SOURCE: Coldwell Banker Real Estate LLC

Coldwell Banker Real Estate LLC

November 15, 2011 05:00 ET

Coldwell Banker Real Estate Report Finds Incredible Value in College Town Living

College Home Listing Report Ranks Average Listing Price of Three-Bedroom Homes in College Town Markets

PARSIPPANY, NJ--(Marketwire - Nov 15, 2011) - Coldwell Banker Real Estate LLC today released its 2011 College Home Listing Report (College HLR), which ranks college towns across the country in home affordability. The report provides the average home listing prices for three-bedroom, two-bathroom properties that were listed for sale on coldwellbanker.com between August 2010 and August 2011 in markets home to 117* of the 120 schools in the Football Bowl Subdivision. According to the report, three-bedroom homes cost less than $200,000 on average in nearly two-thirds of the college towns included (76 markets) and less than $150,000 in nearly one-quarter (26 markets). In the most affordable market, Memphis, Tenn., (home to University of Memphis) the average listing price of a three-bedroom home is $89,244. The full ranking is available at hlr.coldwellbanker.com.

"I love the College Home Listing Report, because it highlights the amazing affordability of the college towns that define the fabric of America," said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. "Our report underscores the homeownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets."

Gillespie can speak first-hand about the benefits of buying a home in a college town, having purchased a townhouse in Champaign, Ill., home to his alma mater, the University of Illinois. "I am a huge fan of the culture and events, and found this to be a wonderful investment and an excellent spot for my family when we come to see the Fighting Illini in action," Gillespie said. "In Champaign, a three-bedroom home currently lists at an average of $178,310, which is remarkable considering its unbeatable Midwestern charm and location."

Local Testaments to College Town Living
Big and small, affordable or more expensive, many residents and community members attest to all that college towns have to offer. For example, Evanston, Ill., home to Northwestern University, comes with a higher price tag, where an average three-bedroom home listing price is $385,540, but many say it is worth the cost.

"Evanston is a great community on the lakefront, just north of Chicago," said Cornelia Steffes, manager of the Coldwell Banker Residential Brokerage, Evanston-Central office. "We have easy access to Lake Michigan, beaches and water sports. Plus, we have fabulous arts and culture, festivals and dining, sports and leisure. It is truly a world-class city in a world class location."

Other iconic college towns such as Madison, Wis., home to the University of Wisconsin (where a three-bedroom home's listing average is $221,100) and Gainesville, Fla., (University of Florida, $192,055) are known for both their college town spirit and affordability.

"One reason Madison is such a great place to live is because of the incredible vitality the University of Wisconsin provides in economic development," said Phil Sveum, broker/owner of Coldwell Banker Success. "The impact of the university's research and growth of bio-tech companies has translated to good jobs for those seeking to live in a highly educated environment with many of the cultural opportunities of much larger cities."

J. Parrish, president of Coldwell Banker M.M. Parrish Realtors in Gainesville, Fla., notes that the town's ties to the University of Florida are parallel to the beauty of the area. "Situated in the heart of beautiful north central Florida midway between the Atlantic Ocean and the Gulf of Mexico, Gainesville's carefully preserved nature basks in beautiful sunshine," Parrish said. "This is truly a lovely, unique place to live."

Below are the most affordable and most expensive markets, as well as the full College HLR. Visit hlr.coldwellbanker.com for more details. An infographic comparing the top 10 most expensive markets based on number of students, tuition and city population is also available at http://www.coldwellbanker.com/real_estate/learn/2011_most_expensive_college_towns.

Most Affordable Markets - Coldwell Banker 2011 College Home Listing Report

Rank Market, State College Average Listing Price
1 Memphis, Tenn. University of Memphis $89,244
2 Muncie, Ind. Ball State University $107,346
3 Ypsilanti, Mich. Eastern Michigan University $107,458
4 Toledo, Ohio University of Toledo $112,688
5 Kalamazoo, Mich. Western Michigan University $116,455
6 Buffalo, N.Y. University of Buffalo $123,212
7 Las Vegas, Nev. University of Nevada, Las Vegas $124,955
8 Fort Worth, Texas Texas Christian University $128,491
9 Kent, Ohio Kent State University $130,218
10 Lafayette, Ind. Purdue University $132,910

Most Expensive Markets - Coldwell Banker 2011 College Home Listing Report

Rank Market, State College Average Listing Price
1 Westwood, Los Angeles, Calif. University of California, Los Angeles $1,271,428
2 Palo Alto, Calif. Stanford University $1,232,070
3 Honolulu, Hawaii University of Hawaii $779,419
4 Los Angeles, Calif. University of Southern California $733,473
5 Boulder, Colo. University of Colorado $731,617
6 Berkeley, Calif. University of California, Berkeley $695,520
7 Chestnut Hill, Mass. Boston College $669,617
8 Seattle, Wash. University of Washington $570,535
9 San Jose, Calif. San Jose State University $541,231
10 Annapolis, Md. United States Naval Academy $522,420

Coldwell Banker 2011 College Home Listing Report - National Ranking by Average Listing Price (Lowest to Highest)

Rank Market, State College Average Listing Price
1 Memphis, Tenn. University of Memphis $89,244
2 Muncie, Ind. Ball State University $107,346
3 Ypsilanti, Mich. Eastern Michigan University $107,458
4 Toledo, Ohio University of Toledo $112,688
5 Kalamazoo, Mich. Western Michigan University $116,455
6 Buffalo, N.Y. University of Buffalo $123,212
7 Las Vegas, Nev. University of Nevada, Las Vegas $124,955
8 Fort Worth, Texas Texas Christian University $128,491
9 Kent, Ohio Kent State University $130,218
10 Lafayette, Ind. Purdue University $132,910
11 Akron, Ohio University of Akron $133,136
12 Lubbock, Texas Texas Tech University $133,227
13 Syracuse, N.Y. Syracuse University $134,435
14 Orlando, Fla. University of Central Florida $139,912
15 Moscow, Idaho University of Idaho $140,182
16 Stillwater, Okla. Oklahoma State University $141,728
17 Waco, Texas Baylor University $143,593
18 Greenville, N.C. East Carolina University $143,731
19 Lincoln, Neb. University of Nebraska $145,629
20 Tulsa, Okla. University of Tulsa $146,150
21 Oxford, Miss. University of Mississippi $146,885
22 Monroe, La. University of Louisiana, Monroe $147,372
23 Logan, Utah Utah State University $147,752
24 Jonesboro, Ark. Arkansas State University $147,837
25 Murfreesboro, Tenn. Middle Tennessee State University $148,104
26 Columbia, Mo. University of Missouri $149,795
27 Ruston, La. Louisiana Tech University $150,121
28 Norman, Okla. University of Oklahoma $150,313
29 El Paso, Texas University of Texas, El Paso $150,644
30 South Bend, Ind. University of Notre Dame $152,106
31 Bowling Green, Ky. Western Kentucky University $153,537
32 Hattiesburg, Miss. University of Southern Mississippi $153,659
33 Huntington, W.Va. Marshall University $154,681
34 Fresno, Calif. Fresno State University $157,311
35 Lexington, Ky. University of Kentucky $157,569
36 Tampa, Fla. University of South Florida $158,364
37 Tempe, Ariz. Arizona State University $159,628
38 Columbus, Ohio Ohio State University $160,160
39 Louisville, Ky. University of Louisville $161,173
40 Winston-Salem, N.C. Wake Forest University $161,569
41 Athens, Ohio Ohio University $163,694
42 Mt. Pleasant, Mich. Central Michigan University $164,168
43 Clemson, S.C. Clemson University $164,836
44 Fayetteville, Ark. University of Arkansas $165,643
45 Boise, Idaho Boise State University $166,064
46 Columbia, S.C. University of South Carolina $166,697
47 Troy, Ala. Troy University $168,292
48 College Station, Texas Texas A&M University $168,860
49 Nashville, Tenn. Vanderbilt University $169,946
50 Ames, Iowa Iowa State University $173,429
51 Reno, Nev. University of Nevada $175,005
52 Athens, Ga. University of Georgia $175,446
53 New Orleans, La. Tulane University $176,412
54 Dallas, Texas Southern Methodist University $176,937
55 Champaign, Ill. University of Illinois $178,310
56 Denton, Texas University of North Texas $178,518
57 Lawrence, Kan. University of Kansas $181,410
58 Houston, Texas Rice University $181,758
University of Houston $181,758
59 Durham, N.C. Duke University $182,392
60 Starkville, Miss. Mississippi State University $183,402
61 Tallahassee, Fla. Florida State University $183,602
62 Lafayette, La. University of Louisiana, Lafayette $183,793
63 Birmingham, Ala. University of Alabama, Birmingham $183,858
64 DeKalb, Ill. Northern Illinois University $186,087
65 Manhattan, Kan. Kansas State University $186,518
66 Oxford, Ohio Miami University $188,697
67 Knoxville, Tenn. University of Tennessee $189,724
68 East Lansing, Mich. Michigan State University $190,484
69 Gainesville, Fla. University of Florida $192,055
70 Iowa City, Iowa University of Iowa $192,348
71 Cincinnati, Ohio University of Cincinnati $192,688
72 Colorado Springs, Colo. United States Air Force Academy $193,968
73 Baton Rouge, La. Louisiana State University $194,518
74 Raleigh, N.C. North Carolina State University $197,411
75 Laramie, Wyo. University of Wyoming $198,168
76 Tucson, Ariz. University of Arizona $199,460
77 Pittsburgh, Pa. University of Pittsburgh $201,085
78 Las Cruces, N.M. New Mexico State University $201,251
79 Pullman, Wash. Washington State University $201,493
80 State College, Pa. Penn State University $202,207
81 Auburn, Ala. Auburn University $202,565
82 Morgantown, W.Va. West Virginia University $202,832
83 New Brunswick, N.J. Rutgers University $207,275
84 Madison, Wis. University of Wisconsin $221,100
85 Albuquerque, N.M. University of New Mexico $229,333
86 Eugene, Ore. University of Oregon $244,964
87 Miami, Fla. Florida International University $246,431
88 Austin, Texas University of Texas $248,918
89 Ann Arbor, Mich. University of Michigan $251,119
90 Charlottesville, Va. University of Virginia $255,752
91 College Park, Md. University of Maryland $257,107
92 Blacksburg, Va. Virginia Tech University $258,332
93 Atlanta, Ga. Georgia Tech University $261,321
94 Storrs, Conn. University of Connecticut $264,038
95 Fort Collins, Colo. Colorado State University $266,708
96 Minneapolis, Minn. University of Minnesota $268,242
97 Philadelphia, Pa. Temple University $274,175
98 West Point, N.Y. United States Military Academy $291,753
99 Corvallis, Ore. Oregon State University $291,819
100 Provo, Utah Brigham Young University $296,453
101 Salt Lake City, Utah University of Utah $313,810
102 Boca Raton, Fla. Florida Atlantic University $322,662
103 Chapel Hill, N.C. University of North Carolina $327,888
104 Evanston, Ill. Northwestern University $385,540
105 San Diego, Calif. San Diego State University $469,942
106 Coral Gables, Fla. University of Miami $521,767
107 Annapolis, Md. United States Naval Academy $522,420
108 San Jose, Calif. San Jose State University $541,231
109 Seattle, Wash. University of Washington $570,535
110 Chestnut Hill, Mass. Boston College $669,617
111 Berkeley, Calif. University of California, Berkeley $695,520
112 Boulder, Colo. University of Colorado $731,617
113 Los Angeles, Calif. University of Southern California $733,473
114 Honolulu, Hawaii University of Hawaii $779,419
115 Palo Alto, Calif. Stanford University $1,232,070
116 Westwood, Los Angeles, Calif. University of California, Los Angeles $1,271,428

Methodology: College Home Listing Report
The Coldwell Banker College Home Listing Report includes residential real estate listings appearing on ColdwellBanker.com between August 2010 and August 2011 for real estate markets home to 117* of the 120 Football Bowl Subdivision schools, which each had at least 10 home listings during the timeframe. This market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same three-bedroom, two-bathroom criteria.

* Note: Tuscaloosa, AL, was not included out of respect for the damage caused by the April 27 tornado. Bowling Green, Ohio, and Bloomington, Ind., did not meet minimum listing requirements to be included in the report.

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 86,000 sales agents working in approximately 3,200 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 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.

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