SOURCE: Coldwell Banker

Coldwell Banker

September 22, 2010 05:00 ET

Coldwell Banker Real Estate Issues Home Listing Report of Most Expensive and Affordable U.S. Housing Markets

Newport Beach, Calif., Tops Most Expensive Housing Market List; Detroit Is Most Affordable Market

PARSIPPANY, NJ--(Marketwire - September 22, 2010) -  Coldwell Banker Real Estate LLC today released its Home Listing Report, a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America's most expensive and most affordable housing markets. Newport Beach, Calif., led the list of most expensive real estate markets in America, with an average home listing price of approximately $1.83 million for property listings meeting the subject home criteria. By contrast, America's most affordable housing market was Detroit, Mich., with an average home listing price of approximately $68,000.

The Coldwell Banker Home Listing Report (HLR) is the brand's latest development designed to provide comprehensive information on real estate data from around the country for homebuyers and sellers. The HLR provides the average home listing price of more than 18,000 four-bedroom, two-bathroom properties on www.coldwellbanker.com that were listed between February and August 2010 from nearly 300 select U.S. markets where Coldwell Banker Real Estate has a presence. The U.S. average for the surveyed listings was approximately $353,000. Markets included in this report were required to have at least six properties fitting the above criteria within the relevant timeframe.1

Known for its sandy beaches and historic Balboa Pavilion (established in 1906), Newport Beach, the most expensive market, has been the backdrop to numerous television shows including "The O.C." and "Arrested Development." Detroit, the most affordable market, is the only major U.S. city that looks South to Canada. Residents of the Motor City take great pride in Red Wings hockey and appreciate the city's hard-working industrial and automotive history.

"Coldwell Banker Real Estate has released national real estate market reports annually for many years to provide consumers with insight into local market conditions," said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. "Our study shows that homeownership in the United States is generally affordable, with nearly 30 percent of the studied markets averaging $200,000 or less for a four-bedroom, two-bathroom home -- a size many buyers aspire to own. Today those who have the financial resources and a desire to move up to a larger home have a unique opportunity to take advantage of historically low mortgage interest rates coupled with comparatively lower prices and greater selection." 

2010 Coldwell Banker U.S. Home Listing Report -- Highlights

  • America's Most Affordable Markets: In addition to Detroit, America's most affordable real estate markets are as varied in culture and trivia as they are in listing price ranges:

    • Grayling, Mich., is home to many top cross-country skiing destinations. 
    • Sioux City, Iowa, has been recognized as a top U.S. economic community for areas between 50,000 and 200,000 people. 
    • Cleveland, Ohio, is home to the Rock and Roll Hall of Fame. 
    • Muncie, Ind., has gained notoriety for its successful prep sports programs. 
    • Norfolk, Neb., is home to many healthcare and manufacturing companies. 
    • Kansas City, Mo., is just behind Rome, Italy, for the largest number of fountains in a city (more than 200). 
    • Canton, Ohio, is home to the Professional Football Hall of Fame. 
    • Port Huron, Mich., features the School of Strings, which presents over 50 concerts a year with its Fiddle Club, Faculty and Student Ensembles. 
    • Topeka, Kan., was once temporarily renamed "Topikachu," in honor of the Pokémon franchise. 
  • Homeownership Affordability: In total, there are 85 U.S. markets in the HLR with average reported listing prices less than $200,000. There are 183 markets (out of a total of 296 surveyed) that are less than $300,000. 

  • Great Midwest: Michigan has three markets on the most affordable housing list (Detroit, Grayling and Port Huron), and all 10 of the most affordable markets are in the Midwest.

  • Low Monthly Payments: Put in perspective, a $200,000 30-year-fixed mortgage at a 4.5% rate could cost a buyer a relatively low monthly mortgage payment of just above $1,000. The average $68,000 four-bedroom, two-bathroom home in Detroit could average less than $350 a month. 

  • Pacific Paradise: Out of the 10 most expensive real estate markets, six are from California: Newport Beach, Palo Alto, San Francisco, La Jolla, Pasadena and Santa Barbara. 

  • Above $750,000: The survey included 25 housing markets where the average listing price for the subject home was more than $750,000, including 10 markets whose average listing price exceeded $1 million. 

TABLE 1 -- TOP 10 LISTS
The top 10 most expensive and most affordable real estate housing markets in the 2010 Coldwell Banker U.S. Home Listing Report are:

Rank Most Expensive Avg. Listing Price for Feb. - Aug. 2010
In U.S. $
  Most Affordable Avg. Listing Price for Feb. - Aug. 2010
In U.S. $
1 Newport Beach, Calif. $1,826,348.00   Detroit, Mich. $68,007.00
2 Palo Alto, Calif. $1,479,227.00   Grayling, Mich. $84,625.00
3 Rye, N.Y. $1,325,500.00   Sioux City, Iowa $85,967.00
4 San Francisco, Calif. $1,325,103.00   Cleveland, Ohio $87,240.00
5 La Jolla, Calif. $1,210,300.00   Muncie, Ind. $100,314.00
6 Greenwich, Conn. $1,195,614.00   Norfolk, Neb. $107,814.00
7 Wellesley, Mass. $1,080,458.00   Kansas City, Mo. $112,449.00
8 Pasadena, Calif. $1,043,683.00   Canton, Ohio $114,325.00
9 Honolulu, Hawaii $1,026,821.00   Port Huron, Mich. $116,267.00
10 Santa Barbara, Calif. $1,024,661.00   Topeka, Kan. $116,343.00

TABLE 2 -- U.S. HOME LISTING REPORT
For all markets included in the U.S. Home Listing Report, below are the most expensive and most affordable markets by state (as well as Puerto Rico):

State Most  Expensive Avg. Listing Price for Feb. - Aug. 2010
In U.S. $
   Most 
 Affordable
Avg. Listing Price for Feb. - Aug. 2010
In U.S. $
 ALABAMA Huntsville $221,687   Mobile $199,596
 ALASKA Anchorage $326,399   Fairbanks $262,752
 ARIZONA Scottsdale $493,316   Mesa $199,219
 ARKANSAS Fort Smith $238,540   Little Rock $208,438
 CALIFORNIA Newport Beach $1,826,348   Lancaster $141,116
 COLORADO Boulder $788,404   Colorado Springs $227,131
 CONNECTICUT Greenwich $1,195,614   West Hartford $379,968
 DELAWARE Wilmington*                                          $273,271
 FLORIDA Key West $643,333   Jacksonville $185,415
 GEORGIA Atlanta $288,032   Macon $160,387
 HAWAII Honolulu*                                               $1,026,821
 IDAHO Coeur d'Alene $239,540   Boise $194,903
 ILLINOIS Deerfield $552,918   Rockford $174,566
 INDIANA Munster $285,944   Muncie $100,314
 IOWA Iowa City $247,076   Sioux City $85,967
 KANSAS Overland Park $230,988   Topeka $116,343
 KENTUCKY Lexington $231,547   Louisville $199,200
 LOUISIANA Baton Rouge $246,106   New Orleans $166,009
 MAINE Portland $406,346   Lewiston $134,908
 MARYLAND Bethesda $806,817   Hagerstown $256,344
 MASSACHUSETTS Wellesley $1,080,458   Springfield $142,048
 MICHIGAN Indian River $361,738   Detroit $68,007
 MINNESOTA Edina $403,473   Rochester $172,004
 MISSISSIPPI Gulfport $223,525   Jackson $149,288
 MISSOURI St. Louis $223,819   Kansas City $112,449
 MONTANA Bozeman $356,066   Great Falls $179,737
 NEBRASKA Kearney $143,266   Norfolk $107,814
 NEVADA Reno $219,677   Las Vegas $167,133
 NEW HAMPSHIRE Hanover $908,862   Nashua $297,933
 NEW JERSEY Basking Ridge $820,207   Toms River $374,883
 NEW MEXICO Santa Fe $410,707   Albuquerque $355,169
 NEW YORK Rye $1,325,500   Binghamton $190,533
 NORTH CAROLINA    Raleigh $280,502   Greensboro $204,383
 NORTH DAKOTA Minot $216,248   Grand Forks $197,644
 OHIO Cincinnati $217,709   Cleveland $87,240
 OKLAHOMA Oklahoma City $171,095   Tulsa $141,143
 OREGON Portland $417,395   Medford $286,971
 PENNSYLVANIA Doylestown $513,663   Erie $179,759
 RHODE ISLAND Providence*                                               $144,900
 SOUTH CAROLINA Charleston $307,817   Columbia $230,229
 TENNESSEE Nashville $213,190   Memphis $126,617
 TEXAS Austin $297,890   Arlington $155,286
 UTAH Salt Lake City $401,354   Provo $193,325
 VERMONT Burlington $332,570   Rutland $176,100
 VIRGINIA Alexandria $703,513   Lynchburg $165,100
 WASHINGTON Bellevue $702,048   Spokane $193,444
 WEST VIRGINIA Beckley $238,344   Parkersburg $164,261
 WISCONSIN Madison $299,675   Fond du Lac $119,838

The 2010 average listing price from February - August 2010 in the District of Columbia:

DISTRICT OF COLUMBIA $539,037*

The 2010 average listing price from February - August 2010 in the Commonwealth of Puerto Rico:

SAN JUAN $435,790*

*Only one market was included in the study.

TABLE 3 -- CANADIAN HOME LISTING REPORT  

The same methodology was used to capture six months of listings in Canada for four-bedroom, two-bathroom homes between March - September 2010. The Canadian version of the Coldwell Banker HLR offers perspectives on several major Canadian cities.

Below is a highlighted report on four-bedroom, two-bathroom home prices (in U.S. dollars2) within select markets in Canada:

Province / Territory Market Avg. Listing Price for Feb. - Aug. 2010 In U.S. $
ALBERTA Fort McMurray $577,871
Calgary $537,485
BRITISH COLUMBIA Kelowna $892,698
NOVA SCOTIA Halifax $302,773
ONTARIO Ottawa $414,137
Toronto $482,375
Windsor $154,085

TABLE 4 -- INTERNATIONAL HOME LISTING REPORT

Separately, Coldwell Banker surveyed local sales professionals within the Coldwell Banker international network, to get a sense of four-bedroom, two-bathroom home listing prices in select international markets:

Note: Local listing price averages were converted to U.S. currency

International markets surveyed in 2010 include:

Country Market Avg. Listing Price for Feb. - Aug. 2010 In U.S. $
ARUBA Aruba $413,500
AUSTRALIA Brisbane $425,816
  Gold Coast $452,365
  Sydney $452,987
BAHAMAS Nassau $937,500
  Harbour Island $1,900,000
  Green Turtle Cay, Abaco $1,300,000
BELIZE San Pedro $279,300
BERMUDA Bermuda $1,261,250
CAYMAN ISLANDS Cayman Islands $526,250
CHINA Shanghai $1,494,072
COLOMBIA Bogota $393,089
  Cartagena $594,641
  Medellin $358,037
  San Andres $528,918
COSTA RICA Escazu $308,500
  Heredia $191,125
  Sabana $222,250
  Santa Ana $309,250
ECUADOR Guayaquil $176,250
  Samborondon $228,875
  Salinas $68,125
GREECE Athens $808,750
GUATEMALA Guatemala City $270,750
HONDURAS San Pedro Sula $218,750
  Tegucigalpa $249,375
INDONESIA Bandung $161,451
  South Jakarta $511,918
  Tangerang $223,143
IRELAND Dublin $565,775
ITALY Rome $1,384,810
  Milan $1,193,748
  Venice $935,433
MEXICO Mexico City $231,775
  Guadalajara $231,450
NETHERLANDS Amsterdam $640,830
  Rotterdam $485,000
  The Hague $506,000
NICARAGUA Granada $195,000
  Managua $287,125
  Leon $398,750
  San Juan del Sur $230,000
PANAMA Boquete $185,000
  Coronado $145,000
  David $125,000
  Panama City $225,000
PERU Lima $310,750
  Cusco $202,525
  Trujillo $236,250
ST. CROIX Christiansted $582,500
TURKEY Istanbul $520,000
  Ankara $370,000
  Izmir $345,000
TURKS AND CAICOS Providenciales $822,475
UNITED ARAB EMIRATES Dubai $1,413,750
VENEZUELA Caracas $228,488
  Maracaibo $147,209
  Porlamar $317,093

1The Coldwell Banker U.S. Home Listing Report includes residential real estate listings appearing on Coldwell Banker.com. This market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same four-bedroom, two-bathroom criteria. 

2Currency rates were calculated on http://xe.com on September 14, 2010, and rounded to the nearest dollar amount.

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 nearly 93,000 sales associates and brokers working in approximately 3,300 offices in 49 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 augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone 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. 

Contact Information

  • For Greater National Perspective on Real Estate Trends & Home Values and/or to Obtain Local Market Interviews:

    David Siroty
    Coldwell Banker Real Estate LLC
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    Email Contact

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