2012 to June 2012.
“Each year, our home listing report captures an insightful look at local market conditions and emerging trends in real estate,” said Budge Huskey, president of Coldwell Banker Real Estate LLC. “We recognize that buying a home is a significant life decision, and we do this apples-to-apples comparison of similar homes to provide homebuyers with useful information about the many great opportunities that exist around the U.S.”
About America’s Most Expensive Markets
The five most expensive markets are all in California, with four in the San Francisco Bay Area. Los Altos, Calif. tops the list, followed by Newport Beach ($1,658,000), Saratoga ($1,582,434), Menlo Park ($1,506,909) and Palo Alto ($1,495,364). But even with these high priced markets, California was not the most expensive state. The average listing price of a four-bedroom, two-bathroom home in California ($431,625) is less than both Hawaii ($742,551) and Massachusetts ($489,063).
About America’s Most Affordable Markets
The most affordable market of Redford, Mich. is followed by College Park, Ga. ($62,080); Detroit, Mich. ($65,155); Cleveland, Ohio ($70,066); and Poinciana, Fla. ($76,341).
Four of the top 20 most affordable markets are located in Michigan, where bidding wars are making headlines, particularly in pockets of the metro-Detroit region.
“Where Michigan was one of the first states impacted by the recession, it’s also been one of the first states to recover,” said Kelly Sweeney, chief executive officer of Coldwell Banker Weir Manuel. “As for Redford, with its proximity to metro Detroit and Ann Arbor, the town proves that you don’t have to give up amenities to live in an affordable community. Nobody ever gets priced out of Redford, putting the American Dream within grasp of nearly everybody.”
In the South, Georgia and Florida each have four of the 20 most affordable markets.