SOURCE: Coldwell Banker Real Estate LLC

Coldwell Banker Real Estate LLC

November 06, 2013 06:00 ET

2013 Coldwell Banker Real Estate Home Listing Report Finds Malibu Most Expensive Market in United States, Cleveland Most Affordable

Exhaustive Survey of Nearly 2,000 Markets and 52,000 Listings Shows More Than $2 Million Difference in Price Between Malibu and Cleveland

MADISON, NJ--(Marketwired - 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. "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 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 Markets without at least 10 four-bedroom, two-bathroom listings on 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 Location(SM) 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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