Exhaustive Survey of Nearly 2,000 Markets and
52,000 Listings Shows More Than $2 Million Difference in Price Between Malibu
and Cleveland
MADISON,
N.J. (Nov. 6, 2013) – The glitz, glamour and white
sandy beaches of Malibu, Calif., have attracted the rich and famous to this premier
destination for years. Today, Coldwell Banker Real Estate
released its 2013
Home Listing Report
(HLR), which ranked Malibu as the most expensive place to live in the United
States. According to the annual report, an apples-to-apples
comparison of four-bedroom, two-bathroom homes in more than 1,900 real estate markets
across the United States, a sample-sized home in the affluent beach community
of Malibu lists for $2.15 million, compared to $63,729 in Cleveland, Ohio.
“With
its laidback, yet star-studded lifestyle, Malibu is undergoing a transformation
from a seasonal destination to a year-round locale,” said Madison Hildebrand, an
agent with Coldwell Banker Residential Brokerage in Malibu, star of Bravo’s
Million Dollar Listing
and regular contributor on E!. “Situated on the Southern
California coast with beautiful homes and even more stunning views, you’re not
only paying for world class properties, you’re paying for a way of life.”
Cleveland,
Ohio, was ranked as the most affordable real estate market in the 2013 Coldwell Banker® Home
Listing Report, where an average four-bedroom, two-bathroom home lists for $63,729.
“Cleveland’s
friendly, hometown feel draws people of all ages, and in recent years, the
community has been revitalized with more young professionals entering the market,”
said Ed Dolinsky, president of Coldwell Banker Hunter Realty. “Energized by a
growing tech hub that effectively supports nearby renowned hospitals and
research institutions, this Midwest city continues to reinvent itself through its
diversified business sectors and strong sense of neighborhood communities.”
Key Highlights from the 2013
Coldwell Banker® U.S. Home Listing Report:
“Whether
moving for lifestyle or a new job, homebuyers can use the Coldwell Banker® Home Listing Report to compare the
average listing prices of similar homes in different parts of the nation,” said
Budge Huskey, president and chief executive officer of Coldwell Banker Real
Estate LLC. “As the country moves on from the recession, this year’s report
identified 20 markets where a four-bedroom, two-bathroom home costs more than
$1 million, whereas in eight markets a similar home lists for less than
$100,000.”
·
The
average listing price of a four-bedroom, two-bathroom home in the survey of more
than 1,900 markets and 52,000 listings was $301,414.
·
California
holds 13 of the top 25 spots for the most expensive markets in the U.S.
·
All
top five of the most expensive markets are in The Golden State, with the two
most expensive markets in the country located minutes from Los Angeles—Malibu
(No. 1) and Newport Beach (No. 2).
·
In
contrast, 60 percent (15) of the 25 most affordable markets are in the Midwest.
·
New
York is the only state that had markets ranked on both the most expensive and
most affordable lists.
Top 25 List of America’s Most
Expensive / Most Affordable Real Estate Markets:
The
top 25 most expensive and most affordable real estate housing markets in the
2013 Coldwell Banker U.S. Home
Listing Report includes:
|
Rank
|
2013 Most Expensive Markets
|
Avg. Listing Price
|
|
2013 Most Affordable Markets
|
Avg. Listing Price
|
|
1
|
Malibu,
Calif.
|
$2,155,900
|
|
Cleveland,
Ohio
|
$63,729
|
|
2
|
Newport
Beach, Calif.
|
$1,773,824
|
|
Garfield
Heights, Ohio
|
$66,075
|
|
3
|
Saratoga,
Calif.
|
$1,684,261
|
|
Flint,
Mich.
|
$84,437
|
|
4
|
Los
Gatos, Calif.
|
$1,360,497
|
|
Saginaw,
Mich.
|
$87,181
|
|
5
|
San
Francisco, Calif.
|
$1,309,599
|
|
Jackson,
Miss.
|
$94,155
|
|
6
|
Stone
Harbor, NJ
|
$1,301,727
|
|
Sioux
City, Iowa
|
$97,969
|
|
7
|
Cupertino,
Calif.
|
$1,292,400
|
|
Jonesboro,
Ga.
|
$98,332
|
|
8
|
Orono,
Minn.
|
$1,251,873
|
|
Moberly,
Mo.
|
$99,593
|
|
9
|
Weston,
Mass.
|
$1,229,000
|
|
Buffalo,
NY
|
$101,631
|
|
10
|
Redwood City, Calif.
|
$1,203,357
|
|
Kankakee,
Ill.
|
$103,187
|
|
11
|
Breckenridge, Colo.
|
$1,177,795
|
|
Utica,
NY
|
$103,877
|
|
12
|
San Mateo, Calif.
|
$1,132,523
|
|
Ashland,
Wis.
|
$104,774
|
|
13
|
Great Neck, NY
|
$1,103,364
|
|
Hillsdale,
Mich.
|
$106,384
|
|
14
|
Pasadena, Calif.
|
$1,092,087
|
|
Johnstown,
Penn.
|
$107,039
|
|
15
|
Greenwich, Conn.
|
$1,087,300
|
|
Arcadia,
Fla.
|
$107,691
|
|
16
|
Wellesley, Mass.
|
$1,079,600
|
|
McCook,
Neb.
|
$107,986
|
|
17
|
Sunnyvale, Calif.
|
$1,077,025
|
|
Park
Forest, Ill.
|
$109,709
|
|
18
|
Santa Barbara, Calif.
|
$1,061,475
|
|
Niagara
Falls, NY
|
$109,809
|
|
19
|
Danville, Calif.
|
$1,018,300
|
|
Eatonton,
Ga.
|
$111,108
|
|
20
|
Kailua, Hawaii
|
$1,004,567
|
|
Lehigh
Acres, Fla.
|
$111,410
|
|
21
|
Mercer Island, Wash.
|
$999,276
|
|
Kansas
City, Mo.
|
$113,718
|
|
22
|
Campbell, Calif.
|
$974,212
|
|
Dayton,
Ohio
|
$115,176
|
|
23
|
Larchmont, NY
|
$972,150
|
|
Camden,
Ark.
|
$116,072
|
|
24
|
Westport, Conn.
|
$966,582
|
|
Akron,
Ohio
|
$116,906
|
|
25
|
Newton, Mass.
|
$912,745
|
|
Aurora,
Mo.
|
$117,013
|
*A list of the most affordable
and expensive markets in each state can be viewed on the Home
Listing Report website.
About the 2013 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 January 2013
and June 2013 for 52,257 listings in 1,997 markets. Coldwell Banker 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 January 2013 and June 2013 were excluded from the ranking.
About
Coldwell Banker®
Since
1906, the Coldwell Banker organization has been a premier provider of
full-service residential and commercial real estate. Coldwell Banker is
the oldest national real estate brand in the United States and today has a
network of more than 82,000 sales agents working in approximately 3,100 offices
in 51 countries and territories. The Coldwell Banker brand is known for
creating innovative consumer services as recently seen by being the first
national real estate brand to create an iPad application 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 specialty
markets such as resort, new homes and luxury properties through its Coldwell
Banker Previews International® marketing program. Coldwell
Banker Real Estate LLC fully supports the principles of the Fair Housing Act
and the Equal Opportunity Act. Each office is independently owned and
operated. Coldwell Banker is a
subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real
estate franchising and provider of real estate brokerage, relocation and
settlement services.
###
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